Not doing
your homework

Much
information is available on the Internet. There is no excuse for entering the
market unprepared.

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.

Choosing
a poor location

Even within a
neighborhood, location matters. Is it on the busiest street? Is there a shopping
center out the back window?

Choosing
a poor location

Even within a
neighborhood, location matters. Is it on the busiest street? Is there a shopping
center out the back window?

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.

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.

Not
having the home properly inspected in a resale

This is not
the time for surprises.

Get an inspection from a qualified, respected professional.

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.)

Not
getting what you want because you're impatient

This is a big
decision. You need time. Impatient decisions can lead to mistakes.

Waiting
for a better market and interest rates

Warren
Buffett says the rear view mirror is always clearer than the windshield.

Not
buying at all

If you can
afford a home and you don't make that purchase, you'll lose the benefit of tax
deductions, building home equity and the appreciation in value. Many homebuyers
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.