The asking price of the home was $800,000 and with a financial sleight of hand by a mortgage loan officer, El Moussa was approved, but ended up penniless in a 1,400 square-foot home adorned with the latest in minimalist furnishings–as in no furniture whatsoever.

“Although I laugh looking back at it now, the experience taught me an important lesson: Buying a home is exciting,” El Moussa told “So exciting, in fact, that it’s all too easy to get swept up in your emotions and make some mistakes.”

Related: A Smarter Way for ETF Investors to Approach Real Estate

El Moussa cited seven mistakes rookie home-buyers make:

  1. Going house shopping before mortgage shopping
  2. Buying a house beyond your budget
  3. Gushing about how much you love a home
  4. Bypassing a home inspection because the house looks perfect
  5. Assuming new construction is in great shape
  6. Forgetting to ask about HOA/condo fees and assessments
  7. Buying just because you’ve had it with house hunting

For real estate trends affecting ETFs, click here.

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