Keep those revamp plans under wraps

Home buyers should be careful to keep their thoughts about properties they are viewing to themselves - or at least wait until they are out of earshot of the seller - if they don't want to run the risk of their offer being turned down, or negotiations becoming more difficult than they need to be.

Sellers are often sentimental about their homes, especially if they have lived there for many years, and they might not appreciate what you have to say about their strange living room mural, or your plans to immediately fill in their fishpond if you buy the property.

This can lead to them becoming reluctant to let go and possibly even changing their minds about selling, no matter how good your offer to purchase is or the fact that you've been pre-approved for a home loan.

And reigning in your reactions - even if you feel very positive about the property - is not only important to reduce the risk of upsetting the seller but also in order to help you stay focused on the property's actual potential as your future home and not create unreasonable expectations.

Realistically, you need to accept that there is no such thing as a "perfect" home and that there are always going to be some repairs or alterations or improvements to be made to ensure that things are exactly the way you want them.

In addition, you should take care to avoid another common mistake that buyers make, which is to put a dent in their credit record by excitedly making other major purchases like a new car at the same time as trying to buy a new home.

You should also not anticipate your move by buying expensive furniture or other luxury items on credit, because that will reduce the amount of income you have available to make a monthly home loan repayment and quite possibly cause your application to be refused, even if you have been pre-approved. 

And finally, if everything has gone right and you can finally get ready to move into your new home, try to stay calm and follow a plan so you don't forget essentials like getting the electricity and water turned on at your new address and telling your insurance company that you are moving.