Purchasing a real estate asset can be a truly exhausting ordeal, so fix & flippers can benefit from creating a standardized house flipping checklist.
Much of the buying process can prove to take a lot of time because investors and sellers haggle over price, repairs, and other points of contention before closing.
After all the time and energy spent on finalizing these details, it can be understandably tempting for inexperienced flippers to try and wrap up the closing process as fast as possible—even if it means cutting a few corners along the way.
Doing so, unfortunately, could end up costing you significantly down the road. That’s why it is essential to do a proper inspection of the property with a house flipping checklist before signing on the dotted line of the purchase agreement.
Express Capital Financial has years of experience providing insight and advice to real estate investors. We’ve assisted countless individuals in completing property walk-throughs and have compiled the following checklist to help you get the most out of yours.
You can also peruse RentRedi for other rental inspection checklists if you decide to rent out your flip!
Inspections are an Essential Process
Following the completion of all agreed-upon repairs, the buyer is given the opportunity to conduct a final inspection with a house flipping checklist of the property.
This enables them to confirm that the seller has fulfilled all their contractual obligations and that the work is up to par. Keep in mind that this is not the time to propose any additional repairs or terms—the goal is to validate the property mirrors what you initially agreed to purchase. It is important to not rush the walk-through.
Performing your due diligence proactively now will save you loads of time and money in the long run. Essentially, the final walk-through is your last chance—prior to taking official ownership of your investment property—to ensure that:
- All requested repairs are satisfactorily completed
- No new repair or maintenance concerns have arisen since the inspection
- All fixtures and furniture detailed in the contract are still present
- All systems and appliances are fully functional
What to Bring
Make sure that you have the following items when you show up for the final walk-through:
- The original purchase agreement, indicating the terms that both parties agreed to
- The inspection report summarizing needed repairs
- Any additional written agreements between yourself and the seller
- A notebook to record notes
- Camera or phone to document any issues
- A plug-in cord to check outlets are functioning
Final Walk-House Flipping Checklist
Here’s a handy checklist to help make sure you cover all the major areas of the property during your walk-through and help you track estimated renovation costs for the project:
Walls & Floors
|Window Panes & Screens|
|Doors & Locks|
|Walls & Paint|
|Tub & Shower|
|Mold & Water Damage|
|Oven & Stovetop|
Electrical & HVAC
Laundry & Storage
|Washer & Dryer|
|Why house is being sold?|
|Local Crime Rate?|
|Time on market?|
Ready to start your real estate investment journey?
Express Capital Financing offers efficient and accessible ground-up construction loans geared towards real estate investors looking to optimize their business. We have the experience and resources to get you the money you need when you need it.
Contact us today to learn how we can assist you in upping your investment game!