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Top Mistakes First-Time Homebuyers Make

1. Not starting to save early enough

If you have no money saved, you need to start at least 2 years before you want to buy, so you can save money. Start by building a savings account for your down payment or finding a local program that gives down payment grants.

Cleaning up your credit is the first step to getting pre-approved on a mortgage and ultimately getting approved for a mortgage. A lot of people can get pre-approved and later get rejected for a mortgage due to negative items on their credit report. Request your credit report from all three agencies: Trans Union, Equifax and Experian. Review each item and email it if there are discrepancies. It takes 30 days to clear up discrepancies and 60 days for your credit score to adjust to the correction.
You still must save money if you get a free down payment program, as there are a lot of fees involved with buying a home. Closing Costs, Appraisals, Inspections, Home Insurance, to name a few.

Research different mortgage options, and learn what fixed-rate vs. adjustable-rate mortgage means.

Compare interest rates, terms, and fees from various lenders.

Explore loan programs that require lower down payments, such as FHA loans (which require as little as 3.5% down) or VA loans (zero-down-payment loans for qualified military borrowers).

Houses need repairs, even minor things such as a new faucet, chimney cleaning, or yard work. If you get a fixer-upper, there may be more repairs that need to be done before moving in. You need to be ready for that.
You must consider factors like commute times, schools, safety, and amenities when choosing a neighborhood. You can love the house, but you cannot drive an hour to work, day in and day out. Who will pick up after daycare? Who is picking up from practices? Is it safe enough for your child to walk home alone? Will you be able to help with homework, or will you be too tired? Is there a park to walk or ride bikes in?
Consult with mortgage lenders to get preapproved for a loan. This step helps you understand your borrowing capacity and tells you how much house you can afford. This also prevents you from buying a house you can’t afford.
Keep your eyes on the prize! Your offer may not get accepted the first time. Be patient during your house hunt. Visit multiple properties, attend open houses, and explore different neighborhoods. You’ll find one just for you. Keep looking, you will find your house.
You have to hold off buying anything that will go on your credit score, Such as cars, furniture, store cards, etc. Anything that will pull your credit score down, you must avoid.

Many states offer programs specifically for first-time buyers. These programs may provide down payment assistance, tax breaks, or other incentives.

Look into federally backed loans like FHA, VA, or USDA loans.  Some loans will even assist with repair bills if you buy a fixer-upper.

Multi-family homes are very attractive when you think a tenant can help you pay some or all of your mortgage. However, there are specific rules and regulations for landlords regarding dealing with tenants. Find out from your county what the eviction rules, utility requirements, and how long before you can evict, etc.

Many areas are expensive, even for the worst house on the block. You are not only paying for the house, you are also paying for the area, schools, and quality of life.

Research Neighborhoods and Properties:

  • Attend open houses and explore different properties to get a sense of what’s available.
  • See past the flaws in the house. If it has what you NEED, then don’t dismiss the house based only on cosmetic issues. Look beyond outdated wallpaper or worn carpeting. Focus on the home’s structure, layout, and potential. You can upgrade later.
An experienced real estate agent can guide you through the homebuying process, help you find suitable properties, and negotiate on your behalf. But if you don’t listen to them, they can’t help you and don’t expect them to get you out of your mistakes!
Single-family homes give you privacy and freedom, which can be great if you have kids or pets who need a yard to run around in, but you have to do yard work. Condos handle the outdoor maintenance for you, but a condo might not have the backyard you need for your family, and you’ll pay monthly dues to the association.

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Rhodensia Gray

With 20 years of experience in the real estate business, Rhodensia Gray has dedicated her career to helping first-time homebuyers achieve their dreams of homeownership.
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