Purchasing a home with the intention to sell it shortly after is a smart way to make some extra income, while also gaining a property that you can live in while preparing it to sell. If you're just beginning to get into the house flipping business, you may be unsure of what features to look for specifically. With the following features in mind, you can have an easier time finding homes that will sell easily and won't lead to you spending more money then you had originally intended.
Minor Electrical or Plumbing Issues
Before getting serious about a potential house to purchase, you want to get a thorough inspection done by professionals. Two of the things that you'll want professionals to take a close look at is the condition of the electrical and plumbing systems. Many people don't realize just how expensive it can be to do repairs to either the electrical or plumbing system. This can be even more important if you're looking into buying an older home that hasn't had either of these systems worked on in a long time.
Having a contractor look at both systems can help alert you if either need to be repaired or even replaced and what kinds of costs you can expect later.
Good Foundation without the Need for Repairs
Another thing that you'll want to have an inspector take a good look at is the foundation of the home. The foundation can make a big difference in structural issues, such as whether the house is leaning a particular way or needs repairs to the foundation later. A poor foundation can end up costing you a lot of money later, especially if you're buying in an area that frequently gets earthquakes or heavy storms. Luckily, an inspection by a professional can help you get familiar with whether any major repair work will need to be done.
Outdated Features with Room for Updates
In order to save money on purchasing a home that you have intentions to flip, you'll want to seek out homes that need a bit of work. While you don't want to spend a ton of money on repairs and major restoration work, it's a smart idea to look for homes that have an outdated style and need remodeling work done that can be done at a reasonable price.
As you look into buying a home with the intention to flip it for a profit, it's important that you seek out homes that will be a good return for your money and won't lead to spending more money than you expected.