10 Biggest Home Buying Mistakes

1) Not doing your homework
With all the information available online the internet today, here is no excuse for entering the real estate market as an unprepared home buyer.
 
2) Trying to make a shrewd investment
People need to buy based on what fits their family. Don't try to guess what will happen to the market.
 
3) Choosing a poor home location
Even within a neighborhood, home location matters. Is it on the busiest street? Is there a shopping center out the back window?
 
4) Overlooking an inferior floor plan for an attractive exterior
It may have gorgeous curb appeal, but you don't live on the lawn. No matter how attractive the exterior, you need a livable home.
 
5) Overlooking how the house will function for your family
How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office? The house needs to fit your family.
 
6) Not having the home inspected in a resale
This is not the time for surprises.
Get an inspection from a qualified, respected professional inspector.
 
7) Not checking out the builder's reputation on a new home
Talk to three or four people who live in the builder's homes and see what they have to say. If one builder did all the houses in a neighborhood, talk to the residents and get their input. (It's also a great way to see what the neighbors are like.)
 
8) Not getting what you want because you're impatient
This is a big decision. You need time. Impatient decisions can lead to mistakes.
 
9) Timing a better market for interest rates
Warren Buffett says the rear view mirror is always clearer than the windshield.
 
10) Not buying at all
If you can afford a home and you don't make that purchase, you may lose the benefit of tax deductions, building home equity and the appreciation in value. Many home buyers have the income and credit stability to qualify for a home mortgage; however, they may not have the necessary funds for the down payment and/or closing costs.
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