One of the ways that many real estate developers and small contractors are using to make ends meet during slow months is home flipping. The concept is to find a home that is being sold at a very low price, remodel the home, and resell it for the higher value. Profits on these home sells can be substantial depending on the neighborhood and what upgrades have been done to the home. Before you settle on a home as your first house flip, there are some building inspections that need to be completed.
One of the first things you will want checked during a pre-buy building inspection on a potential house flip is the roof. If there are any problems with the roof, you could be facing a large overhaul and possibly a complete roofing replacement. Though the initial worry may be the cost of repair or replacement, you should also consider the amount of time a roofing job would take. Both time and replacement or repair can eat into your total profits for the home and how long the home may stay on the market before selling. A roofing inspection will give you an idea of how long you have before the roof will need repair or replacement as well as any potential issues new owners may find if you choose to leave the roof as-is.
You may already know that an issue with foundations can be where cracks appear. These cracks can cause the foundation to weaken and cause the house itself to sink and settle oddly in places. Though this is a major issue, there could be other issues you are not seeing or overlooking. For example, if the foundation is not sealed properly you could end up with water damage under the home. This could cause the underpinning of the home to be damaged or it could lead to costly repairs such as restumping the home. Make sure to have a complete foundation inspection and not simply an exterior inspection so that you avoid possible restumping and underpinning issues.
One thing that many people do not consider when ordering a residential building inspection are the ventilation areas of the home. Areas such as the attic and basement need proper ventilation to ensure there is no water damage, mould, mildew, or wood rot. You may also have issues with carpeting and even duct work in these areas if they are not maintained properly. When you order a residential building inspection for your potential house flip, consider having them check your ventilation areas and duct work if it is not already part of the inspection package. This can alert you to possible mould and mildew issues as well as areas that need new ventilation or duct work put in.
By keeping these three building inspections aspects in mind, you can help avoid issues that would be costly or cause the project to not yield as much profit as you thought on first glance.