• A checklist helps you evaluate a potential flip house.small house, big house image by Nino Pavisic from Fotolia.com
  
  Buying a flip house has similarities to and differences from personal home buying. The shared aspects are a concern for the house having solid structural integrity, being in a desirable location and being a good value. Your goal is to take a house that needs a cosmetic boost, improve it and make money. What you eliminate entirely is whether or not you love the house. Flipping is rooted in potential dollar earnings and common sense.
  
  

Evaluate Location

• Your checklist about your flip house location should keep several things in mind. First is the overall look and feel of the neighborhood. Look for old cars, boats, furniture and appliances parked on yards. If you would not like to live in the neighborhood, the flip may be a difficult sale. Note the drainage in the area, including storm drains and runoff patterns. Check for drooping power lines and open drainage ditches. These can be indicators of unresolved hazards and difficulties on the horizon for sales.
  
  Check out the proximity to local employers, transportation routes including those for driving and whether there is public transportation. Note the volume of traffic and alternate routes in and out of the area. The availability of grocery and other shopping, restaurants, beauty salons, churches, schools, parks, public pools, sports fields, other recreation activities for children and proximity to medical care are all important. Check how close the home is to railroads, industry and airport noise and activity. Note whether there are street lights and sidewalks and how well the streets are maintained.
  
  

Estimate Upgrades

• Inspect the potential flip property thoroughly. Estimate in detail what it will take to make the exterior as appealing as possible. Include both house and landscaping. Next, evaluate the interior. Estimate what it will take to make the home completely shipshape. Consider paint, carpeting and other flooring, windows and window treatments. Look to updating cabinets and vanities, light fixtures and hardware including drawer pulls and doorknobs. Attend to every detail.
  
  Check the roof condition for missing shingles, discolored areas or wear that appears abnormal. The chimney should be checked for cracks and a spark arrestor. Go over the foundation and all concrete with an eye for cracks. Find out about septic tanks or sewer. Note whether there is a sprinkler system for the yard. Note the location of wiring. Pay close attention to the landscape and its condition.
  
  Interior concerns are of equal importance. These should include the heating and cooling systems and the water heater. Ask about maintenance records. Inspect all appliances that convey with the purchase. Test all lights and power outlets inside and out. Note electrical breaker systems. Check all plumbing including faucets and fixtures. Make sure they are operational and not leaking. Make sure all windows, doors, screens and storm doors operate well.
  
  

Get Backup

• Flipping is more likely to result in profit when the purchase is not influenced by emotion. One technique to help overcome any irrationality is to obtain an inspection from a certified home inspector. The value of the impartial knowledge and assessment is that it can save you from making emotion-tinged decisions and help you negotiate your most favorable price. The purchase of a homeowner’s warranty can also save money in the long run. If the warranty can transfer to a new owner, it can also be a sales tool for the protection it provides to the buyer when you flip.