10 biggest home-buying mistakes

Overlooking how the house will function for your family. How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office? The house only needs to fit one family -- yours.

Not having the home properly inspected in a resale. This is not the time for surprises. Get an inspection from a qualified, respected professional.

Not checking out the builder's reputation on a new home. Talk to three or four people who live in the builder's homes and see what they have to say. If one builder did all the houses in a neighborhood, talk to the residents and get their input. It's also a great way to see what your neighbors would be like.

Not getting what you want because you're impatient. This is a big decision. You need time. Impatient decisions can lead to mistakes.

Waiting for a better market and interest rates. Warren Buffett says the rear view mirror is always clearer than the windshield.

Not buying at all. If you can afford a home and you don't make that purchase, you'll lose the benefit of tax deductions, building home equity and the appreciation in value.

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