If you plan to buy a home to flip, it is important to take the time to choose a home that will not cost a fortune to renovate. Before you buy a home, it will more than likely already have had a basic inspection by a building inspector to make sure that it is habitable. Before you purchase a home to flip, you need to be sure it is worth the investment though. Learn about the three costliest potential renovations you could come across when you flip a home that you need to have inspected before buying the home in the guide that follows.
Inspect the Electrical Components
The inspector will need to inspect the electrical components of the home closely. He or she will check to make sure that light switches operate properly. If a light switch operates a light in a different room or doesn't do anything at all, some rewiring may need to take place, which can be quite costly. He or she can also check the outlets in the home to make sure that they all have electricity running to them. If power is not supplied to an outlet, there could be a loose connection somewhere in the wiring.
Inspect the Plumbing
Next, the inspector will need to inspect the plumbing in the home. Old, rusted, or damaged plumbing will need to be replaced, which will be quite costly. You have to remember that when plumbing or electrical wiring in a home needs to be replaced, walls, flooring, and sometimes even ceilings will need to be removed so that the plumber or electrician can gain access to the things they need to replace.
Inspect the Foundation
Finally, the foundation will also need to be inspected. You want to be sure that the foundation is level, is not crumbling in any areas, and is supporting the weight of the home well. The inspector can let you know if any areas of the foundation are uneven, cracking, or sinking into the ground. All of these issues can be fixed, but they can be very expensive and eat up your potential profits in a short period of time.
If the inspector does not find anything wrong with these three major areas of the home, it may be worth buying. Be sure to take the time to assess which renovations are worth making and which would be a frivolous expense before you start tearing down walls or replacing fixtures.
Contact a business like Home Inspection Associate to learn more.