Should You Fix and Flip a Flood-Damaged Home?

Should You Fix and Flip a Flood-Damaged Home?
  • Opening Intro -

    There is a lot to consider before you take on any house flipping project, and the current state of damage is one of the biggest factors.

-------------------------------------

The type of damage that a home has can decide whether or not a flip is worth it. One of the most extensive types of damage is flood damage. Here are some questions to ask before you commit to purchasing a flood-damaged house.

How Extensive is the Damage?

How extensive the damage is will determine if it can be fixed, and how much work and money will be needed to repair it. Inspecting the house can be done by a professional for peace of mind, or you can do it yourself. If you complete the inspection yourself, make sure you inspect the house from top to bottom. This inspection will show you how fixable the house is.

wet vacindustrial fan

How Much Mold and Mildew Has Grown?

One risk with a flood-damaged home is mold and mildew. This can be very difficult to fix in a house depending on how extensive it is. Removing it yourself can be time-consuming, but if you follow proper instructions, it’s pretty straightforward. The main thing is ensuring the source of the mold is stopped, and remove the mold through the entire house to ensure it will not come back.

Is It Likely to Flood Again?

Considering how the home flooded and if it will happen again is vital. If it was a cause that either can be or has been fixed then that will not affect the home’s value in the long run. If it was from a natural or repeating cause that is different. According to Do Hard Money, properties located in FEMA areas have a higher likelihood of flooding again, which may increase the cost of borrowing and decrease the eventual sales price.

[blockquote style=”8″]

Find Professional Services
Abatement Services Junk Removal
Site Preparation Recovery Services
top-rated, pre-screened local contractors
pdf file FREE: download contractor selection
enter zip code – powered by HomeAdvisor ™

 

[/blockquote]

Will It be Worth It?

This is an important step when flipping any house, but more so with flood-damaged homes. The costs of fixing flood damage can be substantial, so knowing there is value in the home is important. According to Restoration Master, having mold inside your property can actually decrease its value, so it’s important to remove it if you want to sell the property for the best price. Look at the area, the overall structure of the home, the foundation, and any surrounding land. If the value isn’t there then it is not a good project.

other valuable tips:

There are lots of things to consider when flipping a flood-damaged home, so it is something to take time to think about. Following these considerations is a reliable way to ensure you are taking on a worthwhile project.

Image credit: Pixabay

end of post … please share it!

Home Remodeling Reference:

SERVICES: search home building contractors

-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------

directory photos forms guide

Helpful article? Leave us a quick comment below.
And please share this article within your social networks.

facebook google+ pinterest
Categories: Home Maintenance

About Author

Write a Comment

<