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Complete Checklist for Flipping a Property

August 14, 2023

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Property Flipping Checklist

As a house flipper, you’re an innovator and creative thinker. You know that investing in creative real estate strategies can lead to greater returns, and you aren’t afraid to take on a little risk to get you there. 

However, even the best investors need tools and resources to organize the process. In this article, we provide a complete house flipping checklist you can use to make sure you’ve covered all the bases for your flip. 

Why Are Final Inspections Necessary? 

A thorough buyer will want to make sure everything is in order before they take on a new property. They may be a first-time homebuyer or another investor looking to transform the home into a rental property for new tenants. In either case, the property needs to fulfill housing, building, and health code requirements before it can be fully operational. It’s in both the buyer’s and sellers’ best interests to take time to conduct a final inspection –the buyer gets to verify that the property’s condition reflects that which was described in the original purchase agreement, and the seller gets to facilitate a smooth sale and demonstrate that all the agreed-on conditions and repairs were met. 

How to Prepare for Final Inspections 

There are a few different documents that you should have on hand to prepare for a final inspection of a flipped property. The seller and buyer should each have copies of: 

  • the original purchase contract, 
  • any inspection documents, such as those from health, housing, or building code inspections, and 
  • all documentation of prior issues and repairs done to the property. 

If there are additional written agreements between the buyer and seller, these should be present as well. 

At this point, the property should be up to code and have the proper repairs done that were agreed on. If there are new repairs needed or maintenance concerns that weren’t part of the original deal, this is often a red flag for the buyer that the property may not be in as good of shape as was promised. 

House Flipping Checklist 

A flipping houses checklist serves as documentation that a thorough evaluation was done of each room in the property and that the necessary repairs were made. For property inspection checklist rental areas like the kitchen and bathrooms, repairs are especially important, as these rooms are more heavily scrutinized by buyers, inspectors, and occupants. 

Bathrooms 

Item Repair Cost 
Faucets/sinks   
Showers   
Tubs   
Toilets   
Plumbing   
Fans   
Mold and mildew   
Mirrors   
Cabinets   
Outlets   
Door and lock   
Total   

Bedrooms 

Item Repair Cost 
Overhead lighting   
Outlets   
Door and lock   
Windows   
Closets   
Total   

Kitchen 

Item Repair Cost 
Sink   
Garbage disposal   
Oven   
Stove/burners   
Exhaust fan   
Refrigerator   
Freezer   
Microwave   
Dishwasher   
Water damage and mold   
Cabinets and cupboards   
Countertops   
Other appliances   
Overhead lighting   
Total   

Ceilings, Walls, and Floors 

Item Repair Cost 
Ceilings    
Walls – paint, drywall, etc.   
Windowpanes   
Window latches   
Window trimming   
Flooring   
Carpet   
Insulation    
Ventilation   
Total   

HVAC & Electric 

Item Repair Cost 
HVAC unit   
Hot water heater   
Electrical wiring   
Outlets   
Circuit breaker   
Security system (if any)   
Garage doors (if any)   
Overhead lighting   
Furnace   
Gas fireplace (if any)   
Total   

Landscaping / Exterior 

Item Repair Cost 
Roof   
Siding or exterior finish   
Chimney (if any)   
Plants/trees   
Mulching   
Driveway   
Sidewalks   
Fencing    
Mailbox   
Foundation   
Gutters and downspouts   
Structural issues   
Total   

Other 

Item Repair Cost 
Washer and dryer   
Utilities closet   
Porch, balcony, or deck   
Attic   
Wood fireplace (if any)   
Total   

What’s Next in the Sales Process? 

While it’s important to be thorough in your repairs and renovations of a flipped property, the above property inspection checklist is only the beginning. Frequent house flippers know that selling an investment property involves many other steps, including transferring the property title/deed and paying taxes on the sale.  

Many investors also choose to hire a real estate agent to help them stage and market a home they’ve flipped. Real estate agents have greater access to resources than you do as an investor, and they can help you narrow your search to find the right buyers. 

Tips for Facilitating a Smooth Sale for Your Flipped Property 

Since flipping houses has gained a lot of attention in the past few years, many new investors are getting started with this strategy. Here are a few tips to make your experience flipping properties as simplified and straightforward as possible. 

  1. Understand the approximate cost of basic repairs. One mistake new house flippers make is not having enough cash to cover the range of repairs a fixer upper might need. It’s essential to do some preliminary work to find out how much it will cost to replace flooring per square foot, get the property inspected, install new cabinetry, etc.  
  1. Join social media groups or other real estate groups. These kinds of groups attract people interested in and involved in investing in real estate, so it’s a great way to build a network of like-minded investors or buyers who would be interested in purchasing your flipped home. 
  1. Always get a professional inspection. Unforeseen complications in a property can cost way more than the price of a professional inspection. It’s best to invest up front for a professional to review the property, because they are trained to catch problems before they become future headaches.  

Conclusion 

Flipping homes is a popular investing strategy, but it’s not always a simple one. With the help of this flipping houses checklist and the tips above, you can conquer your next fix-and-flip with confidence and peace of mind. 

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