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Financial Considerations and Risks
While real estate can be highly profitable, it's essential to understand the financial commitments and risks involved. Initial costs may include down payments, closing costs, and renovation expenses. It's crucial to conduct thorough due diligence and have a clear financial plan. According to the U.S. Census Bureau, the median price of new homes sold in 2023 was approximately $436,8003. Understanding these figures helps in budgeting and setting realistic profit expectations. Additionally, market fluctuations and economic downturns can impact property values, so it's vital to diversify your investment portfolio to mitigate risks.