Mistake 1: Not doing your homework. Knowledge is power. The Internet provides an unlimited amount of information right at your fingertips. Do your research and enter the market prepared. This extends to choosing your mortgage. Many home buyers allow the estate agent and/or a bond originator (who get a handsome commission from the bank) to choose a home loan provider for them. Why? Shop around and go direct to the provider you feel most at home with.

Mistake 2: Choosing a bad location. Even if you choose a good neighborhood, a poor location could be a problem. For instance, think twice if it’s right next to a busy street. It’s not for nothing “Location, location, location” is the mantra of everyone giving advice about home buying. While you may think you’re getting a lot more house in a less sought-after location, its value is unlikely to increase quickly as those in better areas.

Mistake 3: Overlooking a poor floor plan for a good looking exterior. It may look impressive from the street, but if the inside of the house is impractical you won’t enjoy living in it. And the likelihood is you’ll soon be spending a lot of money to alter it.

Mistake 4: Not keeping your family’s needs in mind. What lifestyle is your family accustomed to? If you never use a formal dining room and separate sitting room, then maybe you would be happier in a house with a cozy eat-in kitchen and open plan living room area. Decide what would best suit your family’s needs.

Mistake 5: Trying to make a clever investment. Once again, make sure you choose a house that fits your needs. Don't try to pre-empt what will happen in the property market.

Mistake 6: Not having a thorough inspection done. You want to make sure there are no nasty surprises climbing out of the woodwork. Get an inspection from a qualified, respected professional before you sign.

Mistake 7: Not checking the builder's reputation on a new home. Talk to at least three people who live in homes constructed by your chosen builder and see if they have any complaints or issues.

Mistake 8: Settling for second best because you're impatient. Buying a house is a big decision. Take your time and make sure you don't regret a hasty decision in the future.

Mistake 9: Waiting for a better market and interest rates. There will always be a reason NOT to do it. But the pros of buying your own property far outweigh the cons, so stop procrastinating and get your foot in the property market.

Mistake 10: Not buying at all. If you can afford a property and you don't make that purchase, you won’t be able to start building home equity and reap the benefits when that property’s value increases.

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