Buying a home represents the most significant financial decision most people will ever make during their lifetime. From a person's first home to their last, there are definite things to avoid and steps that you can take to make your home purchase stress-free.

One of the first mistakes people make is not getting pre-approved or pre-qualified by a bank or lending institution. Sellers and their agents are often skeptical of a prospective buyer's ability to obtain a mortgage loan when the buyer has not been pre-qualified. When choosing between two comparable offers, or when contemplating countering a buyer's offer, a seller will always look more favorably upon the pre-qualified buyer.

Employing the services of a professional realtor like Brian or Myles McCullough makes great sense, since navigating through the home purchase process is both complex and fraught with financial dangers. Your agent will be inclined to do a "comparative market analysis", which will establish property values and selling prices of homes in the area of your targeted purchase.

Take your time! It happens all too frequently that people rush into signing a contract to purchase a particular home and then for any number of reasons, regret their hasty decision. Remember, if you enter into a contract to buy a home, your chances of rescinding that contract are very slim. It doesn't help that you've found another home you prefer, when you're under contract to make a purchase you're expected to follow through and buy it.

In addition to finding a home they like better than the one they've contracted to buy, another reason people try to cancel a contract is that they realize too late that they've over-purchased. Being "house poor" is the pits. Putting the bulk of your earnings into your mortgage payment obviously detracts from your quality of life.

Some people have specific requirements for their dream home and unfortunately sometimes wait too long for that home to present itself. While waiting, people pass up excellent homes that are good bargains and would fulfill a majority of their demands. Also, in many cases, market prices continue to rise.

The potential buyer should be aware that there are many types of mortgages being offered by lenders; therefore, they should explore all of their options before "locking in." Whether it be a variable rate mortgage or a 5 year fixed rate, all  other options should be explored as well before deciding one mortgage option is best for your needs.

Failing to require a comprehensive home inspection, or relying on the knowledge of a friend, is a common mistake buyers make. The relatively minor expense of the full inspection is definitely cost-effective. The inspection should include a review of electrical system, condition of the roof, plumbing, heating and air conditioning, septic system, water quality, etc. etc. etc. This is a very important process that can save untold heartache in the future.

When selecting a home, don't forget that your quality of life in that home extends into the surrounding community. Your new home can be a showplace, but if it's surrounded by run down properties or backing onto a busy highway, you may not be happy.

Sometimes it's hard to look into the future, but when buying a home it's good to think about resale value. Not that this should be the final consideration, but when touring your prospective new home you should look for things that would be a deterrent to another buyer.

Finally, before signing the contract you should be aware of any restrictions imposed by the City, strata complex, or registered against the title. Such restrictions can include: fencing guidelines, parking restrictions (no RV's in the driveway), no boats in the yard, landscaping requirements, and even certain occupancy restrictions. Blindly buying into a heavily restricted community is a very common mistake.

The ten common buying errors mentioned here are just a few of the things to avoid when buying a property. Buying a home should be done systematically and carefully. As always, if you ever have any questions or concerns about your real estate purchase, Brian & Myles will be there for you throughout the entire buying process.