Top Mistakes to Avoid When Buying Your First Property
Buying your first property is one of the biggest financial decisions you’ll ever make. While it’s exciting, many first-time buyers fall into common traps that can cost them money, time, and peace of mind. To help you make smarter choices, here are the top mistakes you should avoid when purchasing your first home or investment property. 1. Skipping Mortgage Pre-Approval Many buyers start house hunting without getting pre-approved. This mistake can lead to disappointment when you fall in love with a property you can’t actually afford. ✅ Tip: Always get pre-approved before searching. It gives you a clear budget and shows sellers you’re a serious buyer. 2. Underestimating the True Costs The purchase price is only the beginning. Property ownership comes with: Closing costs Homeowner’s insurance Property taxes Maintenance and repairs ✅ Tip: Budget at least 2–5% of the home’s price for closing costs and keep a reserve fund for surprises. 3. Letting Emotions Drive Deci...
