Buying a home can be a hair-raising experience. Finding the right place, securing the loan and moving in are stressful. And, if you're like most of us, your home will be your largest investment you're likely to make, so the emotions over such a large and personal purchase can often cloud good judgment.

Research is vital

Many home buyers do very little research before diving in and investing their hard-earned money. I suggest you do your research. Inspecting roughly 100 properties will take you a couple of months however it will be time well invested. If you're short on time, a professional buyers' agent can search the marketplace for you.

Get your finance sorted

The fear of being rejected for a home loan is a big concern for many first time home buyers. You shouldn’t be looking without finance approval in writing so I strongly suggest you get pre-approved for a loan before looking at prospective properties. This will not only help you feel more confident, it will also give you an advantage when there are multiple interested parties for a specific home. The fact that your loan has already been approved is of great value to you when negotiating, as any offers you make you know you can back up with the funds required promptly.

Seven common, critical mistakes many home buyers make

• Do a pest and building inspection before you buy: go over the inspection report with the inspector and make sure the report was done by a professional organisation. Don't take anything for granted ... inspect everything!
• Imagine the property vacant: don't be swayed by beautiful furniture ... it leaves with the owner or the hire company.
• Condition of the home: buying a home in need of renovation is a great way to get into a market that you otherwise couldn't afford. But a home that needs major repairs can become a costly venture so ensure you have the reserve funds to fix it up or you could be living in a half-finished property for a while. Make sure the purchase price is seriously adjusted to reflect the repairs needed.
• Purchase at an affordable level: carefully consider your income level and living expenses. Take into account future considerations such as; getting married, having children, additions etc. Your dream home is certainly worth a sacrifice but don't mortgage your entire future for it. Budget for interest rates to be at a two percent higher level than they are now and see if you can still afford the repayments.
• Check out all your costs and expenses before you sign: taxes, insurance, maintenance, council and strata fees etc, if applicable. Make sure all the utilities are on (gas, electricity, and water) so you can inspect everything in working order.
• Do a pre-settlement inspection: visit the property on the day of settlement or after all the furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Many times, things are unintentionally overlooked or damaged by a removalist company that could have been spotted in a final walk-through and resolved prior to settlement.
• If it's not in writing, it doesn't exist: all promises and discussions are to be in writing. Don't make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Having an ongoing log (in writing) of all discussions can be a valuable and worthwhile exercise.

Following these tips and with the help of the right real estate professional, you'll make a good purchasing decision that you'll be proud of for years to come.