In my opinion, the first and perhaps most important similarity is the fact that you should adopt an “out-with-the-bad” mindset. For example, the electric wiring installation of the home I bought was severely outdated. If I wanted to save a buck, I could’ve simply left it as it was but in the mid to long-term, that decision would have come back to haunt me. Instead, since I was renovating everything anyway, I simply replaced the entire electric installation with a brand spanking new one. The same principle is valid when you’re let’s say building a new home on a plot of land on which there is currently an old property that isn’t exactly in great shape.
