[Ed. I wonder if some people disagree with #10, considering some are
waiting for prices to go down, yeah right, before actually buying one.]

10 biggest home-buying mistakes

By Pat Curry • Bankrate.com


David Weekley, CEO of Houston-based David Weekley Homes, is one of the
country's largest home builders and also the author of a new book, How to
Buy a Home Without Getting Hammered.



Based on 25 years of home-building experience for 30,000 people, Weekley
offers these 10 biggest mistakes in home buying:

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.

Continued below


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.


Ready to find a mortgage? Check rates in your area.


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.

-- Posted: March 15, 2004

http://www.bankrate.com/brm/news/rea...0-mistakes.asp

--
"Expect nothing. Live frugally on surprise." -- Alice Walker