Common Home Buying Mistakes and How to Avoid Them

Is now the best time to buy a home? How much can you afford to spend on a house? Do you have enough for a down payment? Where do you want to live?

If you’re thinking about buying a home, it makes sense to get it right from the beginning. A home is one of the most significant purchases you’ll ever make, and mistakes can be costly.

The good news is, you can avoid the most common home-buying errors with a little knowledge and preparation. This will save you money — and a lot of stress too.

The most common home-buying mistakes and how to avoid them

Below we’ll cover the 13 most common slip-ups made when buying a home and give you suggestions on how to avoid them.

Mistake #1: Not understanding the mortgage process.

Homebuyers who don’t understand the mortgage application process can be in for a surprise. Lenders request precise information about buyers’ financial situations. And if buyers haven’t prepared their finances, they might feel overwhelmed.

Avoid this mistake by preparing your finances before talking to a lender. Here are some ways to get ready for the mortgage process:

• Save for a down payment.