Things Home Buyers Should Avoid

Finally, you are ready to jump in the homeowner's bandwagon and are excited to start your home search. Your calendar is full with viewing appointments to keep you busy for the next couple of weekends. There is excitement in the air and you have started eyeing some furniture catalogs and websites. Life is good; however, there are a few don'ts to consider when looking to buy your first home.

1. Don't buy a home without a real estate buyer's agent on your side. This is true for first time home buyers that may not be knowledgeable of the many sides of negotiating and other essential information. 
2. Don't go house hunting without getting pre-approved for a mortgage first. If you don't know how much house you can afford, you may be wasting your time and your agent's time looking at homes that may be above your price range. 
3. Don't house hunt before you shop for the right mortgage. Shopping for the right mortgage product is as important as shopping for a home. In both cases, you are looking at a long-term commitment - of course, you can move or refinance later, but no one is thinking about those two options when house hunting. 
4. Don't forget to take a serious look at your finances before you shop for a mortgage and a house. You, and only you, know your true financial situation (not the same picture lenders look at). Make sure that you can afford that house, and the other expenses related to home ownership. 
5. Don't become house poor. See number 4. 
6. Don't buy the first home you see. It is common to get excited in a market that has a huge inventory of homes in your price range; however, keep looking a bit more and do not settle for the first home you think you like. Have something else in mind to compare with, widen your frame of reference. However, don't fall in the trap of "exhausting search" and "look forever" - you may miss the perfect home for you and your family. Instead, look at some homes in your price range, make some comparisons, look at your list of wants and must haves, and make a decision. 
7. Don't get stuck in a particular neighborhood. It sometimes happens that buyers have an ideal neighborhood in mind, which they may idealize depending on their own frame of reference and information they have heard. Instead, visit the area at different times, research it, and then research other comparable areas. If you cannot find a home you like in that area, you will have a similar area to expand your search. Weigh how much you love the area by asking yourself this question - "Would I buy the so-so home in my ideal area or my dream home in a similar area?" The answer to that question will give you an idea to the level of commitment to a particular area.