5 Things to Consider Before Flipping a House Older Than 20 Years
Flipping houses can be a very profitable hobby…if you know what you’re doing, that is. But despite your experience and interest in it, there are some projects that are better approached with caution; like flipping older homes. Here are 5 things you need to consider before flipping a house older than 20 years.
It May Not Be Able To Bear the Impact of the Renovations
In general, old houses are built to last. Good quality and strong foundation make it possible for the house to last longer than some modern houses. However, it pays to remember that not all houses are built this way; and that it’s quite possible that the house you’re planning on flipping may be under-qualified to withstand the impact a major renovation may have on it. Plans for opening up spaces by removing walls could result in bringing down the entire side of the structure. Your best bet would be to consult a civil design Sydney professional, however, this means additional costs.
The Drainage System in It May Be Outdated
Nowadays, all drainage systems are done underground; out of sight and away from the smell. If the house you are hoping to flip had been constructed before this system got popular, there’s a large possibility that you may have to deal with an outdated and nearly unusable drainage system. This is especially true if the house has not been used in years. This not in will add to your expenses, but will also increase workload and lengthen the time allocated for the project, as you’d have to deal with local authorities in regards to it.
You Might Have To Deal With Low Water Pressure
High water pressure is no longer a luxury. In fact, most modern bathroom fittings and fixtures require a good water pressure in order to work perfectly. To increase the water pressure, you will either have to install a high power pump or construct a raised platform for a water tank. This too will add to the expenses, and lengthen your project. This is an important issue to address, especially if you plan on selling or renting out the flipped house. Renters will not be patient with trickling water in their taps.
The Electric Work May Be In Desperate Need of Updating
If the house you plan on flipping has been vacant for a while, and no renovations had been done in it for at least a decade, then chances are that the electric work of the house may be in desperate need of updating. The electric outlets may be filled with sand, making it necessary for you to clean them out entirely before they are updated. The fuse box may also need to be renewed. Be cautious when doing so, as this can be a dangerous task to do without professional guidance.
The Cost of the Whole Project May Be More Than You Bargain For
If you’ve considered all of the above, there is a high possibility that you may have already figured this part by yourself; but let us spell it out to you. Renovating homes often go over budget, but renovating older houses and flipping them can be costlier. It’s always best to try to stick to the budget as closely as possible, and expect a higher cost.