Buying properties is not exactly in the same league as buying clothes or mobile phones. Buying properties is a huge decision, and you need to consider both financial and legal factors that will make your purchase a success, or at least make the entire transaction as smooth as possible. It doesn’t matter if you’re buying a 3-bedroom house in a local suburb in NSW or a commercial office space in a quaint spot downtown. Buying properties should be done perfectly.

Sadly, this is not the case, as many people end up committing these 4 costly mistakes property buyers make.

There’s a tried and tested strategy for making money in the real estate industry. You buy property, you renovate it, and then you sell it at a higher price. But is this really something of a success story given by real estate agents who made it big, or is it no more than a myth?

Of course, when an agent tells you that he bought a property for $300,000, renovated it, and sold it for $450,000 12 months later, you’re more inclined to believe it and think that renovation is something that can be done to improve the value of your home.

There are some factors, or rather circumstances, that can make or break any property investment that follow the aforementioned model (buy, renovate, sell).