Common Mistakes First-Time Buyers Should Avoid

1) Shopping Before Setting a Real Budget

Looking at homes before you understand your payment, taxes, insurance, and HOA dues can lead to disappointment-or a deal you later regret.

• Get pre-approved early; review payment scenarios and cash to close.
• Include utilities, maintenance, and reserves in your monthly plan.

2) Waiving Key Protections Without a Plan

In hot markets, some buyers waive inspection or appraisal contingencies without fully weighing the risk. Consider targeted inspections or appraisal gap strategies instead.

• Focus on health/safety and high-cost items when negotiating repairs.
• Know your maximum out-of-pocket if the appraisal comes in low.

3) Delaying Documents During Underwriting

Slow responses stall loans. Have W-2s, pay stubs, bank statements, and ID ready. Avoid large unexplained deposits or new credit until after closing.

4) Ignoring Commute & Future Costs

Lower list price can be offset by longer commutes, higher insurance, or HOA assessments. Compare total monthly costs across neighborhoods.

5) Focusing Only on Price-Not Terms

Sellers value certainty. Clean timelines, strong EMD, and limited requests can win even if your price isn’t the very top.

• Ask your agent which terms matter most for this seller.
• Shorten contingency periods only when your team can perform.

6) Skipping the Final Walkthrough

Confirm agreed repairs, remove trash/debris, and test major systems before signing. It’s your last chance to catch issues prior to closing.

*Informational only; not legal, tax, or financial advice.