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Updated over 14 years ago,
Some less obvious costs to owning real estate
I suspect that most anyone that has been investing for awhile has run across properties that seemed okay on the surface only to discover hidden costs.
Sometimes these costs are much needed repairs not so easy to see. A failed septic, low water pressure, ect.
Sometimes it is the ability to use the land. I have come across properties that due to wetlands buffers are almost unusable. New regulations can make it very difficult to renovate or otherwise develop a property.
Sometimes you may discover that a property has or is near a sight with contaminated soil. I recently reviewed a property that had a brownfield cleanup next to it. This is not always something that is obvious, but it can be costly not knowing your exposure.
I wonder if some of you can share your experiences?