Tammy Lancaster/Broker of Record 
What are 12 first-time home buyer mistakes and how can they be avoided?
-
Shopping for a house first before a mortgage: Talk to a mortgage professional about getting prequalified or even preapproved for a home loan before you start seriously shopping for a place.
-
Not looking for first-time home buyer programs: Ask a mortgage lender about your options. You might qualify for a Veterans Administration or U.S. Department of Agriculture loan that doesn’t require a down payment.
-
Not hiring a buyer’s agent: Work with an exclusive buyer’s agent who has a duty to work in your best interests.
-
Using up all of your savings: Save enough money to make a down payment, pay for closing costs and moving expenses, and take care of unexpected expenses.
-
Ignoring a home’s drawbacks: Write a list of the attractive and the unattractive qualities of each house and pay attention to each home’s downsides.
-
Being indecisive: In a market with more buyers than sellers, you have to move fast.
-
Looking for a home first and a mortgage later: This can lead to disappointment if you are not able to qualify for the amount of mortgage needed to buy the home.
-
Underestimating the costs of owning a home: Consider additional expenses beyond the mortgage payment, such as insurance, property taxes, maintenance and repairs.
-
Skipping the home inspection: A home inspection is necessary to avoid costly surprises after you move in.
-
Not considering the resale value of the home: While you may plan to stay in the home for many years, it is important to consider its potential resale value in case you need to sell it unexpectedly.
-
Not getting preapproved for a mortgage: Getting preapproved for a mortgage can make your offer more competitive and save time during the home-buying process.
-
Allowing emotions to cloud judgment: Try to remain objective when considering a home purchase and don't let emotions cloud your judgment.