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The Money Pit
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Why do we do it?
Why do we pour time and money, blood, sweat and tears, into a home renovation
when the house turns out to be the equivalent of a lemon on the car
lot?
Maybe it's because Americans love a challenge. Maybe it's because we're
uneducated about what we're getting ourselves into, and too proud to
stop when we figure it out. Or maybe it's a secret emotional attachment
to the roofs over our heads that leads us to take on these houses that
just won't cooperate.
Some people are getting smart. In fact, there's a whole business devoted
to those who want to weed out the lemons, and they're ruthless about
it when they get going. Professional house flippers, who renovate strictly
for resale value and for profit, have learned how to take emotion out
of the process. As soon as a professional house flipper sees signs of
a money pit, they're liable to bail, cut their losses, and call in the
demo team.
But it's not the professionals that are getting in over their heads.
The susceptible ones are those buying the Victorian on the corner that
caught their eye. As far as they're concerned, it just needs a little
TLC. Even if it does have a condemned sign across the front door.
Real estate has always been an American passion, but lately, with a
huge boom in the market and an even larger boom in home renovation shows
on television, we've become more and more obsessed with our homes. Maybe
it's this starry-eyed view on renovation, brought on by television shows
where a house can be demolished and rebuilt in the course of a weekend
that is causing the problems.
Hidden problems are common in old and defective properties, but smart
investors generally hire home inspectors who tell them what might be
going on before they even sign the contract. If it looks like too much,
they back out. It's the private investors, the people determined to
own a renovated classic that get into trouble. And that's not to say
they don't hire inspectors. It just means they might not listen to them.
If you purchase a money pit, the results could be disastrous. It could
involve crews of grim men with water vacuums and boards and ladders.
It could involve far more cash than you'll ever gain back on the market
if you decide to sell the thing.
On the other hand, if you have the resources for it, refusing to back
down when your house strikes back could be half the fun.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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