Was finding your dream home your top resolution heading into 2025? The reality is that buying is one of the most significant investments you’ll ever make, but the process can be both exciting and overwhelming all at once. While it’s essential to focus on the steps that lead to homeownership, sometimes knowing the ones to avoid is just as (or even more!) important. Here are some common mistakes to steer clear of if you’re planning to buy a home this year:

Make Big Purchases Before Buying

Did you know that one of the biggest mistakes potential buyers make is taking on large expenses before closing on a home? Big moves like financing a new car, splurging on expensive furniture, or racking up credit card debt can drastically impact your debt-to-income ratio. This, in turn, might lower your credit score or raise red flags for lenders, therefore jeopardizing your mortgage approval along the way.

Take Advice From Friends & Family

While advice from friends and family often comes with good intentions, it’s not always the most accurate, relevant — or, for that matter, helpful. In a market like ours that’s ever-changing, misinformation can lead to costly missteps. Instead, it’s best to rely on professionals like real estate agents, mortgage brokers, and financial advisors who understand the intricacies of buying a home in and out.

Switching Jobs Frequently

One of the most critical aspects of mortgage approval? Your employment history. Lenders look for stability, so switching jobs — or worse, quitting without a new position lined up — can raise concerns about your ability to make consistent payments. If possible, you should avoid making career changes until after your home purchase is complete.

On the hunt for more advice on home buying? Read these blogs next!

• Do I Need To Sign A Buyer-Broker Agreement When Buying a Home In DC?
• Red Flags To Look For When Buying A Home
• Should You Buy A Home That Needs Work?

Skipping Pre-Approval

We’ve all experienced the downside of going shopping without a budget, right? Not getting pre-approved for a mortgage is no exception — minus the higher stakes involved. Pre-approval not only helps you understand what you can afford but also makes you a more attractive buyer in the eyes of sellers. Without it, you risk wasting time on homes outside your price range or losing out to other buyers.

Overlooking Additional Costs

As a first-time buyer, it’s easy to focus solely on the down payment due to the expense involved. The problem? Forgetting about closing costs, property taxes, homeowners insurance, and maintenance expenses that matter just as much, too. Failing to budget for these can leave you financially strained once you’ve moved in — therefore costing you the freedom to make the home your own without stress. Our advice? Take a comprehensive approach to financial planning now to ensure success down the line.

Waiting for the ‘Perfect’ Time

While playing the market may seem like a savvy strategy, the truth is that there is no perfect time to buy — other than the one that’s right for you. Why? Because these days, it’s nearly impossible to predict interest rates and housing prices with precision in the first place. Waiting too long could mean missing out on your dream home or facing higher prices and competition.

Not Reviewing Your Credit Report

This just in: Your credit score significantly affects your mortgage options and interest rates. Errors or outdated information on your credit report can lower your score and complicate the approval process, which is why you should regularly review your report, address any discrepancies, and take the necessary action to improve your score before applying for a mortgage.

Do you have more questions about buying a home in DC? Read these posts next:

• Today’s Top Real Estate Scams and How to Spot Them
• Existing Home Vs. New Build: Which is Right For You?
• Signs the Market is Good For Buyers

Ignoring Market Research

While not even the sharpest market strategists have a crystal ball, on the other hand, buying a home without doing your homework on the local market is like diving in blind. To avoid the fallout, spend time researching neighborhoods, school districts, commute times, and amenities to ensure the area aligns with your lifestyle and needs.

The Bottom Line

Avoiding these common mistakes can make your home-buying journey smoother and more rewarding. By staying financially disciplined, seeking expert advice, and planning thoroughly, you’ll be well on your way to finding a home you love — without the unnecessary stress or setbacks. Ready to take the next step? Start by meeting with us to set a clear roadmap for your path to homeownership today.

Thinking about making real estate moves in DC? We’d be happy to help! Give us a call at 202.280.2060 or email us directly at jsmira@jennsmira.com.