Buying and selling fixer upper homes for profit can be a lucrative business. It can also be quite risky. Investing in fixer upper houses should not be done on a whim. While popular tv shows may make flipping a house look like a piece of cake, without knowing what to look for you could easily lose your shirt! Before you plunk down your hard earned cash to buy a fixer upper here are a few tips on what to look for.
With any real estate purchase the professionals will tell you there are three important factors to look for. They are location, location and location. Of course, that may be over simplifying, but the location of the property you are thinking of investing in is important. Curb appeal, style of the home, and other cosmetic features are of little value if the house is in a unfavorable location.
Drive through the neighborhood to see if there are similar style homes. Check with several real estate agencies and inquire as to the values of such homes. From that information you can decide if your fixer upper is priced favorably to allow for flipping.
Be especially careful when inspecting the structural features of the home. Make sure the roof is sound, check electrical connections and services to make sure they are up to date. Is there cable connections to the house? How is the AC unit and furnace? These things are oft times overlooked and can cost you thousands in profit. When inspecting the siding watch for signs of mold and dry rot.
Don't overlook the plumbing. If the house sits in a slab foundation I would not consider it as a possible investment. Plumbing repairs will be too costly with a slab foundation.
Once inside the home, inspect the dry wall for cracks and chips. Also watch for stains on the ceiling and walls as this may indicate water leaks. Be sure the floors are level and not weak or uneven. Also, check the electrical outlets. . If they are not three pronged they will have to be replaced.
In today's housing market you can find great deals on fixer upper homes for profit. Just be careful! When you buy a fixer upper you want it to be a profitable experience. It will be if you follow these tips.
Are you ready to flip your first house? Make it a profitable experience and avoid the pitfalls that can destroy your investment. Get all the help and guidance you deserve by visiting Fixer Upper Profits before you invest. This could be the beginning of a whole new career!