Buying your first home can be an extremely stressful event. With all of the paperwork and logistics to sort out, it's understandable that many people make very basic mistakes that can hinder their ability to seal the deal and ruin their chances of securing their dream home. As such, here are three common mistakes you must avoid when buying your first property:

Forgetting to Have the Property Inspected

When shopping around for your first home, it can oftentimes be easy to become so bowled over by the pictures and your excitement that you forget to have the property inspected. However, this is a cardinal sin when buying a home, as nearly all properties will have their own quirks. What looks like the perfect home to a newlywed couple may look like a disaster waiting to happen to the trained eye. Therefore, it is absolutely essential that you have the property inspected prior to putting in an offer.

Of course, you should have the exterior and interior inspected by a qualified property inspector. However, you should go even further than just a simple once-over of the building. Hire a plumber to come in and inspect the plumbing. Hire an electrician to make sure all of your wiring is in safe and good condition. If you're worried about dampness, have a mold inspector take a look in the attic to make sure there aren't any dangerous condensation points. While it may cost a bit extra to inspect every aspect of the home, it can save you money (and headaches) further down the line.

Applying for New Credit Before Applying for a Mortgage

If you've never really had credit before, it's understandable that you don't understand the intricacies of taking on new credit. You may be inclined to sign for a new credit card in order to furnish your home or apply for a small loan to cover anticipated repairs. However, you should wait until your mortgage application has been settled before you even consider chasing new lines of credit.

The reason for this is that the financial markets have made it quite difficult to have a mortgage application approved. Lenders are holding their purse strings tighter than ever before, so you want to make sure your credit report has no blemishes before applying for a mortgage. If your chosen lender notices that you have recently taken on a few new sources of credit, they will be more apprehensive about offering you a mortgage.

Therefore, refrain from applying for new credit during the three-to-six months leading up to your application. This will show lenders that you aren't chasing different lines of credit and will help assure them you are a responsible person who has control over frivolous spending.

Not Accounting for Hidden Costs

Due to the large investment necessary to buy a home, many budding homeowners make the mistake of assuming that this is the only cost they will incur. As such, they plan their budget and available credit around ensuring they can afford the monthly mortgage fees without accounting for all of the additional expenditure that comes on top of the home itself.

Therefore, you must have an idea regarding these hidden costs in order to properly plan your budget. On top of things like property taxes and insurance, you have to factor in utility bills such as heating and electricity. Remember – the larger the property you buy, the higher these bills will be. Failing to properly account for these can leave you seriously cash-strapped by the end of the month. And despite how much you may be in love with a particular property, it isn't worth spending 100% of your monthly income on.

For more help with your home purchase, you may want to work with an experienced real estate attorney.