Buying a home is one of the most significant financial decisions you’ll ever make. While it’s an exciting milestone, the process is filled with potential pitfalls that can lead to costly mistakes. Whether you’re a first-time buyer or have been through the process before, understanding these common missteps can help you make a smarter investment. Real estate experts Tracie Rigione and Vicki Ihlefeld from Al Filippone Associates/William Raveis Real Estate share their insights on avoiding buyer’s remorse and securing the best deal possible.
Get pre-approved before you start shopping
One of the biggest mistakes prospective homebuyers make is starting their search without first securing mortgage pre-approval. Falling in love with a home you can’t afford can be heartbreaking, and skipping this step could lead to wasted time and disappointment.
“You need to know what you can afford and what the monthly payments look like,” explains Vicki Ihlefeld. “A good mortgage broker will help determine this for you. While a bank might pre-approve you for a higher amount, you don’t want to overextend yourself. Be realistic about what you can actually afford.”
Getting pre-approved not only gives you a clear budget but also strengthens your position as a buyer. Sellers are more likely to take your offer seriously when they see that you’re financially prepared.
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Work with a real estate professional
With so much information available online, many buyers assume they can handle the process themselves. However, working with an experienced real estate professional can make a significant difference.
“Realtors educate buyers about the process, help them understand legal requirements, and advise them on financial matters, like when they’ll need to have their down payment ready,” says Tracie Rigione.
Additionally, real estate agents often have access to properties before they hit the market, giving buyers an edge in competitive markets. They can also provide valuable insights into different neighborhoods, helping you choose a location that meets your needs and lifestyle.
Finding the right agent is essential, so take your time to find someone who understands your preferences and communicates effectively. As Rigione points out, “You’re going to be spending a lot of time together throughout the process!”
Base your offer on market value, not emotion
A common mistake buyers make is allowing emotions to drive their offer. It’s easy to get attached to a home, but overpaying can lead to financial strain. Instead, ensure your offer is based on comparable sales in the area rather than just how much you love the property.
“Ultimately, the price should reflect the market value of the home,” says Rigione. “The best negotiation is when both the buyer and seller feel like they’ve won. This is where working with a real estate pro really comes in handy.”
Look beyond superficial details
A home’s appearance can be deceiving, whether it’s updated with trendy decor or in need of cosmetic fixes. Buyers often get distracted by stylish finishes and overlook critical factors such as location, layout, and structural integrity.
“We call it eye candy,” says Ihlefeld. “People get so caught up in cosmetic details that they forget about things they can’t change, like the neighborhood, yard size, or a home’s proximity to a busy road.”
On the flip side, some buyers dismiss homes that need minor updates, missing out on great properties with strong bones and good locations. Focus on long-term value rather than surface-level appeal.
Keep emotions in check
Buying a home is an emotional process, but letting feelings dictate your decisions can lead to regret. If you become too attached to a property, you may be willing to overpay or overlook potential issues.
“If you love it so much that you feel like you’ll do anything to get it, you might end up making a financially unsound decision,” warns Rigione. “That can lead to buyer’s remorse and feeling like you didn’t get the best deal.”
Instead, approach the process with a strategic mindset. Be prepared to walk away if necessary, and always consider the long-term financial impact of your purchase.
