Buying a new home is an exciting experience. It brings with it the promise of a new beginning, which many people look forward to. But, it is also an expensive process. To avoid financial issues during this all-critical time, it is important to exercise caution when making the big jump. It is essential to know the common mistakes people make when buying a new home and how to avoid them. Overshooting budget Before beginning the house-hunting process, outline a budget. This must include the cost of the property along with other fees, charges, and renovations that may be necessary. One of the biggest mistakes people make when buying a new home is overshooting budget. Often, they believe that a little financial struggle can easily be managed, especially during the initial months. But, the realization of how tough this can be only happens over time as other financial needs arise. To avoid this hassle, look for a house that fits well within the pre-set budget. Lack of research Some real estate agents may hype up certain properties to reach their sales targets. Unfortunately, many people fall for these tactics without doing adequate research. So, one should avoid rushing to put a down payment on the first house they come across.