You’ve seen the house abandoned, run down, and decrepit for years. Suddenly, it’s on the market and looks like new. How’d that happen?
It’s called flipping and is typically where a real estate investor purchases a distressed property, renovates it and then sells it for a profit.
Should you buy a flipped house, or should you steer clear of it like the plague?
The fact is, a flipped house can be the best opportunity for a would-be homeowner, and here are 5 reasons why that’s true.
1. It will be brought up to code.
When a reputable investment company flips a house, they bring the plumbing, electric, and everything else up to the most recent standards. You don’t have to worry about things being outdated, because the experts make the house almost new again.
2. The renovations are already done for you.
Good flippers renovate their flipped properties with the most recent interior design concepts and trends in mind. You won’t have a house that looks 50 years old; instead, you’ll have a gorgeous, modern home that you will love to come back to and invite your friends and family to visit.
3. The repairs are done and paid for.
Any time you buy a house, you have to worry about things that need to be repaired. An investor will have carefully inspected each home they are flipping, and repaired anything that’s not in perfect working condition. You can move into your new home confident that everything will perfectly suit your needs. It will be your dream home, not your worst nightmare!
4. The most up-to-date appliances.
Forget about the 50’s-era iceboxes and broken down old ranges. Well-executed flipped rental properties have the most current appliances. Your refrigerator will be fresh and modern, and your kitchen range will work perfectly from your first move-in. There won’t be anything to worry about when it comes to cooking and keeping your food fresh.
5. Motivated seller.
Real estate investors know it’s a numbers game. If the properties they flip do not sell fast, they lose money. This makes for a motivated seller, who in many cases is willing to offer an updated, move-in-ready home for less than market value.
Keep in mind that there are plenty of house flippers who are just in the business to make a buck and will try to cut corners, but a good flipper gets involved in real estate because they love it. It is a business and not just a “make a quick buck” scheme. When buying a flipped property, you will want to make sure you are dealing with a company that has a proven track record, such as USA Portfolio Real Estate.
At USA Portfolio Real Estate, we love thrill of revitalizing an older home and making it new again, and adore helping people find their dream homes. Whatever you’re looking for in a new home, we are sure to be able to help you find it.