When buying a house, prioritize these dos and don’ts: Do get pre-approved for a mortgage to strengthen your offer and avoid surprises. Do hire a licensed inspector to identify hidden issues like mold or structural problems. Do research the neighborhood for safety, schools, and future development. Do budget for closing costs, which average $5,000–$6,000 nationally. Don’t skip the pre-approval process; 25% of buyers in 2023 lost bid competitions due to financing delays (National Association of Realtors). Don’t ignore red flags in inspections; 15% of homes have severe issues like faulty plumbing or electrical systems (HomeAdvisor). Don’t overlook long-term costs like property taxes and maintenance, which can exceed 3% of the home’s value annually (U.S. Census Bureau).

The importance of pre-approval stems from its impact on offer acceptance rates. In 2023, pre-approved buyers had a 40% higher chance of winning bids compared to those without (NAR). This aligns with lenders’ preference for guaranteed financing, reducing their risk. Inspections are critical because 30% of buyers discover issues post-purchase, often leading to renegotiations or cancellations (HomeAdvisor). For example, mold remediation can cost $10,000–$30,000, while electrical repairs average $2,000–$5,000. Budgeting for hidden costs prevents financial strain; 22% of buyers in 2022 faced unexpected expenses, delaying home ownership (American Real Estate Transaction Services). Neighborhood research is vital because properties in areas with rising crime rates lose 5–10% of value annually (Federal Housing Finance Agency). Financial planning ensures stability; buyers with a 20% down payment avoid private mortgage insurance, saving $100–$200 monthly on a $300,000 loan (Federal Reserve). These steps collectively reduce risks and enhance satisfaction, with 89% of first-time buyers recommending thorough preparation (National Association of Homebuyers).