Thanks to great government incentives, like the first time home buyers tax credit, low property prices and historically low interest rates, first time home buyers are flocking to the real estate market.  Unfortunately for most they aren’t always getting the first home of their dreams or enjoying a buying experience that they will share with their children.

A recent story in U.S. News, from Kimberly Castro, highlights these 10 Rookie Mistakes of property virgins:

1.  Not checking your credit score.  Before you begin your house hunt, review your credit report. Make sure all the information is correct and dispute any mistakes before your lender checks your credit.
2.  Not getting pre-approved.  Find a couple of qualified lenders and get pre-approved; not just prequalified.
3.  Not planning a long-term budget.  You should create a budget before you start your home search and know much house you can afford. A rule of thumb is your mortgage payment should be no more than a third of your monthly household income, including mortgage principal, interest, taxes, and insurance.
4.  Missing the hidden costs.  These include closing costs, appraisal fees, escrow fees, homeowner's insurance fees, property taxes, and last the moving costs.
5.  No getting professional help.  Realtors have access to all the homes for sale and the time to sift through all the listings on the market. Having somebody that knows the contracts, has experience negotiating, and can walk you through the entire process will be an asset.
6.  Blindly choosing your professionals.  Making sure you are comfortable with your realtor and with your lender is especially important to a great first home buying experience. 
7.  Relying too much on your wish list.  Knowing what you are looking for is one thing, but to the point of not being flexible is another.  Remember if you want a custom home, you’ll have to have it built. 
8.  Holding down the excitement until after the home inspection.  Home inspections can make or break the deal.  Don’t get caught up in your interior design and color palettes until after the inspections. 
9.  Not checking out the neighborhood.  Don’t let this go by.  The house may be perfect, but the neighbors may be a nightmare, the school might be terrible or the street might be a teen drag racing zone.  Take the time to find out, before you decide. 
10. Not taking resale into account.  Make sure your property will appreciate over the years, not lose value. 

Make sure your first buying experience is an educated buying experience by not making these mistakes.  Buying a home is one of the largest investments you will make in your lifetime; make sure it is also a smart investment.