5 Things You Must Know Before Upgrading Your Home
If you’re like most people, you probably want to focus on flipping or upgrading houses that are in move-in-ready condition. However, sometimes it can be challenging to find a property that meets all of your criteria. It is especially true if you’re looking for rental property investment. That’s why we’ve put together this list of deal-breakers that indicate the property is potentially a risk to get involved with. Stay safe and stick to properties that don’t have these problems.
1. Poorly Performing Comparable
When looking at comps to determine the value of a property, make sure that they’re all from similar neighborhoods and have been sold in the last six months. If there are any outliers in terms of the sale price or date, remove them from your analysis.
2. Extreme Foundation Damage
Extreme foundation damage to slab foundation properties can be very costly to fix, especially if the damage is severe. If you’re inexperienced in this area, it’s best to stay away from properties with this type of foundation.
3. Mold or Asbestos
These are health hazards that can be expensive to remediate. If you’re unsure how to test for mold or asbestos, hiring a professional is best.
4. Electrical Problems
Faulty wiring can be a severe fire hazard. If you’re not comfortable fixing electrical issues, it’s best to stay away from houses with this issue.
5. Plumbing Problems
Leaky pipes can cause extensive water damage, so it’s essential to fix them as soon as possible. If you’re inexperienced in this area, hiring a professional is best.
Here Is What to Do Next
There you have it, a list of deal-breakers to watch out for when flipping or upgrading old houses. Keep these in mind, and you’ll be sure to avoid any properties that are too much of a risk. Stay safe.