Buying a home is often a very exciting time, as it represents a significant life achievement and financial success. However, new homebuyers can overlook some important considerations in all of the excitement, leading them to make potentially costly mistakes. The best way to avoid these mistakes is to be educated right from the beginning. If you are looking to buy a home, here are some common homebuyer mistakes to avoid:

1) being a bad budgeter

When buying a home — especially your first home — it may be tempting to go all out and get your dream house. You will start rationalizing more expensive properties to yourself because you fall in love with them, even if they are over your budget. Breaking your budget is a bad idea, and the best way to keep yourself from doing so is to get preapproved for a mortgage first. Find a comfortable price point in that pre-approval and play it safe. 

2) not paying attention to unforseen costs

One of the main reasons why you should always stay within your budget is that homeownership comes with many hidden costs which can really add up. You need to be aware of the property taxes, attorney fees, utility costs, insurance and maintenance costs that are going to come with your new home. 

3) inspection? who needs it

Home Inspectors are there for you -- to guide you and teach you about your purchase.  For the cost of an inspector, it is definitely worth the trouble that an unforseen issue can cost you.  A house may look like it is in great shape and worth every penny, but a professional inspector can tell you if you will be looking at needing to make major and costly repairs after your purchase. This information can help you back out of a bad deal in time, or, if you’re willing to make the repairs, negotiate the terms.  

4) resale?! i'm staying here forever

When in the processes of buying a new home, one of the last things you are probably going to consider is the home’s potential resale value. If you love the home and you plan to stay there forever, then why give any thought to selling it one day? The time may come when you will want or need to move on, so looking into the resale value may help you out in the future.

5) verbal agreements

When buying a new home, you should never rely solely on verbal agreements. It is in your best interest to get everything in writing before agreeing to the sale. Failing to get a seller to agree to your offer in writing can also open the door for another buyer to come in with a lower offer at the last minute and steal the property out from under you! Review the contract carefully with your real estate agent and make sure your 'wants' are spelled out from the get-go.