First-time buyers often make similar mistakes. Here's how to avoid them.
Before You Start
Mistake: Not checking credit early enough
Fix: Check credit 6+ months before buying. Address errors and pay down debt.
Mistake: Not saving enough
Fix: Budget for down payment + 3% closing costs + 3 months reserves.
During the Search
Mistake: Falling in love with one home
Fix: Keep options open until you're in contract.
Mistake: Skipping neighborhoods
Fix: Visit areas at different times (morning, evening, weekend).
Mistake: Ignoring commute reality
Fix: Do a test commute during rush hour before making offers.
Making Offers
Mistake: Offering more than you can afford
Fix: Know your limits and stick to them, even in competitive situations.
Mistake: Waiving contingencies without understanding
Fix: Discuss risks thoroughly with your agent before removing protections.
In Escrow
Mistake: Making major purchases
Fix: Don't buy cars, furniture, or open credit cards until after closing.
Mistake: Changing jobs
Fix: Wait until after closing if possible. If not, tell your lender immediately.
Mistake: Missing deadlines
Fix: Keep a calendar of all contingency dates. Your agent should track these too.
At Closing
Mistake: Not doing final walkthrough
Fix: Always walk through the day before or day of closing.
Mistake: Forgetting utilities
Fix: Set up transfers for electricity, gas, water, internet before closing.