Home flipping is more popular now than ever before. On the surface, it’s a mutually beneficial service for the renovator and the home buyer. The flipping team profits from their investment, while the shopper receives a flipped house with modern renovations and equipment.
However, you shouldn’t race into purchasing a flipped home without doing your research. Here, the adjustable rate mortgage brokers in Elk Grove will show you why.
Your Home Will Have Fresh Renovations
The big positive of purchasing a flipped house is that your new home will have renovations and state-of-the-art fixtures that match modern design trends.
Property flipping aims to take a worn-down building without high appeal and transform it into something everyone considers their dream home. Ideally, everything from the water heater to the shower heads will be new and ready to use when you move in without needing additional renovations.
Some Features Might Not Meet Building Codes
Purchasing a flipped home can save you thousands of dollars on replacing worn-down appliances and renovating worn-down areas when the flipping team does its job properly. However, not all renovation teams go by the book, and your newly-purchased property might come with exorbitant hidden fees if you’re not careful.
A flipped property managed by a private crew might not install a fixture or expansion safely or up to building code. Those fixes will be your responsibility if you purchase the house without a thorough inspection.
Hiring a home inspector to examine every building you’re looking at before making the final decision is vital, especially for a flipped house. Otherwise, you might get stuck with expenses required to fix your unsafe or unusable new home.
Not Everything Will Meet Your Expectations
The blunt truth of property flipping is that some renovators care more about making money than they do the quality of your flipped house. Unfortunately, because of that focus on profits, those home flippers cut corners on their installations and renovations to pocket extra cash and finish their project quicker.
Most home flippers are careful and treat their properties respectfully, equipping them with state-of-the-art goodies in each home. However, you might stumble across a flipped house with malfunctioning appliances or improper construction. So, it’s crucial to test everything in the building before committing to it.
Receive a Mortgage For Your New Home at Anew Lending
If, after careful inspection, you’ve found a flipped house you can’t live without, our team at Anew Lending will help make it yours. We break the barriers between you and confusing mortgage terms to fit you with a loan that perfectly matches your budget and desired repayment schedule.
Call Anew Lending in Elk Grove, CA, today at (916) 655-9294 to schedule a pre-approval application or learn our guide to paying mortgage early.