Buying a home is one of the largest financial commitments a person can make in his or her lifetime. It's especially critical for first-time buyers to make informed decisions about the investment that they are about to make.

Coldwell Banker professionals offer these tips to first-time homebuyers to help make the process easier.

Define your wants versus your needs: Making a list of wants and needs before beginning the search for a home can make the entire process less overwhelming.

Check your credit rating: Having a pre-approval in hand affords a buyer strength in negotiating, particularly important in a highly competitive marketplace, which many first-time home buyers encounter.

Investigate the neighbourhood: Where are the schools, shops and transport? How far is the nearest hospital? These are basic, yet important, questions that some first timers may not think of until after settlment on a property.

Be an informed buyer: Some neighbourhoods have covenants such as exterior maintenance, lawn care or fencing. All too often, buyers are not aware of restrictions that apply to their use of the property until it is too late. Buyers should check with their real estate agent and conveyancer/solicitor so they understand what restrictions are enforced in the area they are interested in.

Insist on a home building inspection: Attend property inspections, be aware of environmental concerns and ask questions.

A small investment of time and money now can save you a lot of anguish later.

Get help with the details: Coordinating these and the many details of a move can be overwhelming for even the most experienced homebuyer. Look for a real estate company that can help coordinate related services.

Do not rush: Whether they're just excited about moving into their new home or concerned about the possibility of hikes in market prices, many first-time buyers hurry important decisions and overlook property flaws. Purchasing a home is an important investment and buyers need to thoroughly think through the process to avoid making choices they will regret in the future.

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