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1.
You may be overwhelmed with the amount of work, time and money it takes to renovate. Always have a back up plan to access funds or credit if any unforeseen hurdles are discovered during the renovation.
• Tip: It may be wise to bring professionals with you to walk through the property before you buy to avoid underestimating the work and cost.
2.
There is always a possibility that you could lose money on your investment. It is common to go over budget on repairs and renovations. The housing market is another variable that can be unpredictable.
3.
Whether you're hiring a contractor or doing the work yourself, the renovation process is often stressful. Consider the commitment before you buy, especially if you plan on living on the property while doing the renovation.
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