(ThyBlackMan.com) Owning a home of your own is sure to be a dream come true. However, the cost to do so can be pricey. Studies indicate the average mortgage payment as of 2012 is $950 per month. You will need to take the time to prepare way in advance if you want to be a homeowner in the future. The key to making your dream become a reality may rest in avoiding some financial mistakes that frequently may happen to others. Knowing what some of these home purchasing errors are may prevent you from making them yourself, and enable you to get into the home you deserve sooner rather than later.
Buying too much home
It’s easy to see a spacious and beautiful home and fall in love with it immediately. However, getting too much square footage and 
obtaining a loan that is more than you can pay back is a huge mistake.
You will want to create a home buying budget instead, and work to stick to it to prevent this from happening to you. Be sure to stick to homes that are more in your price range currently and put off buying a larger home for a later time in life.
Forgetting other costs
It’s a fact that the cost of living can be high. The key to being able to make it through each month with less stress may depend on the total amount of your monthly bills.
Failing to consider these in addition to your monthly mortgage can get you in financial trouble. Take the time to create a monthly budget by considering what each of the items below will cost:
1. Groceries – You will need to purchase a certain amount of food, and having a dollar amount in mind each month can help planning.
2. Insurance – Being able to have health, auto, and home insurance can keep you protected at all times, and is required by law.
3. Transportation – It’s imperative to be able to go where necessary, and this may require you to have a car or pay for public transportation to get you there.
4. Utilities – Having electricity and water is essential in life, and this cost should be included in your monthly expenses. It’s ideal to find the best electric company to help you save money and you can click here to do so.
5. Entertainment – You will want to set aside some money each money for fun things to do!
Be sure to consider all of your additional expense that don’t include your mortgage payment. This will give you a better idea of how much home you can afford to buy.
Avoiding a proper home inspection
It would be wonderful if you could trust ever home seller you meet. Unfortunately, this is simply not the case, and it’s up to you to ensure the home is in good condition.
The ideal way to ensure you’re making a home purchase that may stand the test of time is to secure a professional home inspector to review the property. This will allow for any potential problems to be detected before you make a strong commitment to buying the home.
You will want to have the peace of mind that accompanies getting this done and could be the key to avoiding a financial home buying nightmare in the process.
Not being financially aware
It’s up to you as the potential home buyer to know the current mortgage interest rates and how to secure the lowest one. Being aware if the home is listed at a good price and a host of other things necessary to keep you financially aware is the key to making your dream come true.
The benefits of avoiding numerous economic issues will include being able to purchase a home you can enjoy and afford. Being able to come home and relax after a long day at work is sure to be foremost on your mind. The key to being able to do so will rest in what you do before making this significant investment and doing the right things rather than the wrong ones!
Staff Writer; Jerry Dawkins
