Esta página de Internet está disponible sólo en inglés. Sin embargo, tenemos otros materiales de educación financiera en español.

Página principal de educación financiera

3 tips to avoid common home buying mistakes

Beware of these mistakes first-time home buyers often make

Watch out for home buying mistakes with these three tips.

Tip 1: Don’t buy more than you can manage

No matter how much you love a house, don’t bite off more than you can chew. Getting prequalified early in the home shopping process lets you know how much you can afford so you don’t fall for a house - and housing costs - that are outside your comfort zone. 

Beyond the mortgage, remember that a house will have other expenses such as monthly utilities and ongoing maintenance needs and repairs.

Tip 2: Don’t skip the inspection

Some home buyers waive the home inspection to save time and money, or to compete in a hot market. But home inspections can uncover problems far more costly than the inspection fee.

Home inspections often identify problems related to the age and construction of the home. Some might be major, such as a sinking foundation, while others are minor, such as a broken dishwasher.

Even in a competitive home buying market, don’t ignore problems. You may be able to negotiate with the seller to fix them or lower the price.

Tip 3: Think about the neighborhood

While the home may seem like the perfect fit, look around the neighborhood:

  • Is the home near a busy street? Can you hear traffic noise?
  • Are there barking dogs, loud music, or other disturbances?
  • How close are schools, shops, and other conveniences?
  • Do you feel safe in the neighborhood? Review crime statistics for the area.

These considerations and others may or may not affect your sentiment about the home. Research the neighborhood by visiting at different times of day.

Empower yourself with financial knowledge

We’re committed to helping you as you work toward financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to increase your financial literacy and help you reach your financial goals.

Financial Education and Tools