Introduction
Buying your first home is exciting, but it is also easy to make costly mistakes when you are new to the process. From skipping important steps to overestimating your budget, small missteps can quickly turn into financial headaches. Here are the most common first time buyer mistakes and how to avoid them.
Mistake #1: Skipping Pre Approval
Many buyers start touring homes before getting pre approved for a mortgage. This mistake often leads to falling in love with homes outside the budget or losing out to more prepared buyers. Instead of guessing, follow our step by step home buying guide to start right.
Mistake #2: Ignoring Total Costs
The down payment is only part of the expense. Closing costs, moving expenses, and ongoing maintenance can quickly add up. Your budget is more than the mortgage. See how much home you can afford with calculators that include closing costs.
Mistake #3: Overstretching the Budget
Stretching finances too far can lead to buyer’s remorse or financial stress. Always keep some cushion for emergencies and future expenses. If credit is holding you back, explore our tips on boosting your credit before buying.
Mistake #4: Waiving Inspections
In a competitive market, some buyers are tempted to waive inspections. This is risky. Inspections uncover costly repairs and hidden problems. Even if you must act fast, never skip the chance to evaluate the home’s condition.
Mistake #5: Skipping Professional Help
Trying to buy without an agent may save on commissions, but it increases the risk of overpaying, missing red flags, or struggling with negotiations. A good buyer’s agent can protect your interests and save you money in the long run.
Final Thoughts
The path to your first home should be exciting, not stressful. By avoiding these common mistakes, you will make smarter decisions, protect your finances, and enjoy the journey. These common mistakes trip up first time buyers every day. Read our step by step home buying guide, see how much home you can afford, and learn how to boost your credit before buying to stay ahead.
Your questions, answered
What is the biggest mistake first time buyers make?
The most common mistake is shopping for homes before getting pre approved for a mortgage.
Can first time buyers buy without an agent?
Yes, but it increases the risk of overpaying or missing important details.
How much should first time buyers save before buying?
Beyond the down payment, buyers should budget for closing costs, moving expenses, and an emergency fund.
