01-16-2013 08:41 AM
I'm a first time home buyer and just saw a flipped home. It looked beautiful and was spacious and in an up and coming neighborhood, but I'm wary of purchasing a flipped home. I have a little bit of a background in construction so I can pick up on some of the issues, such as using plywood for the kitchen instead of hardwoods, cheap hardware for the kitchen cabinets. Are those major issues or just aesthetics, and what else do I want to be cautious about?
01-16-2013 12:04 PM
If you are looking at kitchen hardware (i.e. knobs and drawer pulls) you are worried about the wrong things.
What you need to be concerned about are ths things that you can't see. Did they move any walls? And if so, did they install proper headers for the loads being supported by them? Why was the house flipped to begin with? Was it full of mold? Was there a fire in the house? (Not every flip has this sort of thing but those are the ones you want to know about!)
Structural issues are the issues that will kill you. If there are structural issues just walk away.
If you can determine that there aren't any major structural issues, then you can use the crappy kitchen knobs to dicker on price.
01-17-2013 09:05 PM - edited 01-17-2013 09:16 PM
Here's a must-read essay if you're looking at a flip:
The Good, the Bad, and the Ugly - 3 Critical Things to Know about Flips