So you™ve decided it™s finally the right time to enter the Houston real estate market. Perhaps you™ve been watching home prices improve recently and decided you™d better buy now to get a good deal. Maybe it˜s the fact that mortgage rates this week hit nearly historic lows. (Thanks, Greece!) Or maybe you™re just sick of throwing rent money down a hole and hearing your neighbor™s stereo. Whatever the reason, there™s no denying this can be a great time to enter the Houston real estate market and own your first home. Before signing on the dotted line, though, be mindful of some common first-time home buyer mistakes.

Buy only what you can afford. OK, this is a no-brainer but given the role this issue played in our current financial situation, it bears repeating. It™s great to fall in love with a house, but don™t get so swept up by emotion that you get in over your head. Conventional wisdom says you should limit your housing costs – including mortgage, taxes and insurance – to 28% of your gross monthly income. Luckily, most Houston homes for sale are priced quite affordably, which makes hitting this target easier. Check out the affordability calculator on Bankrate.com or talk with a financial advisor; in the end, just be sure you™re comfortable with the amount you˜re spending.

Consider financing first. Even if you™ve done the calculations and know what you can afford, get pre-qualified for a mortgage before you shop. Mortgage lenders are necessarily being more stringent on their loan qualifications these days, and you could find yourself eligible to borrow less – or getting a higher interest rate – than you™d anticipated. Also, your qualification is contingent on your current financial situation, so avoid any major changes like switching jobs if possible, and put off purchases that require financing until after you™ve closed on the house.

Budget for œextras. Your mortgage, taxes and insurance aren™t the sum total of the costs involved in owning a house. Some Houston properties will have monthly homeowners™ dues, as will condo and townhouse communities. Consider maintenance costs, as well, if you˜re buying a single-family home. A general guideline is to budget 1% of your home˜s value annually for maintenance and repairs, plus any you might need for up-front purchases such as a lawnmower, ladder, etc.

Consider resale value. According to realtor.org, the average first-time buyer stays in their home for 4 years, so unless you know you™re planting long-term roots, your home™s resale value is worth considering. Get to know the neighborhood. Do people move often, or tend to stay put? What new developments are planned? Will that new restaurant make the area more appealing? Or will the freeway expansion drive people away? A good real estate agent will know the area and can help guide you towards the best possible fit for now and in the future. Which leads to the last point¦.

Get a good real estate agent. Some may try to go it alone, thinking a book or website will be enough to guide them through the home buying process. But, whether it™s qualifying for a mortgage or navigating short sales and Houston foreclosures, it™s more important than ever to have a qualified agent help walk you through the process.

There™s a lot that goes into buying your first house. But if you have the money – to buy it and live in it – as well as a good agent to help you find the right place, now is about as good a time as it gets to buy a Houston home.