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The more you know the better prepared you will be to discuss construction financing. There are many terms that might be new to you, and helpful as you research your options.
Cost overruns can plague any construction project. This occurs so frequently that it is recommended you include a 5 – 10% contingency fund in your budget. This will be used for items that you will have no control over, such as problems found with the land once excavation has begun.
Cost overruns may be minimized by following these steps to prevent them: (more…)
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