This stupid real estate mistake cost me $700,000 — here's how to avoid it.
After 20 years in real estate and $6 billion in sales, you learn a thing or two. But sometimes, even I get it wrong.Here's what happened.I bought a house for $3 million. It needed some renovations, so I launched the construction project. What happened next was unthinkable.It turns out that because I didn't pull the permits BEFORE buying the property, I didn't know the seller had illegally extended the house.
It took me a year to determine what to do. I was forced to restructure the house, which cost nearly $300,000. It took almost another year to complete the renovations. In the end, I was into this disaster for nearly $700,000 AND two years of my life. Such a drastic mistake is stressful. It's heart-wrenching. I have so much invested in the property that I'll need to live in it a while to recoup the losses. But, the market will appreciate -- real estate is always a good investment.ALWAYS do your due diligence when buying a house. Check the permits -- which is free to do. Be sure that what you're buying has been approved by the city.
Research the house, the neighborhood, the area. Look at the schools and hospitals that serve the area.
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