As home flipping becomes increasingly popular, so does the concept of flipping a historical home. However, although the idea can be enticing, it’s important to stay realistic. Historical homes often come with their fair share of complications, especially if they haven’t been lived in or maintained for a number of years.
Interested in flipping a historical home? We’ve compiled some tips to help you along the way.
Often, historical homes are severely lacking in an array of modern amenities. Unfortunately, these are amenities you’ll need to have installed if you’re hoping to sell the home to an enthusiastic homebuyer.
First, you should hire an electrician to take a closer look at the home’s electrical system. There’s a chance this will be outdated and pose a safety issue. You’ll also want to have the roof professionally inspected—if there are any problems, these will need to be corrected right away. Some other concerns when it comes to updating and modernizing your historical home include:
If you’re looking to flip to sell, in particular, then you’ll need to concentrate on the correct projects to make the best possible profit. In this instance, focus on what’s most important to a future homeowner. This includes searching for and repairing any structural or foundational problems, repairing water damage, handling septic concerns, and eliminating any pest issues.
If you’re hoping to profit off of your flipped historical home, all the aforementioned issues will need to be addressed. Be sure to have a thorough inspection performed on the home, so that you’re better able to find and address any of these core problems. Otherwise, the value of the home isn’t going to be what you’d hoped, no matter how good it looks aesthetically.
Interested in fixing up a historical home and need advice? Contact us for more information today.
A real estate inspection or home inspection is not an appraisal or a check for compliance with building codes; it’s also not an evaluation of environmental hazards. See the NYS Standards of Practice for more information on the limitations of a home inspection.
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