At The Behfar Team, we guide first-time buyers through a transparent, client-first home-buying process in Brooklyn. As experienced Brooklyn real estate brokers with deep local market knowledge in Midwood, Madison, and Marine Park, we understand the challenges buyers face in today’s competitive Brooklyn housing market.
For many first-time home buyers, it is a lifelong dream to have their own house. Achieving this goal means that there will be some new experiences – some of which may not be pleasant.
Buying a house can be an overwhelming experience. Understanding the basics of home-buying and asking the right questions to the right people will be a huge deal to have a smooth and hassle-free home-buying experience.
Below is a list of common mistakes that first-time home-buyers usually make:
1. Hesitating to ask for information or clarity
• Ask questions. It is perfectly normal to have a lot of questions and it is always best to be as informed as possible before making any huge decision.
2. Taking out a bank loan for the down payment
• Down payments can be from the buyer’s savings, from gifts, etc. However, it is not advised to take out a loan just to cover the down payment of a home that is being purchased. It’s typically money saved for a while.
3. Failing to build or work on the credit score
• It is important to have a good credit score because it is a factor that will determine credit-worthiness, rates, etc. This helps lenders decide if the buyer is qualified to take a mortgage and how much the interest will be.
4. Not getting a mortgage pre-approval before shopping for a home
• This is so crucial and I can’t stress enough how getting a pre-approval before you start looking is super important. Many times, I have seen couples tell me that their family is going to help them and they should start looking. While I definitely value that, I really try to push them to speak to a mortgage broker and run all the numbers because there aren’t so many homes on the market within their price range. Many times the inventory is limited and many buyers are also looking for a deal so when you finally find a home that you like, it’s very stressful to scramble to get a pre-approval last minute. The co-signer or the person giving the down payment is not ready with the money. Getting through the pre-approval is just as crucial determining how much you can borrow and to just be ready. Home searching will be more focused and successful if the buyer looks for a home that is within budget, which will be determined by the mortgage that can be taken out.
5. Being uninformed about the closing costs
• Closing costs include local property taxes, fees related to the loan, and title insurance. It’s a separate fee then the down payment. Many do seller’s concession and add it to the closing costs.
6. Lack or absence of negotiating closing costs
• Closing costs are always open to negotiation. Having an expert real estate agent would be a big help in minimizing the costs.
7. Not considering the monthly payment before making an offer
• It is wise that the mortgage payment should not consume more than a third of the income to make sure that enough funds are still left for emergencies, leisure. And daily Jewish life 😉
8. Lacking knowledge about interest rates
• Even small changes in interest rates can affect a home’s affordability. Make sure that you have a mortgage broker that you’re in touch with.
9. Taking rejection personally
• Buyers should remind themselves that home buying is sort of like a numbers game – buyers may not always get the first home they made an offer on or even the 10th home. Be ready and patient.
10. Being unwilling to compromise on home features and neighborhood
• Although it would be wise to know what you want in a house, having a long list of must-haves can leave a buyer empty-handed. There’s always a give and take when buying a home and going through different homes helps you narrow it down.
11. Waiving home inspection
• Buyers must not waive inspections, except in extreme cases. Waiving an inspection can reveal later on some serious problems like foundation damage or mold and be left with more expenses then you planned.
Every market has its own dynamics. It is crucial to find an agent who can properly guide the process and expertly strategize how to help you get the home you love in the price and terms that you can afford.
Work With a Trusted Brooklyn Real Estate Team
At The Behfar Team, we specialize in helping first-time home buyers navigate the Brooklyn real estate market with clarity, integrity, and skilled negotiation. Whether you’re buying a home in Midwood, Madison, or Marine Park, our experienced brokers provide elite, transparent service designed to protect your interests and help you make confident decisions.
If you’re thinking about buying a home in Brooklyn, reach out to The Behfar Team at www.thebehfarteam.com
The Behfar Team – Helping families create new chapters with heart, integrity, and trusted local expertise in Brooklyn real estate.
