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Not shopping around -

When shopping for a mortgage, try to get as many options as possible. Interest rates and terms vary, and these can make all the difference.

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Not knowing your must-haves -

It's important to separate what we can't live without from what we'd like to have in our home. Sure, a pool would be great, but what's more important: that or an extra bedroom?

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Not saving enough money -

We get it, you want a home, and you want it now. But sometimes it's worth saving a bit more money. What's more, before buying, make sure you have enough money to cover the deposit and all expenses.

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Not having an emergency fund -

Many first-time home buyers spend all their savings in buying a property. Keeping a "rainy day fund" will make you feel safer if something unexpected happens.

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Buying at the wrong time -

While you can't predict market fluctuations, it's likely that you'll get a better deal if you buy when most people don't: in the fall and winter.

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Not knowing the area -

Many first-time buyers regret not taking the time to know the neighborhood in advance.

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Forgetting to include utility bills in the budget -

Home ownership comes with a few expenses, namely utility bills. These will be different from the ones in your previous home, depending on the provider, use, size of the property, etc.

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Not getting a mortgage pre-approved -

You should get this done before you start viewing properties. Competition is fierce, and if you want to make an offer, you should know exactly how much your mortgage will cover.

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Relying on appreciation -

Due to the volatility of the property market, appreciation is not always guaranteed. You might make some money if you sell it a few years down the line, but again, you might not.

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Not doing enough research -

From mortgages to costs and to the features you need in your new home, some first-time buyers regret not researching properly.

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Not sticking to the budget -

This is of utmost importance. Calculate all expenses before you close a deal, and make sure you can afford it.

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Not shopping around for contractors -

If you're buying an older property that needs some work, do your research. Ask friends and family for recommendations, and get as many quotes as possible.

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Not checking the fire alarms -

Do not rely on the previous owners and check if every single fire alarm is working.

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Not considering area developments -

Will a road be built in front of your new home? Perhaps new buildings? Whatever it might be, try to get as much information as possible with regards to any future developments and how they can affect your property.

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Not paying attention to old paint -

Old properties might have lead-based paint. Make sure you test this before buying.

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Not attending the final inspection -

It's important not to skip the final inspection, particularly if the property has people still living in it. This is a way to assess any last-minute damage to the property.

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Leaks -

Unfortunately, not all leaks are visible. Make sure your inspector looks at the walls, the roof, pipes, and other areas such as septic tanks.

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Not checking the wiring -

Electrical wiring can be a problem, particularly in older properties. Make sure they've been retrofitted to today's safety standards.

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Buying a home that's too small -

Size matters when it comes to where you live. While you might not need three spare bedrooms, err on the side of "bigger is better."

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Waiting for "the one" -

The perfect home might not exist. Even if it does, it might be out of budget, at least for now. This is a common mistake that leads to delays in getting into home ownership.

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Not considering the commute -

Some first-time buyers just realize their commute is too long after they start living in their new home. Make the journey to work beforehand and make sure it works for you.

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Not hiring a real estate agent -

The seller's real estate agent will act in the interest of their client, not yours. Having a professional on your side should help.

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Not changing the locks -

Even if you know and trust your new home's previous owners, you don't know who had or still has a spare key. Better safe than sorry.

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Not considering resale value -

You should factor this in when buying a property. Location, among other things, play a big role on whether the house will have a good resale value.

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Not keeping all paperwork -

Get all your paperwork together and organized. Include any repairs and maintenance done. This might also be beneficial if you decide to sell the property later on.

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Not getting a home warranty -

Getting a warranty that covers things such as appliances is always a good thing. You can negotiate this with the seller in some cases.

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Buyer's remorse -

The process of buying a house can be pretty stressful, so it's natural to feel buyer's remorse at some point. It's okay–it will all be worth it in the end!

See also: How to save money renovating your home

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