We are all human and mistakes are bound to happen, however, it could cost you a lot of money and time if you make mistakes in critical situation such as purchasing a home. Whether you're buying a new home or a fixer-upper, it is very important that you do your homework well in advance to have piece of mind later. Every situation is different but here are some of the most common mistakes people make when buying a home.

Playing the waiting game : There is no "perfect time" to buy — except when you can. Don't wait indefinitely. There are several important factors other than the house's price to consider — namely the current interest rates, market trends, your needs and more. If you find something that you really like and it fits your needs, don't wait to see if something better shows up on the market. No matter how hard you try, there is going to be something better than your current deals in future. So don't stress yourself on missing out on a future deal.

Be a Smart Buyer : So you've found the house of your dreams. Great! But try to keep your jaw off the floor when viewing it. Going ga-ga over a home right in front of the sellers or their agent might cause them to consider holding out for a higher price. Play it cool. Also, don't rush your decision. Make sure home inspection results are satisfactory and you're comfortable with the items that need fixing. If seller doesn't want to fix something you requested, make sure it is well documented and you get allowance for it. Also, pay close attention to the neighborhood. If you see too many "for sale" signs, investigate and try to find out the reason why so many houses are on the market. There might be some hidden issues that seller would not like to tell you. It is your money and you're going to live there so make sure you have the right information.

Get Pre-approved for Mortgage Loan : This is one of the most important factor in deciding whether you get your dream house in the time you want or you miss out. Remember, in most cases, people need loans to provide funds for the purchase of home. A seller might be more willing to negotiate if he/she knows up front that you will have no problem getting the loan and can pay quickly. You should also use pre-approved mortgage as a tool to help you negotiate a better price. Sometimes so many buyers compete for the same house and paying fast and quick could make all the difference. It is a very frustrating experience to be turned down for the mortgage loan after you're found your dream home.

Buying the Wrong Size : Families grow. Even if you're single this year, this may not be the case within a year or two. consider something slightly - but not extravagantly - larger than your current needs. For example, if you have a child, don't go out and buy a two bedroom house because it can meet your needs at this point. what will you do if you have more children or frequent guest/visitors? Remember, an extra bedroom not only help you accommodate your expanding needs but also make your house more attractive to buyers in future. Also make sure that you have adequate parking and yard area in your new home. If you don't find a attached garage, see if there is enough space available on the property to build one. You can definitely expand but can't shrink a home. So don't buy something that is well beyond your current or near future needs. What is the point of purchasing a five-bedroom house for a family of three? Not much. Unless, you have excessive cash and can afford to spend it without any concerns.

Not Getting in Writing : We've all heard this again and again, so why ignore it? If the seller promises to replace the home's aging shingles, get it on paper — signed! Sometime we tend to trust people or just try to be nice and not demand things like written agreement. This could cause you a lot of headache and legal proceedings with the seller. Why not get it done right first time. Remember, saying no politely is an art and if you can't do it, find someone who would do it for you. If you don't feel comfortable dealing with the seller on these issues or asking for every small detail in writing, ask your agent or designate someone from your side to deal with these items.

Get a Real Estate Agent : Too many buyers ignore the importance of a buyer's agent in a transaction like purchasing a home. Remember, most people don't buy home everyday, so there are going to be mistakes but you can reduce the risk or even eliminate these issues with the help of a knowledgeable real estate agent. A real estate agent is a great idea even if you're dealing with a seller who doesn't have an agent. Remember, if you're a buyer, having a real estate agent doesn't cost you a dime. their commission comes from the seller. Sometimes, seller agent would try to become a common negotiating party to both seller and buyer. But you don't want to get in a situation like this since there is a clear conflict of interest because of the relationship agent already has with seller. Always, make sure you have your own agent if you're in a market to buy a home. An agent could same you lot of grief later as they are trained professional who could find issues that you would not even think of.

Do not Pay PMI : If you're not putting down 20% of the purchase price as down payment, mortgage company requires that you pay for the mortgage insurance that is generally known as private mortgage insurance(PMI). Remember, PMI is not tax deductible and could cost of a lot of money in long run. You can borrow up to 100% without paying mortgage insurance by obtaining both a first and second loan instead of a single loan, home buyers can borrow up to 100% of their home's value and avoid paying private mortgage insurance (PMI).

Excessively low offer : All of us love bargains. But if the sellers' market is doing well and you're offering 10% below the asking price, don't be surprised if you lose the home. Do your home work and find out what nearby houses are going for and bid accordingly. This is also an area where having an agent could work really well. Your agent should be able to get you the recent sale prices in the area as well as help you writing a good and competitive offer. You should also be ready to negotiate in case seller comes back for negotiations. Remember, if you offer $290,000 for a $300,000 home, there is definitely possibility of a seller coming back to negotiation table. But if your offer is $270,000, there is not much chance to get that home.