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	Home-Buying Primer By Broderick Perkins, DeadlineNews.com         You know you are ready to buy a home when owning is cheaper than renting and a home purchase is a natural fit for your lifestyle and financial needs, goals and obligations. Instead of making the home-buying decision based on income alone, consider it in a more holistic context that includes your complete financial picture. Viewing home buying in a vacuum is a common misstep first-time home buyers should avoid. Other potential slip-ups include: Not knowing the market      In a buyer's market, buyers who feel a competitive edge are more likely to leap before they look. The glut of information on the Internet makes obtaining home buying and local market knowledge a relatively easy task. Real estate agents, brokers, lenders, title companies and other real estate professionals offer free seminars, workshops and classes. The vast library of real estate guidebooks can also give you an edge. A lack of knowledge about home buying and market conditions tends to perpetuate additional buying errors. Failing to get pre-approved      Get pre-approved - in writing - for what you can afford, not what the lender is willing to lend. A written pre-approval reveals that you are serious about buying and it helps prevent you from shopping for more than you can afford. Low-balling      Uneducated buyers tend to offer too little and ask for too many concessions, including asking the seller to pick up buyer's costs, to make extensive repairs, or to provide a home warranty. That could insult the seller, even in a buyer's market. In a seller's market, it will alienate a seller who has taken the time to price the home right and prepare it for market. Paying too much      Avoid multiple-offer bidding frenzies. Make the same price checks sellers make to price their homes right -- get comparables, track sale prices in your area, scan the local newspaper to check asking prices, visit open houses and use a knowledgeable real estate agent. Failing to buy low now to sell high later      Buy the least expensive house on the best block. Buy into the least expensive neighborhood in the best community. The cheapest home in a neighborhood, community or region in transition provides the greatest return on your investment in any market.      As you learn to avoid mistakes, you'll find it easier to put your emotions on hold long enough to reach your goal. That prevents buyer's remorse, an all-too-common malady suffered by ill-prepared buyers. Terms of Use | Privacy Policy ©2000-2005 TMP, Inc. - All Rights Reserved