Buying a house is one of the most exciting and significant financial decisions you’ll ever make. But the path to homeownership is full of potential pitfalls. Knowing what to watch out for can save you stress, time, and thousands of dollars.

Here are the 10 most common mistakes we see buyers make—and our professional advice on how to steer clear of them.

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1. Skipping Mortgage Pre-Approval

This is the No. 1 mistake and a true deal-breaker. Pre-qualification is a quick estimate, but pre-approval means a lender has verified your income, assets, and credit, and committed to loaning you a specific amount.

• The Mistake: Falling in love with a home only to find out you can’t get financing or, worse, having your offer rejected because you weren’t pre-approved.
• The Fix: Get a full pre-approval from a reputable lender before you start house hunting. This locks down your budget and makes your offer competitive and serious.

2. Draining All Your Savings on the Down Payment

It’s tempting to put down every last dollar to hit that 20% mark and avoid Private Mortgage Insurance (PMI). However, homeownership comes with unexpected costs.

• The Mistake: Leaving yourself with no financial cushion for emergencies (like a sudden roof repair or broken AC unit).
• The Fix: Budget for your down payment, closing costs (typically 2-5% of the loan amount), and a substantial emergency fund (3–6 months of living expenses) after closing.

3. Making Major Financial Changes During the Process

Lenders check your finances and credit again right before closing. Any change that impacts your debt-to-income (DTI) ratio can put your loan in jeopardy, even if you’ve been pre-approved.

• The Mistake: Buying a new car, opening a new credit card, co-signing a loan for a friend, or changing jobs.
• The Fix: DO NOT make any large purchases, take on new debt, or change employment status between pre-approval and closing. Keep your financial profile as steady as possible.

4. Prioritizing Aesthetics Over “Unchangeables”

A fresh coat of paint or ugly wallpaper is easy to fix. The things you can’t change are what truly matter to your long-term happiness and resale value.

• The Mistake: Rejecting a house over cosmetic flaws while overlooking issues like poor location, bad school districts, or a noisy street.
• The Fix: Focus on Location, Layout, and Lot. Ask yourself: Can I live with the neighborhood traffic? Is the floor plan functional? Is the yard sufficient? Everything else is negotiable or replaceable.

5. Skipping the Home Inspection

In a fast-moving market, buyers sometimes waive the home inspection to make their offer more attractive. This is one of the riskiest shortcuts you can take.

• The Mistake: Buying a house “as-is” and later discovering major, expensive structural, plumbing, or electrical problems.
• The Fix: Always hire a licensed, professional inspector. It’s the best insurance you can buy, and the inspection contingency gives you the option to renegotiate or walk away if major issues are found.

6. Underestimating Total Monthly Costs

The mortgage payment is only one part of the equation. Homeownership involves many other ongoing expenses.

• The Mistake: Overlooking property taxes, homeowner’s insurance (including flood or hazard insurance if needed), Homeowners Association (HOA) fees, and the inevitable cost of maintenance and repairs.
• The Fix: Calculate your True Monthly Housing Cost which includes Principal, Interest, Taxes, and Insurance (PITI) plus a monthly estimate for maintenance. Don’t push the top of your budget.

7. Falling in Love Too Quickly (and Overpaying)

It’s an emotional process, but letting your heart rule your head can lead to buyer’s remorse.

• The Mistake: Becoming emotionally attached to one house and offering significantly more than its true market value, or waiving important contingencies just to “win” the bid.
• The Fix: Stay objective. Your real estate agent will provide a Comparative Market Analysis (CMA) to help you determine a fair offer based on comparable sales, not emotion. Be prepared to walk away.

8. Not Considering Future Needs

Your life changes, and your house should be able to adapt with you.

• The Mistake: Buying a home that perfectly suits your life right now but doesn’t account for a growing family, working from home, or even retirement needs years down the road.
• The Fix: Look 5 to 7 years into the future. Will you need a home office? More bedrooms? Better proximity to family or schools? Buy a home that can grow with you.

9. Not Interviewing Multiple Real Estate Agents

Some buyers work with the first agent they meet, or a relative who just got their license, without verifying their experience.

• The Mistake: Working with an inexperienced or unresponsive agent who misses critical details, over-promises, or fails to be a strong negotiator on your behalf.
• The Fix: Interview at least three agents. Ask about their experience in your target neighborhood, their communication style, and their negotiation strategy. Choose a proven local expert you trust.

10. Failing to Shop Around for Lenders

Many buyers take the first pre-approval letter they receive without comparing rates and fees.

• The Mistake: Leaving a significant amount of money on the table over the life of the loan due to a slightly higher interest rate or excessive origination fees.
• The Fix: Once you are ready to apply for pre-approval, compare quotes from at least three different lenders (banks, credit unions, and mortgage brokers). You have a limited window for these inquiries to count as a single “hit” on your credit report.