Flipping a house can be a great way to make some serious cash. Those with a vision can see a diamond in the rough when they look at an old tear-down and know that with a little love, care, and elbow grease, it can be someone’s dream home. However, before you dive into the flipping business, it’s important that you keep a few things in mind. After all, as lucrative as flipping houses can be, there are risks. While that’s true of any investment opportunity, it’s good to keep in mind the particular risks and expenses that you face when you choose to get into house flipping. Here’s our list of the most important expenses to keep in mind the next time you plan out your renovation budget.

There are plenty of other expenses that you may encounter along your house flipping journey, but the items on this list will be the lion’s share. Keep them in mind for a fiscally responsible renovation, and have fun flipping!