Five Home Buying Mistakes To Avoid

1. Not being Pre-approved for a Mortgage before you go Home Shopping.

2. Not having a Price Ceiling for the type of Home that you can afford. Before you go home hunting, analyze your assets, debts and credit report. Clear any problems on your credit rating before you apply for a mortgage.

3. Failing to consider all of the Financial aspects of Buying a Home. In addition to the mortgage, the buyer should expect to pay legal fees, home inspection fees, applicable assessments i.e. water, septic fees, taxes, insurance, moving and decorating expenses.

4. Not having a property Inspected by a Qualified Professional. A thorough inspection will alert buyers to unexpected structural problems or faulty systems.

5. Not requesting a Mortgage Financing Contingency Clause and Professional Inspection Contingency Clause in the offer to purchase. A Mortgage Financing Contingency clause will save you a lot of trouble if the home does not appraise for the offered price. You can cancel the offer, renegotiate the price or get back your deposit. An inspection clause ensures your protection if the inspection reveals hidden flaws or structural damage. The clause will allow you to renegotiate or back out of the deal.