Project Risks
Risk
|
Description
|
Cause
|
Solution
|
Market declines
|
Housing market declines
|
Drastic change economy
|
Sell house
|
No financing
|
Unable to secure financing to complete project
|
Poor credit, personal emergency, job loss
|
Pay out of pocket, request disbursements
|
Actual cost exceeds PV
|
Renovations cost more then home value after completion
|
Downturn in economy, decline in population
|
To avoid this, keeps a close watch on budget during renovation
|
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