Flipped vs Rehabbed
With more and more homes being sold to investors, there are a lot of houses being flipped in today's real estate market. Not to say there's anything wrong with that . . .
I've seen "flipped" houses, and "rehabbed" houses. And while a rehabbed property might also be flipped, a flipped house doesn't necessarily have to be rehabbed.
There's nothing wrong with earning a living, or making money. But, what I've noticed recently are the "fix and flips." Perhaps a property is swooped up for a good price in a distressed sale situation. The owner has no intention of living there, and does put in some sweat equity/elbow grease. Then places the property back on the market.
If done correctly, the home will look great. If done incorrectly, the home will look like a rental property.
Some of fix and flip homes I've toured with clients are TERRIBLE. The quality of work is just not there, and it's noticeable.
The homes are dated with maybe '70's cabinetry (or earlier), counter-tops have gold leaf veining running through the Formica, dark wood floor board and door frame modeling, aluminum cased windows, fluorescent light fixture dangling in the kitchen. Oh sure, the carpet is new -- covering hardwoods -- there is fresh paint on the walls, and the property is clean as a whistle. But the work looks . . . well, like someone painted, cleaned, and recarpeted . . . nothing more.
A quality rehab house shines. The flooring is refurbished to bring out the hardwood's natural look, the cabinetry has been updated, counter-tops are no longer veined with weird color and patterns, the dark trim has been replaced or repainted, closet doors have been updated to six-panel, appliances have been updated, systems have been updated as needed (perhaps eletrical, plumbing), roof, windows -- all have been done.
The market is very competitive at the moment. Homes that have had a nice rehab can fare much better. They show much nicer, and the updates (rehab) for the busy buyer is complete!