Buying your first home is exciting—but it’s also one of the biggest financial decisions you’ll ever make.
And let’s be honest: It’s easy to make mistakes.
In this conversation, we break down some of the most common first-time homebuyer pitfalls—and how to avoid them—so you can set yourself up for long-term success.
Mistake #1: Not Checking Your Credit & Loan Options Early
Many first-time buyers wait until they find a home to start thinking about financing—and that’s a huge mistake.
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Your credit score affects your mortgage interest rate.
A difference of just one percentage point can mean paying thousands more over the life of your loan. -
You don’t need 20% down, but you do need a plan.
Not knowing about FHA, VA, or down payment assistance programs can make you think homeownership is out of reach when it’s not.
Fix it: Check your credit score, talk to lenders early, and explore all loan options before you start house hunting.
Mistake #2: Buying Too Much House
It’s tempting to stretch your budget to get that extra bedroom or nicer neighborhood—but buying at the top of your budget can backfire.
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Unexpected expenses WILL happen.
Property taxes, maintenance, and emergency repairs add up fast—especially for first-time owners who aren’t used to these costs. -
Your financial situation might change.
If you lose a job, have a medical emergency, or want to invest in something else, a high mortgage can limit your flexibility.
Fix it: Get pre-approved for a loan, but buy BELOW what you qualify for to leave room for unexpected costs.
Mistake #3: Skipping the Home Inspection
Never, and I mean NEVER, skip the home inspection.
- Just because a house looks nice doesn’t mean it’s in good shape.
- Even newly renovated homes can have hidden problems—plumbing, foundation issues, old electrical wiring.
- Repairs can cost thousands if you don’t catch them before buying.
Fix it: Always hire a professional home inspector before closing. If the seller refuses an inspection? Walk away.
Mistake #4: Letting Emotions Control the Purchase
It’s easy to fall in love with a house—but if you get too attached, you might ignore red flags.
- Bidding wars can push you over budget.
- Rushing to buy can lead to regret.
- Ignoring location and resale value can hurt you later.
Fix it: Treat buying a home like an investment. If something doesn’t feel right, be willing to walk away and keep looking.
Mistake #5: Not Thinking About Resale Value
Most first-time buyers think about what they need right now—but what about five or ten years from now?
- Neighborhood trends matter. Is the area growing? Will your home appreciate in value?
- Unique homes can be hard to sell. That funky layout might seem cool now, but will buyers want it later?
- Schools & amenities affect value. Even if you don’t have kids, school districts can impact resale prices.
Fix it: Buy with the future in mind—not just what works for today.
Final Thoughts: Smart Homebuying Starts with Preparation
Buying a home is a major step toward building wealth—but it’s not just about getting a mortgage.
Plan ahead.
Stay within budget.
Do your research.
A little preparation now can save you years of financial stress later.
Watch the Full Conversation
Want to avoid costly homebuying mistakes? Watch this part of our discussion here:
Video Timestamp: 00:22:50 - 00:30:15
In Part 5, we’ll talk about why homeownership isn’t for everyone—and how to know if buying is the right choice for you.