The Most Common Real Estate Mistakes First-Time Buyers Make — And How to Avoid Them

For many, buying a home is one of the most exciting — and most overwhelming — milestones in life. It's not just about getting the keys to your dream home; it’s about making one of the biggest financial decisions you'll ever face.

Unfortunately, many first-time buyers fall into the same traps. These common mistakes can cost thousands of dollars, delay homeownership, or even lead to buyer’s remorse.

At Take A Look Real Estate Brokers, we believe education is the best tool to help people “own it” — confidently and intelligently. That’s why we're launching a movement called "It’s Time to Own It" — a real estate education initiative that helps you avoid the costly missteps and walk into ownership with clarity.

In this post, we’re breaking down the most common mistakes we see first-time buyers make — and what you can do to avoid them.

Mistake #1: Thinking You Need 20% Down

One of the biggest myths that keeps people renting is the belief that you need a 20% down payment to buy a home. While that used to be the standard, it's no longer true today.

In fact, many first-time buyers qualify for loan programs that require as little as 3% down. In some cases — such as with VA or USDA loans — it’s possible to buy a home with zero money down.

The Fix: Speak with a trusted mortgage professional who understands the available programs for your situation. Knowing your options can open the door to ownership much sooner than you think.

Mistake #2: Shopping Without a Pre-Approval

Many buyers start browsing online listings or even visiting open houses before talking to a lender. But falling in love with a home before you know what you can afford is one of the fastest ways to experience heartbreak.

Not only does pre-approval give you a clear idea of your budget, but it also gives you an edge when it’s time to make an offer — especially in a competitive market.

The Fix: Get pre-approved before you start house hunting. It’s a simple step that puts you in a powerful position.

Mistake #3: Focusing Only on the House, Not the Strategy

Too many buyers are hyper-focused on granite countertops, double vanities, and trendy features — but fail to consider how real estate fits into their long-term goals.

The truth is, real estate is one of the most powerful wealth-building tools available. Your first home shouldn’t just look good — it should work for you financially.

The Fix: Ask questions like:

• How long will I stay in this home?

• Can I turn this into a rental later?

• What’s the resale value in this neighborhood?

This is why strategy matters. Buying smart means building equity, protecting your future, and understanding the numbers — not just the décor.

Mistake #4: Ignoring Total Monthly Costs

The mortgage payment is just the beginning. First-time buyers often overlook additional costs like:

• Property taxes

• Homeowners insurance

• HOA fees

• Maintenance and utilities

These hidden costs can stretch your budget if you’re not prepared.

The Fix: Work with a real estate team that helps you break down all the monthly expenses so you’re not blindsided after moving in.

Mistake #5: Skipping the Education

This is perhaps the most avoidable mistake of all. First-time buyers often trust advice from family, friends, or social media without ever getting real education from real estate professionals.

That’s why we started “It’s Time to Own It” — to give everyday people access to the kind of real estate education the wealthy have always had.

You don’t need to guess your way through the biggest financial decision of your life. We believe you deserve to be educated, empowered, and prepared before you sign on the dotted line.

Let’s Change the Narrative

The truth is: most people overpay for real estate. Not just by thousands — but by hundreds of thousands of dollars over the life of a mortgage.

And it’s not their fault. They were never taught.

At Take A Look Real Estate Brokers, we’re not just here to open doors — we’re here to unlock the right ones. It’s time to stop guessing. It’s time to stop relying on outdated advice. It’s time to learn the strategy behind the sale.

It’s Time to Own It.

Just one goal — to teach you what school never covered about real estate.

Let this spark your dream. We’ll guide you to ownership. Stay tuned for the exact date — it’s coming soon.