Real Estate Trap Secrets Costing You Monthly

Strategies to Avoid Real Estate Traps

1. **Conduct Thorough Due Diligence**: Before purchasing a property, perform a detailed analysis of its condition and the local market. This includes hiring a professional inspector to identify potential issues that could lead to costly repairs.

2. **Budget for Unexpected Costs**: Set aside a contingency fund to cover unforeseen expenses. Financial advisors recommend allocating at least 10% of your property's value for unexpected repairs and maintenance².

3. **Monitor Property Taxes**: Keep an eye on local property tax trends and engage with a tax advisor to understand potential future liabilities. This proactive approach can help you plan better and avoid surprises.