What to Expect and Inspect: House Flipping Checklist
When it comes to buying a home, the house inspection is incredibly important.
When you find a property that you are interested in purchasing and you decide to take a look at it, whoever is showing you the home is obviously trying to make a sale. This means that they might not be entirely upfront with you about the details.
It is up to you (and an inspector) to discern for yourself if the property is worth the asking price. It is always a good idea to hire an impartial third-party inspector to tell you exactly how much you will need in order to do any maintenance, repairs, etc.
However, before you hire an inspector, you should look at the home yourself. Here is a quick checklist that you can use when looking at properties to flip:
Homebuyer’s Due Diligence Checklist
- Square footage
- Condition of light fixtures and appliances
- Fire inspection
- Check for any mold
- Condition of kitchen appliances
- Age of structure
- Count bedrooms and bathrooms
- Check for alarm system
- What kind of flooring?
- Check conditions of windows
- Size of yard
- Condition of landscaping
- Condition of fencing
- Schools in the area
- Condition of sprinkler system
These are just a few things that you should check for when looking at a home. Knowing the costs of repairs and maintenance will help you when determining your profit margin. It is always best to over-estimate the costs so that you don’t need to spend any extra money or take out any loans than you plan on.