First-Time Buyer Mistakes to Avoid Buying your first home? DonŐt let these costly mistakes catch you off guard. 1. Skipping Pre-Approval Know your budget before you shop. 2. Forgetting Extra Costs Plan for closing costs, moving and monthly expenses. TIP: Save an extra $5KĐ$10K. 3. Skipping Inspection Hidden issues equal costly surprises. 4. Ignoring Location Check commute, neighborhood and noise. 5. Big Purchases Before Closing New debt can delay your loan.