If you love shows like Flip or Flop, Property Brothers, or Fixer-Up, and you have been thinking about dabbling in the ever-growing business of fix and flipping, there are a couple of things you may want to know, such as how to tell if a house has good bones!
When searching for a property to invest in, deciding if the house has good bones can be a daunting task, especially if you are new to the trade! What do good bones look like? Well firstly, the foundation and the roof are vital, not only is it one of the most expensive things to replace it is also one of the most important parts of the home, a solid foundation and a sturdy roof are signs of a lasting and durable structure.
Secondly, it is important that the property is without any major defects, such as cracking, wood rot, and leaking pipes, these can all be costly repairs and can be detrimental to a fix and flip, exhausting most, if not all the budget. Be watchful and ask for all the details when purchasing an investment property!
Thirdly, the design potential is valuable. While the house may not be initially appealing, the house must already have or present the potential to have a productive use of space! Random hallways and small nooks can sometimes be hard to work around leaving your finished product feeling awkward or incomplete.
Lastly, a little bit of character never hurt anyone! Extenuating a properties unique features, like original wood flooring, exposed brick, or any feature of the house that is special to that area in which the house was built.
There is a lot to consider when taking on a Fix-n-Flip project, remodeling can be overwhelming and sometimes disorienting, but knowing where to start can make a world of difference. Knowing if the house has a good bones will allow to dive into your next project with a little peace of mind.