6 biggest mistakes homebuyers make

Buying a home is the biggest purchase most people will ever make, yet many go into it blind. Here are the 6 most common -- and costly -- mistakes homebuyers make.

Skimping on home inspection

Buying a pig in a poke can cost buyers big bucks -- just when they can least afford it. So It's vital to find all the costly flaws before you buy.

Many homes on the market today are distressed properties -- foreclosures and short sales -- and that only increases the importance of good inspections, according to David Tamny, president of the American Society of Home Inspectors.

"The owners usually didn't have the money to keep up these homes," he said. "There's a lot of deferred maintenance."

A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation, and heating and air conditioning. In some states, separate licensed inspectors offer mold or termite inspections.

Often homebuyers, who may be strapped for cash, stint on inspections and look for the cheapest way to go. That can lead to disaster.

"The cost of repairs far exceeds the cost of inspection," said Tamny.

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WHY A PROFESSIONAL EVALUATION?

"Almost one half of all nationwide homeowners buying pre-owned houses has to make unexpected repairs...more than half of the problems appeared in the first six months of ownership."

--FEDERAL TRADE COMMISSION REPORT

Today, having a professional home inspection performed before you buy is simply a smart and financially sound investment. State disclosure requirements do not protect you from hidden problems. Only a trained, certified and insured professional inspector will give you a professional evaluation and stand 100% behind the inspection with a guarantee that will protect you if something goes wrong.