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Skipping pre-approval and underestimating costs lead the list.
The two biggest mistakes I see first-time buyers make are house hunting without a mortgage pre-approval and focusing solely on the down payment. According to home-buying guides, failing to get pre-approved can delay your purchase and cause you to miss out on homes. Draining your entire savings for the down payment leaves you without cash reserves for closing costs, repairs or emergencies. Beyond these, new buyers often underestimate total monthly costs, overlook critical inspections like the CL-100 termite report required in South Carolina, and rush through closing without understanding the loan terms and fees.
The good news: every mistake on this list is avoidable. With the right planning and guidance, you can navigate your first purchase confidently.
Here is what each of these mistakes actually costs and how to avoid it:
Not getting pre-approved before you start touring. In the Columbia market, move-in-ready homes in the $200,000 to $300,000 range often go under contract within a week of listing. If you submit an offer without pre-approval, most sellers will not even seriously consider it. The fix: get pre-approved before you go to a single showing. It takes two to three business days with most lenders and costs you nothing until you close.
Buying as much house as the bank will approve. Lenders will approve you for more than you should spend. They do not factor in your car payment, childcare, emergency fund needs, or what happens if one income disappears temporarily. The rule of thumb is to keep your total housing payment under 28% of your gross monthly income. Figure out your own number before you let a lender tell you what your limit is.
Skipping the inspection to be competitive. In today's Columbia market, you do not need to waive inspections to get a home. Inventory is not that tight. A skipped inspection on a 1970s or 1980s Columbia home can mean walking into $8,000 to $15,000 in deferred maintenance you did not know about.
Underestimating what you need saved. Down payment is only part of it. Closing costs in South Carolina typically run 2% to 3% of the purchase price, which on a $250,000 home is $5,000 to $7,500 in addition to your down payment.
One SC-specific note: get pre-approved before you tour in the Columbia market specifically. The $200,000 to $280,000 segment moves fast. Being ready is the difference between getting your offer seen and missing the house entirely.