Top Five Costly Home Buyer Mistakes

Aside from being a huge financial decision, buying a home is an emotional roller coaster. It's easy to make mistakes when you're swept up in the excitement of it all. There are many common buyer errors to be aware of - here are just a few to look out for:

1. Location, Location, Location - Determining the location that best suits your family's lifestyle is critical. Make sure you consider things like public transportation, schools, proximity to stores and crime rates. It's also important to plan ahead so if you hope to start a family in your new home, consider features like local parks and school zones even though they're not an immediate priority.
2. Choosing the Wrong Home - It's so easy to be taken in by a home's curb appeal but if it doesn't have that critical third bedroom, walk away! Buyers also get caught up in a home's beautiful furniture and decor only to realize on closing that when the stylish furniture's gone, only chipped and faded paint remains. You need to be aware of the features that fit your family's lifestyle before looking at homes, so make a list and stick to it.
3. Buying a Home that's Too Expensive - Buyers will often look at homes that are way out of their price range which they obviously fall in love with. Because they've overextended themselves, they're often forced to sell - usually at a loss. Avoid the temptation by ensuring you only view homes you know you're able to afford.
4. Not Getting a Home Inspection - Getting a home inspection is money well spent. Just because you've viewed the home for an hour doesn't mean all is well behind the scenes. Making an offer contingent on a home inspection ensures there aren't any nasty surprises lurking in the basement or attic that could end up costing you thousands of dollars.
5. Being Too Cautious - The house you've fallen in love with today could be sold tomorrow if you don't move quickly. Avoid this regret by doing your research ahead of time so you're confident enough to act swiftly when the time comes. Always get a mortgage pre-approval beforehand and take advantage of the services offered by your Realtor such as estimating the home's value by comparing it to others that have recently sold.

As buying a home is a very emotional experience, it's important to stay grounded so you don't make any errors that will cause you to second guess your purchase. To avoid these regrets at a later date, make sure you conduct your research ahead of time, know what features you're looking for in a home and be prepared to make a strong offer when the time's right.