Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
Property Investment Mistakes: Overcapitalizing on your renovation project
One of the biggest mistakes I see investors make is overcapitalizing when renovating properties, both trading and within their buy-and-hold portfolio.
And yes, I am guilty of falling into this trap over the years as well.
It is funny because everyone is so objective when it is not their property, however, the minute they have ‘skin in the game’ the emotional attachment seems to set in. Suddenly, the matter-of-fact demeanour of sticking to the budget can morph into a splurge here and a splurge there when it is their own property.
It is not so much the extra $20 for a light shade that matters, but when you add up 10 of those throughout...