If you know anybody that has invested in real estate, then you know how lucrative it can be. The reason why so many people buy real estate and rent out is because they like the extra cash flow each month and they know that down the road that home will be worth much more than it is right now. This is what you need to understand because real estate is not all about flipping these days, there is a long term approach to it as well.
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Renovating a property can be an exciting time. But it can also be an expensive one, especially if you don’t keep a firm eye on the ongoing costs of completing the job.
Here are five common pitfalls that trip people up when it comes to budgeting for a home renovation.
#1: Inadequate planning from the start
This is one of the biggest hazards in property renovation – particularly if you haven’t done it before. Make sure you have accounted for every nut, bolt and screw and every process that needs to be gone through to get the finished result.