Earlier this year, it was reported that the greater Tampa Bay metro area was considered one of the best areas to flip homes within the entire country. In fact, according to RealtyTrac, over 9% of homes sold in the Tampa are flipped. Based on these statistics, there’s a high chance that if you’re looking to buy a home in Tampa, you may run into a flipped home or two. How can you spot a great deal on a flipped home? Follow these tips:
Look at the details.
Some flipped homes are turned over in a hurry so that the investor can make a profit quickly. When renovations are rushed, the investor could miss a few minor details. Look for sloppy paint jobs, crooked light switch plates or crown molding that doesn’t fit properly against the corners of the walls. Do the cabinet doors shut all the way? Are there mismatched doorknobs or cabinet pulls in the bathrooms and kitchen? As a home buyer, it’s your duty to look for these little signs that the house was renovated quickly. If the investor didn’t take his or her time fixing the house up, there are probably bigger issues that will arise after you buy the home.
Get an inspection.
A lot of buyers assume that homes that were newly renovated or constructed do not need an inspection. These buyers assume that there couldn’t possibly be any problems with the home because someone was just fixing it up and would have caught any issues. However, you should never trust that someone else took the time to find and fix problems with the home. Always get an inspection to look for structural and water damage, mold, and any other serious issues that could need costly repairs.
Research the flipper.
Ask your real estate agent to find out who the flipper was and if they have prior experience with flipping homes. Many investors enter the home-flipping business after watching home improvement shows or seeing a great deal on a home in their neighborhood. Most of these investors are new to the real estate industry and don’t have the knowledge needed to properly flip a home. If you decide to buy a flipped home, try to find one that has been renovated by an experienced investor or company.
Ask what work has been done.
It’s important to know what kind of upgrades have been made in the home if you’re interested in buying it. Was the roof repaired? Was the air conditioner replaced? If not, then you should find out what their current condition is and why they weren’t touched during the renovation. If it seems that the flipper only focused on making the home look visually appealing without worrying about fixing the actual problems with the house, you should probably step away from the deal and continue on your search.
Ready to find a great deal on a flipped home in Tampa? Don’t delay your search any longer! Contact our team of real estate experts at Coast 2 Coast Realty by calling 1-877-585-7356.