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If a home is built in the 70s ok, but I would never pay over that much for homes built in the 50s unless it's dirt cheap. Or better off just get a land and have a builder build it for a lot cheaper than what these clowns are flipping for. Hey in 5 years they will probably drop again, prices go up but can't climb past NYC prices.
The cost of fixing a fixer upper is a lot cheaper than what a flipper wants these days. I can DIY or hire people and have a home remodelled for $25-40k than pay the $60-200k premium over value.
We just fully renovated a house. $$$$. Have you priced Quartz countertops? They are MORE than granite. It's all about the quality of materials. But I can tell you, it costs way more than you think. For example, had the electrician over 4 different times. CHA - CHING x 4!!!
Renovating costs more than you think so if you don't want to pay for it done, get a fixer upper and experience it.
I know how much renovating costs. My current home was fully renovated 4 years ago with better quality than what I see now. We had an excellent builder from recommendation with FAIR prices. Many gouge and deceive homeowners who still think they get a good deal. These new homes cost probably $600k or less to build.
I think one of the biggest things new home owners can miss in flipped houses are the quality of the floors and cabinets. They might not know the difference between laminate, engineered hardwood and hardwood.
Same thing with the cabinets, it may look nice but is not solid nor are the dimensions most useful.
There is also a large variation in price for siding and roof shingles.
I think one of the biggest things new home owners can miss in flipped houses are the quality of the floors and cabinets. They might not know the difference between laminate, engineered hardwood and hardwood.
Same thing with the cabinets, it may look nice but is not solid nor are the dimensions most useful.
There is also a large variation in price for siding and roof shingles.
I really hate an expensive home that uses cheap laminate floors, granite countertop but Home depot no frills cabinets, and some crappy faucet.
Hardwood is good, easy to resurface and reseal that lasts much longer. Engineered wood is good too but often poorly underlayed I can walk somewhere that has gaps or corners that are not covered.
A lot of sellers tries to cover their plastered walls with wallpaper or heavy paint.
Quote:
Originally Posted by snuffybear
We just fully renovated a house. $$$$. Have you priced Quartz countertops? They are MORE than granite. It's all about the quality of materials. But I can tell you, it costs way more than you think. For example, had the electrician over 4 different times. CHA - CHING x 4!!!
Renovating costs more than you think so if you don't want to pay for it done, get a fixer upper and experience it.
I like Quartz but stupid buyers don't know what it is, they just want granite. I told them granite looks too cold, Quartz you have a lot more color choices and natural earthy polished look.
Sorry, I'm not a stupid buyer. I meant manufactured quartz. I don't know enough about it, but I do know more expensive granite blows away man made quartz in looks. Hope that clarifies. I'm too stupid to know the difference.
It's people like you that turn others away from wanting to post on public forums.
I just bought a flipped house. Overall I got a good deal however I will say that I paid more for my neighborhood then a non updated house would of been (basically 30-40k more). Mine was on the market for 9 months before I made an offer. The original asking price was ridiculous and they kept gradually going down. Had they priced that house better to begin with they would have gotten more than I paid.
Regarding quality I would say it's so-so. They did some things well and cut corners on other things. Mostly minor but it adds up and some of it was stupid like covering a shut off valve so I now need to install a no freeze valve.
All in all I would not buy a flipped house again to the experience dealing with the company who flipped it. They messed up with permits and my closing was delayed 6 weeks. We were under the impression they would pay the bank fees and they didnt, additionally they didn't do everything they were supposed to after the inspection. Issue was if we walked away we wouldnt of won as wed be out title and legal fees making it foolish to walk away. Basically quality seems to be ok except for them not addressing every issue and doing some dumb things but the experience dealing with that company was horrible.
All in all I would not buy a flipped house again to the experience dealing with the company who flipped it. They messed up with permits and my closing was delayed 6 weeks. We were under the impression they would pay the bank fees and they didnt, additionally they didn't do everything they were supposed to after the inspection.
I would have thought that the flipper would be highly motivated to close early and smoothly, given their cost of carry. Does anyone know how flippers typically finance their projects? Is it just a standard mortgage?
I would have thought that the flipper would be highly motivated to close early and smoothly, given their cost of carry. Does anyone know how flippers typically finance their projects? Is it just a standard mortgage?
I would have thought that the flipper would be highly motivated to close early and smoothly, given their cost of carry. Does anyone know how flippers typically finance their projects? Is it just a standard mortgage?
I had thought it was cash, at the closing i saw it was 100 percent mortgaged. I assumed the same thing which is why I thought it was simpler. They were just terrible to deal with and put us in a bad spot. I think they screwed up the project, didn't get permits to do work had to get it after the fact and the town made them change stuff basically pissed off the inspector a lot. They had the house for 14 months in total and only for the first 3 months were they doing the work. They also did a lot to make less than 100k. If they had a good realtor it would of been sold fast, you don't list a house that small in West Orange at 400k in that neighborhood it will never sell. I still paid paid like 30k more than equivalent size houses with better driveways though they were not updated. I definitely got a good deal but it was a very painful experience. Additionally I have had to finish the job so add another 5-6k or so to the price. When buying a house that's normal but I thought buying a flip I'd have to put zero dollars into it.
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