9. Not factoring in the costs of getting in and out of a property
Buying and selling property has significant costs attached. The inexperienced can sometimes forget that and find that all their planned profits have been eaten up in stamp duty and agents’ fees. You need to allow roughly 5% of the property’s purchase price for buying costs. When you sell, most agents charge a commission that is about 2% of the value of the property, as well as marketing costs.