Write down the scope
Separate necessary repairs from changes intended to improve resale or rental appeal. Ask contractors to identify assumptions and exclusions in a written estimate. Check the work that may require permits or specialist assessment before relying on a budget.
Include the cost of time
Financing, taxes, insurance, utilities, maintenance, and management can continue while work is under way. Model a reasonable schedule and a slower alternative. Delays can change a project even when the construction invoice stays the same.
Examine the exit numbers
For a resale, include selling expenses and consider more than one sale-price scenario. For a rental, allow for vacancy, repairs, ongoing maintenance, and management. Use verified comparable information rather than treating an advertised value or rent as a guaranteed result.
Recheck before signing
Update the analysis when an inspection, lender quote, or contractor estimate changes. Keep your own record of the assumptions behind the decision. Property information supplied by ORY Focus Investments is a starting point for your independent due diligence.
Discuss buying criteria ↗