We have a lot of experience with real estate in Orange County, and we've seen a lot of mistakes made. While we do everything we can to prevent them and ensure that these don't happen to you, knowing about these top 5 home buyer mistakes in advance will help you make smart decisions in the heat of the moment.

Skipping Mortgage Pre-Approval

This should be the first step all buyers make before they start their home hunt. Mortgage pre-approval is a fast, easy process that will let you know what your budget is and ensure you're looking for your dream home in the right places.

Buying the Wrong Home

Purchasing real estate is an exciting, emotional experience and people don't always think clearly in the moment. A good real estate agent will help keep you grounded and focused on your priorities, but buyers can still end up with property that doesn't suit their needs. Make a list of all the qualities you must have in your home and don't compromise too much. Consider home features, commuting distance, future renovations and any other aspects that are important to you. If the home isn't going to meet your needs for at least five years, move on.

Bidding Without Research

Bidding blind is one of the biggest mistakes buyers make. It's important to know what comparable homes have recently sold for, to ensure that your bid is competitive, but not too high. Some smart sellers will price their homes to drive up the final sale with competitive offers, while other sellers will simply ask for far too much. Knowing more information about the local market will ensure you don't get ripped off.

Not Hiring an Inspector

This happens less often today than it used to, yet buyers still skip this crucial step. Buyers should always hire an independent home inspector to come through the home, early in the negotiations. An inspector will commonly look for structural damage as well as environmental damage, can point out existing problems and even anticipate some future ones, like costly roof repairs. Keep in mind that new houses especially need an inspection, as they've never been put to the test by home owners. Inspectors may seem costly but they can save you thousands of dollars or prevent a huge purchasing mistake.

Rushing Contracts & Escrow

One of the last things buyers want to do is sit down and read all the paperwork, but it's important to know exactly what is being agreed upon. Take the time to fully understand every line of each document and don't be afraid to ask questions if you don't understand something.

Overall, purchasing a home in Orange County is a highly exciting, enjoyable experience. By planning ahead and making smart decisions, you can ensure that you will be happy with your home for years to come.