The process of buying a property can be very daunting sometimes. It is a process that can cost the buyer a lot of money if he or she is not careful. Purchasing a property is one of the great investments that you can make. For you to be successful, there are certain pitfalls that need to be avoided at all costs. This article has compiled a list of those mistakes that you need to avoid.

Failure to consider the factors that will affect its resale value

The resale value of a property is affected by many factors. It is imperative to consider these factors when buying a home. Some of them are apparent while others are unforeseen, and they should always be considered. Its location is one of the important factors that determined its value. You are advised to avoid buying a property next to the hydro lines, gas stations or next to subway stations. Its value is also affected by the neighbouring homes.

If you own the most expensive property in a certain street, then its appreciation potential will be limited. This problem might even become worse if you are planning to model it in future. You should, therefore, avoid falling in love with such a property. If it is a condo, its value might greatly be affected by the future developments in that area especially those which may obstruct its view.

Purchasing a home on short-term basis

These are some clients especially the first time buyers who prefer living in a home for about 5 -6 years. Their financial situations limit most of them. Some situations might change around this time. For instance, you might need more space. Moving to a new house is a bit costlier in the modern days. You will be required to pay a commission, and land transfer tax when buying a new property. Together with the cost of furnishings, this might cost you about $ 50,000. Buying a house on a long-term basis will help you in saving a significant amount of money in the long run.

Being too picky

Most of the first time buyers are confronted with many items on their wish lists. Those who have unlimited funds are forced to compromise on various items. Some of these compromises include making extra repairs on your own, foregoing the extra bathroom and accepting an outdated decor. You should avoid being too picky as this might cost you a great amount of money.