House flipping-things you ought to know as a buyer

by admin

Posted on April 11, 2017


House flipping in New York

House flipping- beware of the pitfalls…

House flipping in New York is easier said than done. It is not that easy as how a typical Television show depicts it. It puts forth n number of challenges and as a matter fact; some of the perfectly flipped homes can be a cloaked drain on your financial resources. The technique of flipping a house for sale florida was at peak during 2006 and it seems like investors are taking a plunge currently which reminds of the past.

However, this time it is going to be challenging than ever before, as some flippers are clouting cosmetic fixes on ugly properties and overlooking other major fixes which may be anything like mechanical, structural and foundational issues. Despite there are several challenges that a flipper faces, the most imperative top four challenges faced are finding a reliable contractor, finding the perfect house at a nominal price, arranging money to finance the deal and selling the house at a price that covers the flipping expenses. Having said that, these are common flipping challenges but with flippers who are attempting to cover up big fixes that a house needs, as a buyer you need to be aware of certain things when buying a flip. For naïve buyers, a flipped house can quickly turn over into a nightmare.

Obtaining permits for all back additions is a must and depending upon the state’s rules and regulations you will have to obtain permits for certain things that are considered necessary. Even though, certain things may be covered under home inspection, be sure to give it a look again in detail to avoid hazardous situation in the future. Listed below are some of the things that you need to ponder on before buying a flip and it includes the following:

  • You need to ensure that the house flipping in New York has used only a licensed contractor to carry out the chores. Because a qualified contractor can deliver high-quality work.
  • Ask the seller for an updated disclosure statement along with the list of work done recently and its proof of payment and warranty information (it includes HVAC, all electrical and plumbing works).
  • Permits- this is very important. Check for all the upgrades and don’t forget to see if it has passed full inspection.
  • Certificate of occupancy, this is as important as anything else, in fact, this is very much significant than anything else. Occupancy permit means that the building is in a habitable condition. Toting with it, not all certificate of occupancy are same, be aware of the Temporary Certificate of Occupancy. As with this type of certificate, it grants residents and building owners all of the same rights, but only for a particular period of time (transitory).
  • When it comes to water damages, attic and basement check, a deep look at all of these things is what helps.

 

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