What are the “total costs” inherent in any real estate project?
There are basically three main categories; acquisition costs, hard costs, and soft costs.
Acquisition costs would be the purchase of a piece of land or an existing building, hard costs include the physical costs of construction or renovation, and soft costs are costs like design services, architectural, permits, appraisals etc.
All of these costs are included in each investment project on Small Change.
In this video, produced by Adam Gower of Gower Crowd, he explains all the different cost types.