⚠️ Buyer Mistakes

15 First-Time Home Buyer Mistakes

Learn from the mistakes of others. These are the most common (and costly) errors first-time buyers make—and how to avoid them.

Not Getting Pre-Approved (Just Pre-Qualified)

The mistake: You get "pre-qualified" over the phone in 5 minutes and think you're ready to make offers.

The reality: Pre-qualification is just an estimate. Pre-approval involves actually checking your finances. Sellers won't take you seriously without pre-approval.

Solution: Get full pre-approval from 3+ lenders. Submit W2s, tax returns, bank statements. Get a letter stating your approved amount.

Buying at Your Maximum Budget

The mistake: Lender approves you for $500K, so you buy a $500K house.

The reality: Lenders qualify you for the MOST they think you can pay, not what's comfortable. You'll be house-poor.

Solution: Buy 80% of what you're approved for. Leave room for repairs, furniture, and life.

Skipping the Home Inspection

The mistake: In a competitive market, you waive inspection to make your offer stronger.

The reality: You just bought a house with $50K in foundation problems you didn't know about.

Solution: NEVER waive inspection. If you must compete, get a pre-inspection before making an offer.

Falling in Love Before Due Diligence

The mistake: You tour a house, fall in love with the kitchen, and lose objectivity.

The reality: That gorgeous kitchen distracts you from the terrible commute, bad schools, and flood zone.

Solution: Use an objective scoring system to evaluate properties. Compare data, not feelings.

Not Factoring in ALL Costs

The mistake: You budget for the mortgage but forget property tax, insurance, HOA, maintenance, utilities.

The reality: Your $2,000 mortgage becomes $3,500 total monthly cost.

Solution: Calculate total housing cost: mortgage + taxes + insurance + HOA + maintenance (1% of home value/year).

Ignoring Commute Times

The mistake: You tour on a Saturday at 11am. Commute seems fine!

The reality: Monday at 8am, the commute takes 90 minutes. You spend 15 hours/week in your car.

Solution: Test the commute during rush hour on a Tuesday morning BEFORE making an offer.

Putting Down Less Than 20%

The mistake: You put 5% down to buy now instead of saving more.

The reality: You're paying $200-300/month in PMI for years. That's $12,000-18,000 down the drain.

Solution: Save 20% down. If you can't, understand PMI costs and factor them into affordability.

Not Shopping Mortgage Rates

The mistake: You use the first lender your agent recommends without comparing.

The reality: 0.5% rate difference = $36,000 over 30 years on a $400K loan.

Solution: Get quotes from at least 3-5 lenders. Compare APR, not just interest rate.

Buying Based on Dual Income (Couples)

The mistake: You need both incomes to afford the mortgage.

The reality: One person loses job, takes parental leave, or goes back to school. You can't afford the house.

Solution: Buy what you can afford on one income. Use second income for savings, not mortgage.

Ignoring Resale Value

The mistake: You love the quirky purple bathroom and weird layout.

The reality: When you try to sell in 7 years, nobody else likes it. Home sits on market for 6 months.

Solution: Think like a future seller. Avoid homes with odd layouts, busy streets, or ultra-specific design.

Not Checking School Districts

The mistake: "We don't have kids, so schools don't matter."

The reality: Good school districts = better resale value, even if you never use the schools.

Solution: Always research school ratings. Good schools add 10-20% to property value.

Draining Your Emergency Fund

The mistake: You use every penny for down payment and closing costs.

The reality: Month 2: Water heater breaks ($1,500). Month 4: AC dies ($5,000). You have no cash.

Solution: Keep 3-6 months expenses AFTER buying. Budget $10K-15K for immediate repairs/furnishings.

Trusting Listing Photos

The mistake: Photos show a spacious, bright living room.

The reality: That's a wide-angle lens. The room is actually 10x10 and dark.

Solution: Always tour in person. Bring a tape measure. Take your own photos to compare properties.

Making Emotional Offers

The mistake: You're in a bidding war. You NEED this house. You offer $50K over asking.

The reality: Home appraises for $40K less than your offer. You need to bring extra cash or walk away.

Solution: Set a walk-away price before seeing the house. Stick to it. There will be other houses.

Skipping Future Neighborhood Research

The mistake: You tour at noon on a Sunday. Neighborhood seems quiet!

The reality: Friday at 11pm, it's a nightmare. Loud bars, street parking impossible, feels unsafe.

Solution: Visit at multiple times: Morning rush hour, evening, Friday night, Sunday afternoon.