- Take notes. After looking at 6, 7 or 8 homes in a given day, they all start blending together and it becomes difficult to remember critical details.
- Question Remodeling Decisions. Why did the flipper replace cabinets but not the old electrical panel or roof?
- Value of Remodeling. Always have your agent do a Market Analysis to determine if the asking price is justified. If the flipper bought the house 4 months earlier for $100,000 and is now asking $199,900, are the upgrades and remodeling worth it?
- Over Improvement. Beware purchasing the most expensive house on the block. If you are looking at a tract house surrounded by other tract houses, even with all of the "Bells and Whistles", the price should be within the prevailing range of neighboring properties.
- Inspections! If you ignore the 4 others steps, please remember to get a General Inspection and WDO (wood destroying organism) Inspection.
Monday, February 23, 2015
Lipstick On A Pig...? Don't Be Fooled!
It's amazing how a fresh coat of paint, granite, stainless appliances, new tile, etc., neutralizes our instincts to question the general condition of a property.
Don't let that happen.
When looking at properties, I suggest the following to my clients: