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:
  1. 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.
  2. Question Remodeling Decisions.  Why did the flipper replace cabinets but not the old electrical panel or roof? 
  3. 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?
  4. 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.
  5. Inspections!  If you ignore the 4 others steps, please remember to get a General Inspection and WDO (wood destroying organism) Inspection.  

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