Page 34 - From Ghetto to Gucci: The Basic Principles of Flipping Houses

● Original charm. What original touches are left in the house? You’ll want to make sure
that these look good, and probably clean or retouch them. Keeping original touches can
add substantial value in certain markets.
● Windows. Will the windows need to be repaired or replaced?
● Washer/dryer: is the existing washer/dryer set good enough for the house, or will you
need to upgrade? You also don’t need to have a washer/dryer, but at the minimum you
want to make sure that the venting and hookups are functional.
● Flooring: Is the flooring good, or does it need refinishing or new flooring? Depending on
the area, neighboring houses will let you know if you need to upgrade the flooring or just
clean it up. Most older houses have fantastic hardwood flooring under disgusting old
carpet.
● Deck/porch. Will you need to repaint the deck/porch? Refinishing can add luster and $$$
to the final sale price. Any separation from the house?
● Bricking: problems here
● Guttering
● Sinks: adequate flow and pressure
● Tiling: If there’s any tilling, is the grout still intact, or will you need new grouping?
● Smoke/CO2 detectors: present?
● Stairs: tread and risers up to code and stable
● Chimneys: bricks or mortar missing? Chimney leaning?
● Bathrooms:
o Toilets. Will you have to buy new toilets? You’ll almost certainly have to clean
them up. Is the toilet properly installed and stable?
o Vanities. Are they salvageable or will you want to replace them? The comps will
tell you what level of vanity you need to have for the neighborhood.
o Shower/bath. Is the shower/bath salvageable or will it need replaced? Again, pay
attention to the level of finish required. Are there any leaks visible?
● Kitchen:
o Cabinets. Will you need to replace, can you keep as-is, or will you need to
refinish? Do they open and close properly?
o Counters. What is the level of finish in the area? If the countertop needs
upgraded, do it.
o Backsplash – Does the house have a backsplash or need a new one? Nicer
houses will require a new backsplash
o Appliances – Are the appliances OK? If you’ve got white or stainless steel
appliances that look OK, you can keep them here. If not, you might want to invest
in new stainless steel appliances. They aren’t necessarily, but they sure do help.
You will want to purchase the cheapest stainless steel appliances unless the
neighborhood is very upscale and requires a higher level of finish.

32