Not doing your homework: Knowledge is power. Tremendous 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?
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 only needs to fit one family -- yours.
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 your neighbors would be 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.
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