There are two words that can cause huge headaches in the world of property ownership: deferred maintenance.
Essentially, investors and property owners often do not spend a sufficient amount to make crucial repairs and renovations – which in the long run can become more troublesome than simply keeping up with maintenance over time.
However, maintenance issues are far from the only misstep seen in this circumstance. Making a good living off real estate in any economic environment requires avoiding the classic mistakes that all too often see the light of day. Here they are, and though there won’t be a test at the end, you still get credit for taking notes.
Here’s the bottom line: research is key before investing in property. Give it short shrift and you’ll feel the pain down the line.
Written by Allison Landa