Buying a first home is a significant life milestone and a major financial and long-term commitment. While it may not be possible to prepare for every possible outcome, it is possible to prepare for potential pitfalls that may occur during the home buying process. REALTORS® recommend identifying and utilizing saving opportunities and avoiding working outside of a budget. They also advise against attempting to manage the process without professional assistance, overlooking assistance programs and hidden costs of homeownership, and moving too fast or purchasing more than can be afforded.
A home buying timeline should be mapped out with a REALTOR® and mortgage broker, and potential credit report issues should be addressed. Additionally, it is important to be honest with one's budget and to have a professional team assembled to support the home buying journey.