Buy Me Please! I'm actually on Sale. Click Me for Details! Building and/or Investing in Real Estate has its own unique challenges. If it were not so, too many people would have been home owners, landlords and/or highly successful real estate investors.
Therefore, Building or Investing in Real Estate equally comes along with its own fair share of subtle and hidden costs that if not properly managed and controlled, can result in you as an individual investor loose colossal sums of money in the long run.
Their are actually 7 Unique Ways People or Real Estate Investors Unknowingly and Subtly Increase Building Costs thereby Delaying their own Investment Plans and Goals. These are as follows:
Therefore, Building or Investing in Real Estate equally comes along with its own fair share of subtle and hidden costs that if not properly managed and controlled, can result in you as an individual investor loose colossal sums of money in the long run.
Their are actually 7 Unique Ways People or Real Estate Investors Unknowingly and Subtly Increase Building Costs thereby Delaying their own Investment Plans and Goals. These are as follows:
WAY # 1: NOT HAVING A PROPER AND PRE-CALCULATED BUDGET IN PLACE
You've probably heard the saying "Failing to Plan equals Failing to Succeed!"
Well, I cannot therefore over emphasize the Importance of having a Budget and/or Building Plan in place before you actually commence your building project/s.
You must make it a point to budget or plan both the time and money it will take you to build or construct your dream real estate investment venture. Budgeting in advance in terms of the monies and time it will take you, ensures that you'll work within your financial perimeters and NOT beyond. It also ensures that you complete your building project/s within the planned and stipulated time frame.
It will also further provide you with that sense of urgency when your building project isn't moving on schedule so you can speed up the process and complete on time!
Well, I cannot therefore over emphasize the Importance of having a Budget and/or Building Plan in place before you actually commence your building project/s.
You must make it a point to budget or plan both the time and money it will take you to build or construct your dream real estate investment venture. Budgeting in advance in terms of the monies and time it will take you, ensures that you'll work within your financial perimeters and NOT beyond. It also ensures that you complete your building project/s within the planned and stipulated time frame.
It will also further provide you with that sense of urgency when your building project isn't moving on schedule so you can speed up the process and complete on time!
WAY # 2: HAVING AN OPEN DOOR POLICY WHEN IT COMES TO YOUR FINANCES INSTEAD OF A CLOSED ONE
Learn to practice "The Need To Know" Principle!
See, dear blog reader and real estate investor, ONLY divulge certain critical information to people who deserve to know that particular kind of piece of information.
When you apply this principle, you protect yourself from unscrupulous people whether relatives or otherwise who might end up scheming ways and plans on how to lay their hands on your hard earned money thereby increasing your building and spending costs unnecessarily!
So, learn to be stingy and secretive with this kind of sensitive information. Only disclose it to people who deserve to know and not the other way round. You'll be shocked to learn how people become highly creative when it comes to scheming on how to swindle others of their own hard earned money once they know how much money you have.
Therefore, make it hard and difficult for other not so important people to know this kind of information. Keep them in suspense and let them keep guessing as to whether you have enough money to work with or not. This ensures that you work within your financial perimeters and NOT the other way round!
See, dear blog reader and real estate investor, ONLY divulge certain critical information to people who deserve to know that particular kind of piece of information.
When you apply this principle, you protect yourself from unscrupulous people whether relatives or otherwise who might end up scheming ways and plans on how to lay their hands on your hard earned money thereby increasing your building and spending costs unnecessarily!
So, learn to be stingy and secretive with this kind of sensitive information. Only disclose it to people who deserve to know and not the other way round. You'll be shocked to learn how people become highly creative when it comes to scheming on how to swindle others of their own hard earned money once they know how much money you have.
Therefore, make it hard and difficult for other not so important people to know this kind of information. Keep them in suspense and let them keep guessing as to whether you have enough money to work with or not. This ensures that you work within your financial perimeters and NOT the other way round!
WAY # 3: NOT PUTTING IN PLACE AIRTIGHT CONTROL MECHANISMS IN ADVANCE BEFORE COMMENCEMENT OF YOUR BUILDING PROJECT/S
To reduce on unplanned for expenditures and other unwanted costs, make sure you brainstorm and think in advance of creative and airtight ways and means of preventing, thwarting, detecting and immediately and quickly prosecuting those that are likely to cause and increase your building costs unnecessarily. By acting this way swiftly, you prevent and send a strong message out there that you're a serious person who is not going to just sit around and watch people contribute to your increasing building costs!
WAY # 4: UNKNOWINGLY AND INNOCENTLY ENGAGING, EMPLOYING AND/OR CONTRACTING CROOKED PERSONNEL OR COMPANIES
Their is simply no excuse for committing such a grave and serious blunder when it comes to choosing and selecting building and/or construction personnel or companies whether relatives or otherwise in helping you achieve your real estate investment building plans and goals! You just better get and solve this piece of the puzzle properly right from the onset. Otherwise, it'll end up being a major contributor in terms of increased building costs if you don't get it right from the start. If you're not sure who to contract and trust in terms of your building needs, then simply ask people who've been there before and ask for their preferred recommendations.
WAY # 5: NOT MAKING REGULAR AND/OR HIGHLY UNPREDICTABLE UNANNOUNCED SPOT CHECKS ON THE PROGRESS OF YOUR BUILDING PROJECT/S
This, if not religiously and strictly corrected, can contribute to your building costs greatly.
So, ensure that you incorporate regular and highly unpredictable unannounced spot checks to check on the progress of your building project/s!
If you happen to have no time at all or have less time for it, then employ what is know as "Creative Property Management" to help monitor the progress of your building projects on your behalf!
So, ensure that you incorporate regular and highly unpredictable unannounced spot checks to check on the progress of your building project/s!
If you happen to have no time at all or have less time for it, then employ what is know as "Creative Property Management" to help monitor the progress of your building projects on your behalf!
WAY # 6: NOT GIVING OR AWARDING PROPER AND COMMENSURATE INCENTIVES OR REWARDS TO CONTRACTED PERSONNEL AND ALWAYS LOOKING FOR WAYS OF REDUCING COSTS RATHER THAN ENHANCING PROFESSIONAL WORKMANSHIP
"If you pay peanuts, you get monkeys", is a popular saying by the wise people of old times!
So, never be extremely stingy with your monies when it comes to paying your handymen and other building or construction professionals. Pay them well for jobs well-done! This can entice them to ensure that they do proper and professional work on your current and future building projects!!!
WAY # 7: NOT HAVING INTELLIGENCE OR SECRETIVE SOURCES OF INFORMATION IN PLACE TO REPORT DUBIOUS AND CRIMINAL ACTIVITIES TO YOU AS AND WHEN THEY OCCUR SO YOU CAN ACT FAST AND SWIFTLY TO STOP AND PREVENT LOSS OF BUILDING MATERIALS AND MONEY
If you DO NOT have intelligence or secretive sources of information in place to help you receive reports of dubious and/or criminal activities taking place on your building project premises, then lack of having this strategy in place can equally contribute to increased building costs on your part.
So, devise some covert ways and secretive strategies of getting information about such activities so you may act swiftly immediately such unlawful activities show their ugly heads and faces!
So, dear blog reader, hope this has been an eye opener on how to help you keep your building costs low instead of high!
What about you? What do you think could be other ways that people may be increasing their building costs unknowingly? How can those other ways be minimized to a bare minimum?
Drop your comments and/or contributions below.
Therefore, until next time, go well in your own real estate investment efforts.
NOTE: Looking to Buy, Sell, Rent or simply Rent-Out the property of your dreams to your ideal clients? Then click on the highlighted words right in this very sentence for details.
So, devise some covert ways and secretive strategies of getting information about such activities so you may act swiftly immediately such unlawful activities show their ugly heads and faces!
So, dear blog reader, hope this has been an eye opener on how to help you keep your building costs low instead of high!
What about you? What do you think could be other ways that people may be increasing their building costs unknowingly? How can those other ways be minimized to a bare minimum?
Drop your comments and/or contributions below.
Therefore, until next time, go well in your own real estate investment efforts.
NOTE: Looking to Buy, Sell, Rent or simply Rent-Out the property of your dreams to your ideal clients? Then click on the highlighted words right in this very sentence for details.
