The process of buying a house requires an investment of time as well as money. So, if you want to get a good deal, doing your homework is crucial.
"The fallacy is that 'getting a good deal' is all locked in at the initial transaction, on the purchase price or the initial loan," Lynnette Khalfani-Cox, New York Times bestselling author and co-founder of AskTheMoneyCoach.com, tells CNBC Make It.
In reality, that assumption is not always true. When you become a homeowner, the money you had been putting toward rent not only goes toward a mortgage, but to insurance, repairs, maintenance and upgrades.
"You have to think of homeownership not just as a one-time event, but as a process over the life of you owning this asset that you'll be able to manage it wisely and make smart choices with it," Khalfani-Cox says.