15 OF THE WORST REAL ESTATE INVESTING MISTAKES A BEGINNER CAN MAKE

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11. THINKING YOU CAN GET AWAY WITH MAJOR REMODELING WITHOUT PERMITS

Juan Diaz, longtime real estate investor from Equity Track, emphasizes the importance of remodeling permits. Even though getting permit after permit for your remodeling project may seem excessive, operating without them is incredibly risky and could potentially throw a wrench in your entire investment if you’re caught. Say you didn’t obtain the proper permits; upon selling your property, buyers will likely inquire about permits for the basement remodel or the new kitchen layout. Not only will you have to answer honestly, but these buyers could go to your municipality and report you, forcing you to redo the project permitted before the house can be sold.

If your municipality catches wind that you have no permit while building, they will likely issue a stop-work order which is one of the quickest ways you can lose money. You’d then be required to follow every step to obtain the proper permits and pay any extra fees or penalties. Though you may think you can get away with doing unpermitted work, it’s simply safer to do the project properly the first time, every time.

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