Here’s the scenario - you’re in the market to purchase a new home and in the course of looking at a few properties, you fall in love with a quaint, older home that’s been newly renovated. It sits in a well established, cozy neighbourhood with tall trees and a large yard. The exterior of the home is nostalgic and reminds you of the home you grew up in, but the interior is freshly renovated with gleaming hardwood, a sparkling new kitchen, and beautiful bathrooms. From what you know, the house was recently purchased in a run-down state, but the seller invested substantially in fixing and updating the house. What are some things you need to consider before you put an offer in on this home?
The advantages are already clear. Older homes tend to be situated in more desirable neighbourhoods. You also know you won’t have to invest any money into fixing up the house. But there may also be some issues of concern that you may have to keep in mind:
- Thoroughly inspect the renovations that were done on the home. Inquire as to the list of renovations that were made.
- Ask for specifics. What exactly does upgraded plumbing or upgraded windows mean? Was plumbing repaired or completely replaced? Were windows resealed or replaced?
- Find a qualified home inspector to thoroughly inspect the property and the new renovations.
- Ask about building permits. Were permits registered and finalized with the city for all the work that was done?
- Is the owner also the renovator? If so, are they qualified contractors who are capable of doing professional work? Are they willing to warranty the work they’ve done on the home?
- Make sure to ask for any warranties for all new work as well as appliances upon purchase of the home.
Buying a flipped house can be both rewarding and time-saving if you are prepared with the right questions upon discussing the purchase of the home. Remember, people tend to take greater care when they are renovating for their own use as opposed to renovating for the purpose of resale, so be sure to inspect the quality of the work first! Keep your eyes open and be diligent, and you may just land yourself the perfect home.
Source : Brampton Real Estate Blog