Buying a flipped / gut renovated townhouse?

Hey everyone. I’ve been shopping for a townhouse for the past few months and have been looking at a lot of gut renovations in Bed Stuy that appear to be developer flips. There are SO many and they all seem sorta interchangeable. I’ve also looked at a few non-renovated but in good shape homes that are about $500k cheaper.

In an ideal world I’d buy and renovate myself, but I’m balking at the money and time commitment. As a first time buyer with a busy job, I’m not sure I’m ready to embark on a full gut, as much as I’d love to. Already renovated properties are attractive in that regard.

It seems like a lot of people are wary of flips, and this makes a lot of sense. Permitting can be unclear, inspections can’t catch a lot of things, developers can be shady, property taxes can shoot up unexpectedly when an assessment hits.

I’d especially love to hear from people who have bought or almost-bought one of these flips. How has it worked out? Have you been hit with surprising repairs or property taxes? What unexpected things have you encountered? Would you recommend it? Woul d you absolutely steer clear?

Should I buy a cheaper non-renovated home (albeit with an update boiler, facade, and roof) and just chill in it for a while, budgeting in for repairs and maybe an eventual major reno, when I’m ready?

Any thoughts are very appreciated! This forum has been so helpful to me and I thank everyone for helping guide my decision.

khushksaali

in General Discussion 2 years and 5 months ago

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irfan | 2 years and 5 months ago

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What do you all mean when you say “flipped”? I would presume not every developer is a crook looking to hide issues. I would be surprised to hear every townhouse to condo redevelopment is by an unscrupulous developer.

irfan | 2 years and 5 months ago

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What do you all mean when you say “flipped”? I would presume not every developer is a crook looking to hide issues. I would be surprised to hear every townhouse to condo redevelopment is by an unscrupulous developer.

justinromeu26 | 2 years and 5 months ago

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every year i get a call from the purchaser of a flipped house. They ask me to come fix things. two years ago i got called by a very nice couple who bought a house with doors made up of construction plywood with moldings slapped on to make them look old and the end grain of the plywood hidden. the door was bending. i had to warn them to “start saving because in a few years you will need new doors and this will cost $”.

the people who do this kind of work are not professionals. they have no commitment to the work they are doing nor to the people who might buy that house nor to the community. it is about money only. if a flipper asked a professional to do some of these things i have seen in these houses, the professional trades person would tell the flipper where to go and would walk out of the house.

this kind of activity carried by these kind of people hurts homeowners and legitimate tradespeople alike because it drives the good people from the market leaving worthless bottom feeders.

brokelin | 2 years and 5 months ago

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I’m curious why you’d want to install central heating – are you seeing houses that don’t already have it (maybe needing some for, of course.)

Only you know what your tolerance is for the risks and tribulations of each side of the decision – people vary.

justinromeu26 | 2 years and 5 months ago

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.
The focus of flippers is not to fix a house up but to hide damage. Do not buy a flip.

annep | 2 years and 5 months ago

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Our brownstone condo building was a bad flip which we’ve spent years fixing. Top of mind is the fact they covered up joists which were rotten, slapped some paint on a back bay window which was rotten and ended up having to be entirely removed and rebuilt, roofed over a skylight, built a deck over the mudroom (turned into a bathroom) without reroofing it first (so when the leaks started.. the entire deck had to be removed first)… the list goes on.

carolina-moscoso | 2 years and 5 months ago

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A number of flips are purely cosmetic and done with the cheapest materials possible, with the least experienced labor available. For significantly less than 500k you can make any shabby space shine so long as there are no major structural or infrastructure defects which would eat into your budget. Why not save some money up front and figure out what’s really important to you by way of renovating and attack it over time. A few summers away while major renovations happen and you’ll have a sparkly new place is no time.

Guest User | 2 years and 5 months ago

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I had a client who bought a flip near Pratt for what he thought was a bargain until he embarked on a cosmetic update of the kitchens located in the rear wood frame extension….ends up the entire extension was riddled with termites which hadn’t been detected by the layers of cheap sheetrock and tile installed by the flipper who hadn’t filed a single thing…. ended up have to tear down and rebuild the entire extension… no bargain. That was only the beginning. the gas risers in the walls were done in proflex which is absolutely subcode… the heating system was poorly piped (the reason that I was called in)…ended up costing more than buying a wreck. On the other hand, I’ve had clients who bought a flip that were perfectly happy with the crapola boilers and cheap finishes and substandard work that a flip provides….as i remember there is a certain realtor in Bedstuy that specializes in that product

RobertGMarvin

in General Discussion 2 years and 5 months ago

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Just a general piece of advice, based on anecdotal evidence, largely on this page over the years. There aren’t many flipped houses in my neighborhood (Lefferts Manor/PLG) so I haven’t heard much from neighbors.
FWIW paint and sanded floors can undo a lot of shabbiness and you might consider living in any house before making changes in the layout.

khushksaali | 2 years and 5 months ago

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Haha, you make a good point. Do you know of anyone with a flipped brownstone who regrets it, or is this just a general piece of advice you’d give? The non-renovated house I have in mind is shabbier and the layout isn’t my favorite, but I also wouldn’t be mentally prepared to embark on a full renovation for at least a few years. I’d ideally want to redo the floors, move the kitchen to the parlor floor, blow out the back, knock a few walls down here and there, add mini splits and central heating, or central AC if it were possible. Not all of these are essential, but they’re things I find really attractive about the flipped ones.

I know flipped ones are always a bit of a gamble (as are original homes!) but are they like…a particularly bad gamble? Hard to get a straight answer from a broker, of course.

RobertGMarvin

in General Discussion 2 years and 5 months ago

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IMHO you’ve answered your own question. You SHOULD buy a less expensive livable house that hasn’t been gut-renovated. You may well find that you need little more than cosmetic changes in the sort of house you’ve described.