Buying your first home is exciting — but it’s also one of the biggest financial decisions you’ll ever make. After years of helping buyers in New York City and the surrounding areas, I’ve noticed the same mistakes happening again and again. The good news? Every one of these mistakes is completely avoidable.

If you want to save money, reduce stress, and buy with confidence, this guide will show you exactly how.

Mistake #1: Shopping for Homes Before Shopping for a Mortgage

Many buyers start scrolling through listings long before they understand what they can actually afford. The problem is that home prices, mortgage rates, and taxes vary dramatically by neighborhood.

Why this is a mistake:
You risk falling in love with homes outside your budget or missing out on properties you could afford with the right program.

How to avoid it:
Get pre-approved early.
This helps you:

• Know exactly what price range to shop in

• Understand your payment

• Strengthen offers

• Move quicker once you find a home

Mistake #2: Not Understanding All Upfront Costs

Most first-time buyers only think about the down payment. However, there are many other expenses:

• Closing costs (2–5% of the purchase price)

• Appraisal fees

• Inspection fees

• Attorney fees

• Moving costs

• Home insurance

• Property taxes

Avoid it:
Create a full budget—not just a down payment plan.

Mistake #3: Not Taking Advantage of First-Time Buyer Programs

This is one of the biggest missed opportunities I see every week.

There are programs that offer:

• Down payment assistance

• Grants

• Reduced mortgage insurance

• Lower interest rates

• Closing cost help

Buyers assume they won’t qualify, but many programs apply even if you:

• Make a decent salary

• Already have some savings

• Are buying with a partner

Always review your options.

Mistake #4: Skipping the Home Inspection

In competitive markets, buyers sometimes consider skipping inspections to make their offer stand out.
This can be a costly mistake.

Inspections uncover:

• Roof issues

• Electrical problems

• Foundation cracks

• Plumbing leaks

• Heating/AC issues

Avoid it:
Never skip the inspection unless you fully understand the risks and have funds to handle repairs.

Mistake #5: Confusing “List Price” With “Market Value”

Just because a home is listed at a certain price does not mean it’s worth that amount.

List price = marketing tool
Market value = what buyers are actually paying

To avoid overpaying:

• Compare recent sales

• Review market trends

• Analyze neighborhood demand

• Work with an agent who knows the area well

Mistake #6: Not Considering Long-Term Costs

Buyers often look only at today’s payment. But homeownership includes long-term expenses like:

• Rising taxes

• Future repairs

• HOA fees

• Renovations

• Maintenance

Becoming “house poor” is one of the most common first-time buyer mistakes.

Avoid it:
Choose a home that fits your current lifestyle and future budget.

Mistake #7: Believing You Need 20% Down

This myth stops many renters from becoming homeowners.

In reality:

• FHA loans require as little as 3.5%

• Conventional loans can be 3%

• First-time buyer programs can cover part of your down payment

• VA loans require 0% down

• USDA loans require 0% down in eligible areas

You don’t need perfect credit or huge savings to buy a home in 2025.

Mistake #8: Not Being Ready Emotionally

Buying a home isn’t just financial — it’s emotional.
Some buyers get discouraged when they lose a bidding war or struggle to picture themselves living in a new area.

Avoid it:
Stay flexible and patient.
The right home always arrives at the right time.

Mistake #9: Choosing the Wrong Real Estate Agent

Your agent should:

• Understand your goals

• Know your neighborhoods

• Guide you through programs

• Explain contracts clearly

• Protect your interests

• Negotiate effectively

A great agent saves you time, money, and stress.

Final Thoughts

Buying your first home in 2025 doesn’t have to be overwhelming.
Avoiding these common mistakes will help you:

• Save money

• Reduce stress

• Strengthen your offers

• Understand the process

• Buy with confidence

If you prepare properly and work with the right support, becoming a homeowner becomes not just possible — but achievable.

To connect with me directly, contact me at 917-254-2103.
For your FREE Home evaluation, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use https://bit.ly/45URvuV or text HomeswithJustin to 85377.