Prince or Frog? Is that Dream Home a Flip or Flop? Return to Articles
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It’s hard to resist a beautifully staged home with new modern interiors and stainless appliances. Is that sparkle truly a diamond or are you falling for cubic zirconia? Looks can be deceiving when it comes to a flipped home. Was the investor motivated by quality and craftsmanship or more interested in making a quick dollar? Bankrate published an article by Jay MacDonald “ 7 signs that a house flip is a flop ” providing helpful tips on how to avoid a bad flip. Is your new dream home a prince or a frog?
In talking with Realtors and homeowners I have observed two types of sellers. The first group of sellers acknowledges the flaws within their homes and will repair or replace big-ticket items to ensure potential buyers have peace of mind. Their listings may be more expensive, but they have the documentation to support the price. The second group has already moved on emotionally and they don’t want to pay for something that won’t benefit them. They will do the bare minimum to refresh their home and the burden is on the buyer to discover issues during the due diligence period.
I understand where the second group is coming from, but we belong to the first group. We aren’t flippers and we aren’t planning to sell right now, but we take pride in the care of our home. If we ever decide to put our home on the market, we want our potential buyers to know that our furnace gets inspected and cleaned each fall. We won’t be generic by listing “new appliances” in our marketing; we will take it to the next level and tell them what year we replaced our appliances, the brand and serial number, where we bought them, who installed them and how much time is left on the warranty. We have nothing to hide, we will back it all up with electronically saved photos and invoices.
Home buying is already stressful, why do we continue to make a game out of it? Shouldn’t we disrupt the due diligence process and expect transparency when it comes to disclosing a home’s maintenance and improvements? If you are a builder or service provider don't you want to stand behind your work? If you are a homeonwer, don't you want to understand the value and equity you have invested in your home? If you are a Realtor, do you really need to negotiate when you have data to back up your sales price? If you are a home buyer, don't you want to avoid suprises with your largest asset?
RezDox is a social networking website focused on the residential real estate industry, helping homeowners manage their home's history, contacts and investments. Our mission is to encourage homeowners to connect, document, report and understand the equity built into their greatest asset. Contact us so we can help you create a FREE home history report for your property.
Trachelle Spencer
Co-Founder CEO, RezDox
720.722.2887
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