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How to tackle unforseen expenses with real estate investment
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[QUOTE="Yusra3, post: 283472, member: 31907"] When you're investing in real estate, you need to have a plan for dealing with unforeseen expenses. The first thing to consider is whether or not you can afford it. Are there any other expenses that are more pressing? If so, consider dropping off the project for a while until you have more time and money. If the expense is still within your means, you'll need to figure out which bills are going to be affected by this investment and how much they're going to cost you. It's important that you know what's coming before starting this project. you don't want to get into a situation where your house has been built or remodeled, only to find out later that it cost too much money because the roof needed replacing or something else that wasn't expected and then be unable to pay for it! Once you've got all those details figured out, sit down with your accountant and discuss whether or not this is something that makes sense for your overall financial picture. If it does, then go ahead and move forward with building or remodeling. just make sure your financial plan includes these costs as well as any other expenses. [/QUOTE]
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