Avoid these common first-time home buyer mistakes

A good home-buying decision is one that fits your family and your budget, and assures you buy a house that you’ll be able to resell when the time is right. Sounds simple? Not always. Here are five common mistakes frequently made by first-time buyers (and vets too)—and how to avoid them.


1. Looking outside their price range. To avoid disappointment, get pre-qualified before you start looking for a home.

2. Buying on impulse. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. Evaluate more than just the property. Look at the surrounding area and amenities. Ask yourself if this is what you and your family really want.

3. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

4. Failure to focus on location. Don’t just focus on the house. Examine the community. Is the area safe, well maintained, moderately quiet and close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider if the property will be easily marketed when you wish to sell.

5. Failure to understand the home buying process. Once you select a home, get involved. Your Realtor should spend time with you and walk you through the entire home buying process. Don’t hesitate to ask questions about the negotiation, financing and escrow processes and other elements involved in the transaction. Home buying involves knowing price as well as what’s inside and around the property. Consider all options carefully. Remember, this is one of the largest financial transactions of your life.