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Prevent Buyer Remorse from a 1031 Exchange by Insisting on a Property Condition Assessment
February 2, 2023
Industry Commitment
February 2, 2023
Prevent Buyer Remorse from a 1031 Exchange by Insisting on a Property Condition Assessment
February 2, 2023
Industry Commitment
February 2, 2023

Flip vs Remodeling

Today’s buyer must understand that although the result may look the same, flipping a house and remodeling a house involve different processes and intentions. A remodel or construction project completed by a professional carpenter is an accomplishment. It can take 20 years of education, experience, passion to deliver a masterpiece. A true carpenter pours his soul into a project. It’s their livelihood and reputation on the line if the project isn’t aesthetically pleasing, which creates a significant difference between artful craftsmanship and a flip for profit.

When flippers are trying to maximize profits, critical steps in the construction process are skipped to save on costs. Waterlogged and rotten framing members that could have been replaced when the structure was exposed can be left in place. The crawlspace might be missing vital footing or piers, which support the floor beams. This can cause structural movement. Mold can be left to become a health risk later. Termite damage can add to a long list of deferred maintenance problems that were not repaired properly. Mechanical system issues such bare wires, poor air flow from rusted ductwork, and plumbing venting problems may be lurking below the surface. The problem is that the buyer can’t recognize the hidden issues over cosmetic touches. All these problems can be concealed by new finishes and some trendy updates.

For experienced carpenters, it can be disheartening to know that most of the world doesn’t see carpentry as artwork. A carpenter, who works with his hands, is viewed as a poor career choice to most. I believe the industry is looked down on because of cases of poor craftsmanship, which leads to mistrust. A buyer that’s tricked into a purchasing a flipped house can be stuck with years of financial hardship and a grudge against carpenters. As a steward of the industry, I try to live up to the craft and encourage others to do the same. To others: this is a warning. I will help every buyer I can!

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