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Is Hiring a Professional Editor Really Worth It for New Authors?

I’ve been thinking about hiring a professional editor for my manuscript, but I’m not sure if it’s truly necessary. Some say a professional editor can transform a book, while others believe self-editing and peer feedback are enough. For those who’ve worked with an editor, did it genuinely improve your writing and help your book succeed? Or do you think it’s an expensive step that authors can skip with the right tools and effort?