First time buying a home, and mistakes to avoid?

First time buying a home, and mistakes to avoid?

Buying your first home is exciting, but it can also feel overwhelming. Many first-time buyers fall into common traps that end up costing them time, money, or stress. Here are the biggest mistakes to avoid:

🚫 Common Mistakes First-Time Homebuyers Make

1. Not Getting Pre-Approved First

   • Looking at homes before knowing your budget can lead to disappointment.

   • A pre-approval letter also makes your offer stronger.

2. Only Considering the Purchase Price

   • Remember closing costs, property taxes, insurance, HOA fees, maintenance, and utilities.

   • A house isn’t affordable if you’re “house poor.”

3. Draining All Savings on the Down Payment

   • Keep an emergency fund for unexpected repairs and life expenses.

4. Skipping the Home Inspection

   • Even if the market is competitive, inspections can save you from costly surprises like roof or plumbing issues.

5. Overlooking Loan Options & First-Time Buyer Programs

   • FHA, VA, USDA, and state/local programs can lower down payments or offer grants.

6. Letting Emotions Lead

   • Falling in love with a home can push you to overspend or ignore flaws. Stick to your budget and priorities.

7. Ignoring the Neighborhood

   • Visit at different times of day. Check commute times, schools, noise, and future development plans.

8. Making Big Financial Changes Before Closing

   • Don’t finance a car, open new credit cards, or change jobs until after closing—it could affect your loan approval.

9. Underestimating Ongoing Maintenance

   • Budget around 1–3% of the home’s value annually for upkeep.

10. Not Working with a Buyer’s Agent

• A good real estate agent protects your interests, negotiates for you, and usually costs the buyer nothing (the seller typically pays their commission).

✅ Quick Tips for First-Time Buyers

• Get your credit report early and fix issues before applying.

• Make a list of must-haves vs. nice-to-haves.

• Don’t rush—patience can save you from regret.

• Think long-term: resale value, neighborhood growth, and whether the home will fit your needs in 5–10 years.