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Selling a home? Click here for a free home value estimate.
Call us at (416) 438-2536 for a FREE home buying or selling consultation
According to national reports, about 20% of homes are being bought by investors, often in cash. Typically, big funds buy up large numbers of homes with a plan to rent them out, but there are also local investors who buy homes to try to flip them.
If you've seen the many shows on HGTV and other home improvement channels, you know what kind of condition many of these homes are in before they're flipped. Because some of these homes are in such rough shape before they're renovated, it's best to approach them with caution.
Often, everything looks great on the surface of a flipped home. They have brand new kitchens and bathrooms, fresh coats of paint, and a manicured lawn. However, a simple glance at the house or a quick home inspection isn't going to tell you whether the electrical wiring is outdated, the plumbing is faulty, if there is asbestos in the attic, or the basement floods.
Because there are so many things that may cost you down the road, it's crucial to get a detailed home inspection by a reputable company that will be thorough and honest. We will sometimes even recommend an x-ray inspection of the home if we feel it's needed, as you can never be too safe when inspecting a flipped home.
No home is perfect, but you can ensure you find one that's close by getting a great home inspection and working with an agent who can help you negotiate key repairs before you move in. Doing so can be the difference between your dream home and a nightmare.
If you have any questions about buying or selling Toronto real estate, we're the team to call. We want to ensure your transaction goes as smooth as possible. Thanks, and we look forward to talking with you soon!
