Clarence Brantley is an experienced real estate developer whose company, Weegoo Construction, specializes in fire and storm damage renovations. He has been involved in countless real estate development projects since start the company in the late 1970s.

As he has learned, there are many pitfalls to real estate development. A lot of investors are prepared to provide capital for real estate projects without fully understanding everything that is going to be involved, from the costs of the project to the length of time it takes to finish it, to doing everything necessary to get the highest possible return on their investment.

A common mistake made by investors is to not cost out the renovation accurately. Before ever getting involved in a project it’s important to know the full costs that are involved. It isn’t enough to have an approximate figure. Costs should be broken down in exacting detail. The more detailed the information about the project is, the more accurate your cost projections are going to be.

Another common mistake is not properly assessing the project’s financial feasibility. Investors need to take into account all of the costs there will encounter, including purchasing, holding, adding value, and selling. They should also factor in the resale that they can get after the renovations. A profitability analysis is a key component to knowing a project’s full profit potential.

It’s important to know the area where the project is situated. It’s a good idea to specialize in three geographical areas, at most. Renovators should become the master of one area and not try to be a jack of all trades when it comes to their area of operation. In that same vein, renovators should fully research the property they’re investing in.

Perhaps most important of all, you should have a clear plan to everything that the renovation project is going to involve. This information could help you to avoid cost overruns, or reaching an outcome that does not live up to your original expectations.

Clarence Brantley has developed numerous commercial and residential projects over the years. He has also been involved in the used car business and the hair salon business.

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