If you’re like most people, buying a home is the single largest investment you’ll make in your life. Because of this, you’ll want to get it right the first time – and hopefully avoid mistakes that could cost you heavily down the road. Read through the list of 4 mistakes to avoid find out exactly what you should and should not do when moving forward to buy a home.

Mistake #1:  Not seeking help

Too many individuals try to shop for homes on their own and end up getting hurt financially or cheated out of a good deal. If you’re not an expert on home purchasing and real estate, don’t go it alone. Seek out a licensed local Realtor for assistance in locating the best deal for you. Make sure you find someone who is willing to go through the whole process with you, right down to accompanying you to the closing.

If you’re bent on not seeking the assistance of a real estate agent because you’re hesitant to pay that person’s commission, at least seek out the advice of other real estate professionals. Your local newspaper may have someone who answers questions regarding home purchases or you may be able to consult with a real estate attorney.

Mistake #2:  Not getting pre-approved

It makes little sense to begin home shopping unless you’ve already been pre-approved by a lender. Not only will pre-approval help you understand just how much money you can commit to spending on a house, it will also save you crucial time if you find a property that is in high demand. For example, you could find the house that is perfect for your needs, but you won’t be able to make a serious offer until you have a pre-approved loan. In the meantime, another buyer who already has financing in place could swoop in and take the house that you thought should be yours.

Though it depends on your circumstances, pre-approval usually takes around a week to complete. You’ll have to assemble a variety of documents for your mortgage officer, from pay stubs to loan statements, which could be difficult if you don’t have such documents readily accessible. The mortgage officer must then go through your paperwork and examine your credit report to get you qualified for a loan. If you have a complicated financial past, this process could take as long as a month.

Mistake #3:  Not understanding the sum of your financial commitment

Make sure you’re aware of how much a house will cost you beyond the original purchase price. You need to factor in such things as utilities, home owner’s insurance, and sometimes even mortgage insurance. Consider the cost of any repairs you’ll have to make once you purchase the home, and be sure to factor in real estate taxes and any tax reassessment that might increase your taxes from the amount paid by the previous owners.

Mistake #4:  Not having a home inspection

Some new home owners choose not to have a home inspection because they’re wary of the additional cost (usually $200-$400). The home inspection is an important way to make sure the house is sound in build and quality. A qualified home inspector will be able to find potential flaws that could cost you significant amounts of money down the road. By having a home inspection before your ownership papers are signed, you have the freedom to work with the sellers to repair any potential damages or to simply forego the purchase of the house.