Rovan Singh is a very successful entrepreneur and seasoned real estate developer who is prolific in the field. He also founded his family’s business, which functions internationally and reaches a wide geographical range of people, particularly in Italy and Canada. He has a proven record of determination and skill and continues to improve his craft through education, research and a hands-on approach. Rovan will undoubtedly continue to have a successful career and emerge as a leading real estate investor in his area and beyond. Below are some words from him with critical tips for buying a flipped house:
Picture depicts successful entrepreneur, Rovan Singh, sitting in his car.
Often times, a flipped house may appeal to home buyers seeking a move-in ready home. While a newly renovated house might sell for top price, it’s price tag is no indicator of how sound an investment it is. Television has largely glamorized the house-flipping process, and in reality, some renovation work may be rushed or deficient due to insufficient funds or time frames, or the work may not hold up properly to daily occupancy or weather conditions. When purchasing a flipped house, it’s important to take precautions to avoid any surprises that might pop up after closing.
Here are three tips that will help you ensure your new home really is turnkey ready.
Hire an Inspector
While a flipped house may appear in exceptional shape, it’s important not to let the renovations convince you to forgo the home inspection. Hiring a professional inspector can ensure the contractor’s work on the house is sound and appropriately done to code. The inspector can also point out if the contractor cut corners in projects that would prove detrimental down the line, or bring attention to any structural issues that the contractor did not address.
If for nothing else, an inspector proves exceedingly valuable in accessing the longevity and integrity of your new home, which can provide peace of mind.
Attention to Details
Although it may be easy to become swept up in new appliances, flooring, and fixtures, paying attention to small details can help you determine the soundness of the property. Keep an eye out for indicators of rushed work, such as doors or windows that don’t open or close properly, gaps in tiling, and light switch plates and fixtures that don’t sit properly flush against a wall or ceiling. These mistakes can reveal the potential for larger issues that can’t be noticed with the naked eye.
In addition to these cosmetic factors, remain on the lookout for other signs of improper work: turn on faucets to ensure they run smoothly and have the correct pressure, try light switches to ensure the electrical is properly installed, and flush toilets to determine any potential plumbing issues. Turn an attentive eye to ceilings and walls to ensure signs of water damage have not been covered up by fresh coats of paint.
Do Your Research
Before closing on a flipper, do your research. Determine who performed the work on the house, their credentials, and whether they have a positive or negative reputation. If the owner of the house did the flipping, ensure they are an experienced contractor. Ask the flipper for documentation and warranties as well; reputable flippers will be open with disclosures.
While flipped homes have the potential to offer beautifully renovated spaces, flippers should always be carefully checked for potential issues that can lead to issues down the line.