Buying a house covers a lot of ground--including legal, financial and emotional considerations. To not educate yourself and learn from the mistakes of others only sets you up to be at best disappointed and at worst finding yourself living in the wrong house. I have listed some of the most prevalent--and potentially dangerous and expensive--mistakes made by first time home buyers. 

Running before walking

This is easy to do once the decision to buy a home has been made. It means rushing off looking at homes, surfing the web or calling on advertisements before doing some up-front preparation. Not spending time doing this preparation, can be a disaster. I get a number of emails from buyers who have contracted to purchase a home and want to know the easiest way of getting out of the purchase. Let it be known loud and clear:

If you contract to purchase a home and "change your mind," the chances of getting released from the contract are almost non-existent. Still we hear "We found another home!" Sorry, too late. Maybe next time. "We are buying too much house!" Okay, maybe you will be able to rent out a room or two. " It's not what we want!" Maybe you can paint the house, or add on to it or replace the carpeting, but you will almost certainly be living in it!

 Over-buying the first time

Being "house poor" is a very uncomfortable existence. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of your earnings goes to the support of your house wears thin very quickly and is a frequent cause of family stress. Pushing yourself right up to--or beyond--your limits leaves you highly exposed when an emergency arises. Leave yourself some breathing room! 

 Not comparing mortgages

There are far too many variables--type of mortgage, term, lender and amount of points to mention a few--not to investigate all of your options. Don't simply accept the first plan presented to you, whether it is from a mortgage broker, an Agent or on the recommendation of a friend or relative. Spend time comparing to get the most advantageous plan for your requirements and financial situation.

 Not getting mortgage preapproval

In the past it may have been different, but in the year 2006, prequalification and preapprovals are a necessary part of the home buying process. Not only will it give you an exact price range for your purchase, preapproval will add a great deal of strength and credibility to your offer.

 Waiting for the "perfect" home

Many first time buyers make the mistake that they will, if they look around long enough, find a home that has a full 100% of their needs and wants. With the thousands of variables available in housing, including location, style, size, amenities and condition, this is almost always an unrealistic goal. There are two potential problems with this strategy. First, these buyers pass by homes that meet 90% or more of their requirements only to eventually give up (often purchasing homes with less of their requirements because they are worn out!) and second, while they are waiting for the "perfect" home, housing market prices (and often mortgage rates) continue to rise, adding expense to their purchase. Instead, it makes sense to determine the most important of your needs and the most desired of your wants and selecting a home that meets the majority of them.

 Shortcutting the inspection process

This can involve skipping a whole house inspection completely, in order to save the relatively small amount of money involved, or it may involve using a friend or relative with limited experience to conduct the inspection. In either case, you run the risk of not exposing potentially expensive--or even hazardous--defects in the property. Protect yourself and invest the $200 to $500 for a professional inspection.