First-Time Home Buying Pitfalls to Avoid

Buying your first home is exciting, and it's easy to make an expensive mistake when everything is new. These are the pitfalls I see most often with first-time buyers in the Seattle area, and how to steer clear of them.

1. Shopping before you're pre-approved. Without a pre-approval you don't know your real budget, and sellers won't take your offer seriously.
2. Forgetting about closing costs and reserves. Your down payment isn't the only cash you need. Budget for closing costs, moving and a cushion for repairs.
3. Stretching to the maximum loan amount. Being approved for a number doesn't mean you'll be comfortable paying it. Pick a payment that leaves room in your life.
4. Skipping the inspection. Even in a competitive market, know what you're buying. An inspection can reveal roof, foundation, plumbing or electrical problems that cost thousands.
5. Making big financial changes before closing. A new car loan, a new credit card or a job change can delay or derail your loan. Wait until you have your keys.
6. Waiting for the perfect home. No home checks every box. Focus on what's hard to change (location, layout, lot) and be ready to move when the right one appears.
7. Letting emotions set the price. Your offer should be based on comparable sales. I'll show you the numbers so you don't overpay or lose a home by offering too little.
8. Not reading the HOA documents. For condos and townhomes, review the dues, reserves, rules and any planned special assessments before your review period ends.
9. Going it alone. A good agent, lender and inspector protect you through contracts, deadlines and negotiations. Washington purchase contracts have firm timelines, and missing one can cost you.

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