Spotting a House Flip Money Pit before It’s Too Late
For many of us, the HGTV collection of house flipping shows is a major guilty pleasure. There’s something beautiful about turning a rundown home or business into a modern, fully functioning space once again. However, while certain aspects of house flipping and restoration are touched upon, there’s still a lot left out. Before you spend your money on incorporating beautiful custom wood windows and new custom wood doors on a home renovation, learn how to spot the signs of a potential money pit house flip.
Faulty Foundation
There’s nothing more important to the construction of a building than its
foundation. The home’s foundation supports the entire house. Any cracks in the
foundation can either create bigger problems or signal bigger problems. Before
you make an offer on a home to flip, have it inspected for structural issues.
Insect Infestation
As we work with wood, it’s not uncommon for us to find signs of insect
infestations eating away at the wood work. Termites are a major source of pain
in the wood working industry and can pose major damage to the wood frames of
homes. Termite damage can cause major structural damage that can result in the
necessity of replacing the old wooden doors and windows with custom wood doors
and custom wood windows. But even worse, their damage may result in the
necessity of replacing the building’s structural elements. That repair can add
up quickly.
Old Structural
Elements
Of course there is something charming about the original windows and doors that
come with a home. They tell a story of the home’s past and add a bit of charm
that is often lost nowadays. However, older windows and doors can create high
energy costs as they are not nearly as efficient as replacing them with custom
wood windows and custom wood doors. You have to assess whether replacing all of
the windows and exterior doors in a home is truly worth it and in your budget
while flipping the house. This is one element that catches many new flippers by
surprise.