Buying your first home is a big deal. It’s exciting, emotional, and yes – a little stressful. You’ve worked hard to get here, and now it’s finally time to find a place to call your own.
But with all the excitement, it’s easy to make mistakes – some of which can cost you money, time, or even the home you’ve fallen in love with. The good news? These mistakes are avoidable. And with the right help, you can feel confident every step of the way.
At Hutchison & Co, we guide local buyers through the process with the care and experience they deserve. Let’s take a look at the most common mistakes first-time buyers make – and how to avoid them.
1. Not Getting Preapproved
In competitive markets like coastal Virginia, getting pre-approved isn’t just helpful – it’s essential.
Pre-approval shows sellers you’re serious and ready to buy. It also gives you a clear idea of your budget so you’re not wasting time looking at homes out of reach. In a fast-moving market, this can be the difference between getting the house – or losing it.
2. Underestimating Total Costs
Many first-time buyers focus only on the purchase price. But owning a home comes with extra costs. Think property taxes, HOA fees, homeowners insurance, repairs, maintenance, and more. These can add up quickly. Knowing the full picture helps you budget smarter and avoid surprises.
3. Skipping the Home Inspection
Some buyers try to skip the inspection to speed up the process or save money – but this is a big risk. A home inspection can uncover problems with the roof, plumbing, electrical systems, or foundation. Without it, you could end up with major repair bills after you move in. Always make sure you get a professional inspection before closing.
4. Letting Emotions Lead the Way
Falling in love with a home too quickly can cloud your judgment. It’s easy to get swept up in a beautiful kitchen or a dream backyard, but don’t ignore red flags. Stay focused on what matters in the long term: location, condition, price, and fit for your lifestyle.
5. Not Working with Experts
Every market is different. A local expert understands the neighborhoods, pricing trends, and what makes a good deal.
We live and work here in coastal Virginia. This means that we know the area inside and out – and we’re here to ensure our buyers find the right home at the right price.
6. Overextending Yourself Financially
Just because the bank says you can afford a certain amount doesn’t mean you should spend it all. Buying at the very top of your budget leaves no room for emergencies, savings, or lifestyle changes. Look for a home that fits your finances now – and leaves some breathing room for the future.
7. Overlooking Neighborhood Factors
Don’t just look at the house – look at the area around it.
What are the schools like?
How’s the commute?
Is the home in a flood zone?
These factors can significantly impact your daily life and affect property value in the long run.
8. Making Financial Changes During Closing
Once your offer is accepted, don’t make any big changes to your finances.
That means don’t change jobs, don’t buy a car, and don’t open new credit cards. These moves can mess with your loan approval and put the whole deal at risk – sometimes just days before closing.
9. Waiting Too Long to Make an Offer
In this market, homes don’t sit for long.
If you find a home you love and it checks all your boxes, don’t wait too long. Being ready to act quickly can make all the difference – especially when there are multiple offers on the table.
10. Not Considering Resale Value
Even if this is your “forever home,” life happens. Make sure you choose a home that holds its value over time. Look for features such as a good location, updated systems, solid construction, and flexible layout. Thinking ahead can help protect your investment if you ever decide to sell.
In Summary
Buying your first home is a major milestone – and it should be a great one. Avoiding these common mistakes can save you time, money, and stress. And remember: you don’t have to do it alone. We help first-time buyers in coastal Virginia make informed decisions and feel confident throughout the process.
Ready to start your home journey the right way?