Page 22 - Real Estate Now Sept-Oct 2021

3. Inspect everything carefully.
A common pitfall experienced by first-time buyers of a
flipped house occurs when they don’t inspect closely
enough, avoid doing due diligence on the flipping
process, and are shy about asking a lot of questions.
They’ve become the proud new owners of a home that
looks beautiful on the outside but may hide shoddy
work on the inside.
A critical step to take once you’ve submitted an offer
and secured your financing is to hire a professional
home inspector to “kick the tires” of your new home.
Learn more about the home inspection process
including how to find a professional inspector in your area by visiting the Canadian Association of Home & Property
Inspectors. Your REALTOR® can also connect you with a reputable home inspector who knows and serves your
neighbourhood.
If you put in a conditional offer, your sale is not final until the inspection is complete. This means if the inspection
uncovers any issues, you can go back to the seller to renegotiate the selling price or revoke the offer if the issues are
too extreme. If you buy the home without conditions, you’re responsible for resolving any issues that arise during the
home inspection, which could end up being pretty pricey if the flippers cut corners. A typical home inspection should
take about three hours and can cost anywhere between $300 and $800 depending on the size of the house, but the
peace of mind this will afford you is worth every penny.

4. Ask questions about every single thing.
Be sure to accompany the inspector (if possible) during the walk-around of your flipped house and come equipped
with more questions than you thought you needed to ask. Some of these questions include:
• Can you provide all the work permits?
• Can you provide the proof of inspection for the electrical work?
• What was structurally changed?
• What was done to the foundation?
• What was done to the wiring?
• Are there signs of mould?
• What was done to the plumbing?
• How was the insulation upgraded?
• Did you touch the roof?
• How did you address insect, water, fire, or other major damage discovered during the project?

You don’t want to be blind-sided if something happens to your new home, so asking these questions is crucial to
ensuring you feel comfortable if and when you move in.

A good flip has its benefits
If you do your research, talk to the right people, and are OK with someone else making all the renovation choices, then
purchasing a flipped house isn’t a bad option. While it may be a bit more expensive and require diligent inspection,
you’ll sit comfortably in your newly remodeled living room knowing you invested in a new home that will stand the
test of time. g

22 | REAL ESTATE NOW | denise@BCislandhomes.ca