What should I check for exclusions in an investment projection?

Read beyond the headline result

Ask for the assumptions and a full list of included and excluded items. Projections may show rental receipts without deducting platform charges, management, cleaning, repairs, replacement furnishings, utilities, insurance or periods when the property cannot be let. Check whether the figures are gross or net and how any currency conversion is handled.

Look for one-off and irregular costs as well as recurring costs: initial furnishing, maintenance, professional advice, compliance work and major repairs may not occur every year. Ask whether the projection includes owner stays, cancellations, seasonal closures, delayed readiness or time needed to find a manager. Establish whether financing costs, transaction expenses and tax are included, excluded or separately modelled. Do not assume an omission means a cost will not apply.

Create an exclusions register with the item, why it is absent, likely timing, evidence needed and who should verify it. Request a revised projection or model exclusions separately instead of silently adding unsupported estimates. An accountant can advise on tax and accounting treatment; a qualified financial adviser can assess affordability and sensitivity. A Greek lawyer and property professionals should address legal obligations and physical condition. Keep the original and each revision so the basis of your decision remains clear.