Why Is Age Of The Home So Important?

Uncategorized Apr 01, 2020

There are many factors you need to consider when looking for a property to flip. You want to be sure you are in a "retail" neighborhood, meaning most homes are sold to owner-occupants and not rental properties.

Also, the prices of homes are another crucial factor.

You might find a great neighborhood, but the price of the houses is above the amount of money you have access to. So, while it may be a great neighborhood, it's not a great neighborhood for you. 

Another factor that I think is important, especially for new house flippers, is the age of the home. I know the older historic homes are beautiful and can be stunning when renovated, but they can be massive projects to tackle.

Not only can they be extremely costly, but they can also be a much more complicated renovation. 

If they haven't had major prior renovations, they may need total re-wiring and all new plumbing. You'll possibly run into older materials like knob and tube wiring, galvanized pipes, cast iron drains, plaster walls, and more.

Any of these things can be repaired or replaced, it just typically takes more time and more money, and that's not what I would suggest for newer house flippers!

In many areas, the older homes could be on the historic registry. If that's the case, you could be in for a whole other set of circumstances. Then, you could have another set of guidelines.

You can be told how much you are allowed to change, possibly the materials you will have to use, or even if you can paint the brick or not. 

If you're just starting, I'd be cautious about taking on this kind of project.

I have done several, but I'd been doing flips for a while, and I knew I had to buy right. Meaning, I bought very low, knowing that the renovation costs could be higher than usual.

They were extensive in all of them. One, I was fortunate that the previous owner had done some of the major items.

However, on the others, it was a total re-wiring and total plumbing job. They all worked out to be profitable flips; I'm just glad I hadn't done them when I was starting out!


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