Introduction
Flipping a home is no easy feat. When you begin this process, there are many considerations to juggle at once. However, in order to have a smooth sale and keep your promise to your buyer, you have to deliver a fully renovated property with all necessary repairs conducted. One way to ensure that you cover your bases is to check off a house flipping checklist.
Why Conduct a Final Inspection?
Both buyers and sellers benefit from a final inspection. Buyers want to know all the repairs that have been conducted during the flip, and sellers can prove to their buyer that the agreed-upon changes have been made. A final inspection checklist is a good way to exemplify that the condition of the property is up to the buyer’s expectations.
Preparing for Final Inspections
It’s important to have certain documents on hand when you prepare for the final inspection of your property. Both the seller and the buyer should have the original contract of purchase, documents detailing house, health, or building code inspections, and documentation of any issues and repairs that have been conducted on the property. Also, if there are any additional written agreements or communications between seller and buyer, those should be prepared as well.
At the point of having a final inspection, the property should be in the condition that was agreed on. If the seller does not deliver on the promises that were previously agreed upon, the buyer may see that as a concern and a sign that perhaps the property isn’t in tip-top shape.
House Flipping Checklist
Go through your property inspection checklist rental to ensure that a thorough inspection was conducted in each room of your property and that all important changes and repairs were made.
The best way to create a checklist for this purpose is to list the following features by room, then have two adjacent columns labeled “repair” and “cost”. Go through each item and ensure that it is fully functional, then write if that feature had a repair and the cost of that repair.
Make sure, for each room, you check the doors/locks and outlets. For the bathroom, you will want items like faucets/sinks, tubs, showers, fans, plumbing, and toilets inspected. For bedrooms, check overhead lighting, windows, and closets. In kitchens, inspect the oven, sink, freezer, refrigerator, countertops, exhaust fan, and garbage disposal.
Be sure to check the ceilings, walls, windows, carpet and flooring as well. Inspect your HVAC unit, and the landscaping/exterior of your property as well. For the exterior, you’ll want to list repairs for the roof, siding, driveway, foundation, and structural issues as well as fencing or sidewalk alterations.
Other items to list are washers/dryers, any existing balconies or porches, the attic, and wood fireplaces if there are any.
Facilitating a Smooth Flipped Property Sale
Here are a few ways to ensure that you have a stress-free sale of your flipped property.
#1: Get a Professional Inspection
Investing in an expert opinion is the best way to ensure that you won’t run into problems that you may miss on your own. Complications can arise at any point in the house-flipping process, even right before you sell. It’s a good idea to get a professional to conduct an inspection of your home to double-check your work.
#2: Understand the Cost of Basic Repairs
Doing research into basic and common house repairs is a good way to help you estimate how much money you’ll need to finish your fixer upper. For instance, it may be helpful to know in advance how much installing new countertops or cabinetry would be or how much it will cost you to replace flooring per square foot.
#3: Join Real Estate Groups
Networking with other likeminded investors is a smart idea to expand your real estate knowledge. Social media groups and clubs can help you find buyers who are interested in buying your property.
Conclusion
With a final flipping houses checklist, you can ensure that your flipped property is up to your buyer’s standards, and that you deliver on all your previously agreed-upon plans.