We employ many strategies when it comes to our real estate investments. There is this particular strategy where we buy a home to renovate and sell it off for a greater price. Yes, you can call it site flipping. Even if you do not plan to sell, you can use the renovation strategy to turn the newly brought property into a home you have always longed for. All this looks good but there can be ample hindrances along the way.
Maybe you miss out on reading the contract very well and end up buying a property with an easement/encroachment. Or you may have bought a property which requires too many structural alterations, or is not renovation-worthy or located in a blink-and-you’ll-miss neighbourhood. Such mistakes can hit your ROI hard. Let us find out what we must ponder before we buy a home to renovate and read about that one particular aspect we often miss considering.
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