Buying your first home is exciting—but it can also feel overwhelming. Without the right guidance, it’s easy to make costly mistakes that could delay your dream or lead to buyer’s remorse.
To help you navigate the process like a pro, here are the 10 most common first-time homebuyer mistakes—and how to avoid them.
- Skipping Pre-Approval
Many first-time buyers start browsing homes before knowing how much they can actually afford. A mortgage pre-approval not only gives you a budget but also shows sellers you’re serious.
Avoid it: Talk to a lender before you shop. It’ll save you time and heartache.
- Underestimating Total Costs
There’s more to homeownership than the loan—think registration charges, GST, maintenance, and repairs.
Avoid it: Create a budget that includes all recurring expenses, not just the loan payment.
- Draining Your Savings
Using all your savings for the down payment can leave you vulnerable when unexpected expenses pop up (and they will).
Avoid it: Keep an emergency fund, or better yet, have Health Insurance ready. You’ll thank yourself later
- Falling in Love with the Decor
Don’t be dazzled by nice furniture or staging of the model apartment. Focus on the bones of the home—layout, location, builder
Avoid it: Bring a checklist and stay objective. That trendy wallpaper doesn’t come with the house.
- Overextending Your Budget
Just because you’re approved for the home loan doesn’t mean you should spend it all.
Avoid it: Choose a home that fits comfortably within your monthly budget. Leave room for life.
- Making Big Purchases Before Closing
New furniture, cars, or credit cards can affect your credit score and loan eligibility.
Avoid it: Don’t touch your credit until the keys are in your hand.
- Not Working with a Buyer’s Agent
Some buyers think they’ll save money by going it alone. But in most cases, the seller covers the agent’s commission.
Avoid it: A good buyer’s agent will protect your interests and guide you through the entire process—for free.
- Getting Caught in the Emotions
Buying a home is emotional, but decisions based on feelings can lead to regret.
Avoid it: Keep your cool, be patient, and trust your plan (and your agent!).
