{"id":1706,"date":"2021-02-16T10:00:59","date_gmt":"2021-02-16T10:00:59","guid":{"rendered":"https:\/\/www.discoveryhomes.com\/blog\/?p=1706"},"modified":"2025-02-19T18:11:38","modified_gmt":"2025-02-20T01:11:38","slug":"common-homebuyer-mistakes-to-avoid","status":"publish","type":"post","link":"https:\/\/www.discoveryhomes.com\/blog\/common-homebuyer-mistakes-to-avoid\/","title":{"rendered":"Common Homebuyer Mistakes to Avoid"},"content":{"rendered":"\n<p>Buying a home is both exciting and stressful, especially if\nyou\u2019re a first-time homebuyer. There\u2019s a lot of room for error when it comes to\nbuying a house so it\u2019s understandable to have some anxiety about this large\ninvestment! <\/p>\n\n\n\n<p>Thankfully, a lot of these missteps are avoidable if you\nknow what to look for. Here are a few common homebuyer mistakes to avoid when\nsearching for your new home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Looking for a home before getting preapproved<\/h3>\n\n\n\n<p>Getting preapproved for a mortgage is helpful in a few ways.\nFirst, it assesses your financial ability to manage this purchase. It also\nshows buyers how much they can potentially afford (more on this in a moment).\nFinally, it proves that you\u2019re a serious buyer and not just a looky-loo.<\/p>\n\n\n\n<p>If you start looking at homes before you\u2019re preapproved, you\nrun the risk of falling in love with a home that is out of your price range. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Draining your savings<\/h3>\n\n\n\n<p>Draining your savings for a down payment and closing costs is a common mistake. Work on saving enough for a down payment, closing costs\n(lenders can give you an estimate), moving expenses, and any repairs. Also, depending\non the type of mortgage you have, you may be able to purchase a home with a\nsmaller down payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Overlooking first-time homebuyer programs<\/h3>\n\n\n\n<p>Being a first-time homebuyer has its benefits, mainly the myriad of programs dedicated to helping you afford a home. Many people don\u2019t know these programs exist or assume they don\u2019t qualify! Many states and cities maintain <a rel=\"nofollow\" href=\"https:\/\/www.quickenloans.com\/learn\/11-first-time-home-buyer-programs\">first-time homebuyer programs<\/a> to provide assistance in buying a home. Some programs offer low down payment options, making homebuying more achievable.<\/p>\n\n\n\n<p>Check with your state and city to see which programs are available.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Making big purchases before closing<\/h3>\n\n\n\n<p>You\u2019ve found your home and had your offer accepted.\nCongratulations! Though you\u2019ve reached this milestone, don\u2019t get too excited\nand start buying new things. Avoid adding new debt, like buying a new car until\nyou\u2019ve completed closing.<\/p>\n\n\n\n<p>The weeks between having an offer accepted and signing a contract and getting the keys is a crucial period. This is when your loans undergo a process called underwriting, ask your lender ahead of time about more details of this process and what it entails.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Holding out for the \u2018perfect house\u2019<\/h3>\n\n\n\n<p>Expecting to find a home that meets every requirement and is\nin your budget can limit your options. The hard truth is there\u2019s no such thing\nas a perfect home; even if you build one from the ground up. Holding out for\nthe \u2018perfect home\u2019 may cause you to miss out on a great home that meets most of\nyour needs.<\/p>\n\n\n\n<p>Before you begin touring homes, put together a list of your\nwants and needs so you can focus on finding a home that fits what you really\nwant. Keep an open mind and if you find a great home early in your search,\ndon\u2019t hesitate to put in an offer! <\/p>\n\n\n\n<p>There\u2019s a lot of factors to consider when buying a home. But by doing your due diligence to research and understand the buying process, you can feel confident in your journey to finding the right home you\u2019ll be happy with for years to come.<\/p>\n\n\n\n<p>When you\u2019re ready to start your journey to your new home, visit us at <a href=\"https:\/\/www.discoveryhomes.com\/\">DiscoveryHomes.com<\/a>. There you can learn about our new home communities throughout Northern California, floorplans, pricing, and schedule a visit! We look forward to helping you find your home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home is both exciting and stressful, especially if&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1707,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[293,115,116],"class_list":["post-1706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homebuying-tips","tag-first-time-homebuyers","tag-homebuying","tag-homebuying-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Common Homebuyer Mistakes to Avoid - Discovery Homes Blog<\/title>\n<meta name=\"description\" content=\"Here are a few common homebuyer mistakes to avoid when searching for your new home.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.discoveryhomes.com\/blog\/common-homebuyer-mistakes-to-avoid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Common Homebuyer Mistakes to Avoid - 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