Buying your first home is a big step and it’s easy to get caught up in the excitement. But even small missteps can cost you time, money, or even the home you want. Whether you're just starting to look or already talking to lenders, here are some of the most common mistakes first-time buyers make and how you can avoid them.

Not Getting Pre-Approved First

Before you fall in love with a home, you should know exactly what you can afford. Getting pre-approved for a mortgage gives you a realistic price range and shows sellers you’re serious. Without it, you risk wasting time looking at homes that are out of reach—or losing out in a competitive offer situation.

Stretching Your Budget Too Far

Just because a lender approves you for a certain amount doesn’t mean you should spend it all. Your mortgage payment is only part of the picture. Property taxes, insurance, maintenance, and unexpected repairs add up fast. Focus on what fits your lifestyle and leaves you some breathing room.

Forgetting About Closing Costs

A lot of buyers are so focused on their down payment that they forget about closing costs. These include legal fees, land transfer tax, home inspections, and more. In Ontario, you should set aside about 2 to 4 percent of the purchase price to cover these. If you don’t plan for them, you might be scrambling at the last minute.

Skipping the Home Inspection

A home might look perfect on the surface, but there could be hidden issues like a leaky roof, old wiring, or foundation problems. A professional home inspection gives you peace of mind—and leverage to renegotiate or walk away if there are serious concerns. Don’t skip this step, no matter how hot the market feels.

Making Big Financial Moves Before Closing

Once you’ve been approved and your mortgage is in process, keep your finances steady. Don’t open new credit cards, take out loans, buy a car, or change jobs. These changes can affect your mortgage approval and potentially derail your closing. Wait until the keys are in your hand before making any major moves.

Not Asking Questions

This might be your first home, but you’re allowed to ask as many questions as you need. Whether it’s your mortgage agent, real estate agent, lawyer, or home inspector—don’t be afraid to speak up. A good team will walk you through the process clearly and patiently.

Thinking You Have to Do It Alone

You don’t. Buying a home is a complex process, and having the right support makes all the difference. A mortgage agent can shop rates for you, help you access first-time buyer incentives, and guide you through the fine print so you’re not caught off guard.

Buying a home for the first time is a learning experience—but it doesn’t have to be a stressful one. Avoiding these common mistakes can save you thousands of dollars and a lot of unnecessary headaches. If you ever want to talk through the process or get a second opinion on something, I’m just a message away.