irst-Time Homebuyer Tips: Avoid These Common (and Costly) Mistakes
Buying your first home is exciting, but it can also feel overwhelming. Between saving for a down payment, figuring out what you can afford, and navigating all the paperwork, it’s easy to overlook a few important details.
Here are a few common mistakes I see first-time buyers make—and some tips to help you avoid them.
Not Getting Pre-Approved Before You Start Shopping
It’s tempting to start looking at homes right away, but shopping without a solid pre-approval is risky. You might fall in love with a house that’s outside your budget or make an offer before knowing what you’re truly qualified for.
A proper pre-approval includes reviewing documents like pay stubs, letters of employment, and credit reports—so your numbers are accurate and lender-ready.
Underestimating the Total Costs of Buying
Most buyers focus on the down payment, but there are also closing costs to budget for: deed transfer tax, legal fees, property tax adjustments, inspections, and more. If you don’t plan ahead, those extra costs can come as a surprise.
A safe rule of thumb is to budget 1.5% to 2% of the purchase price for closing costs.
Overstretching the Budget
Just because the bank approves you for a certain amount doesn’t mean it’s the right number for your lifestyle. Think about your comfort level with the monthly payments—not just what you qualify for on paper.
I always encourage buyers to look at multiple price points and walk through the numbers for each scenario. Sometimes a small step down in price can mean a much more comfortable monthly payment.
Waiting Too Long to Get Help
You don’t need to have everything figured out before reaching out. In fact, the earlier we talk, the more options we have—especially if you’re still saving or unsure when to buy.
Even if buying is 6 to 12 months away, we can put a plan together so you’re fully prepared when the time comes.
If you have questions or want to start putting a plan together, feel free to reach out.
Call or text (902) 402-9779, or visit www.gregmatthews.tmgbroker.com/apply.aspx to fill out a five-minute pre-approval form.