By Anthony DiCicco, The DiCicco Team at Keller Williams Realty
After more than 15 years helping families find their dream homes throughout the greater Bucks County/Philadelphia area, I’ve seen firsthand how the excitement of buying a home can sometimes lead to costly mistakes. The real estate market in our area continues to evolve, and in today’s competitive landscape, being prepared can make all the difference between landing your dream home and walking away disappointed.
Whether you’re a first-time homebuyer or looking to upgrade to your forever home, avoiding these common pitfalls will help ensure a smoother, more successful buying experience. Let me walk you through the top five mistakes I see homebuyers make—and more importantly, how you can avoid them.
Mistake #1: Skipping Pre-Approval Before House Hunting
One of the most common and potentially costly mistakes I see homebuyers make is falling in love with properties before knowing what they can actually afford. In our areas competitive market, this approach can lead to heartbreak and wasted time.
Why this happens: The excitement of home shopping often drives buyers to start browsing listings immediately. They see beautiful homes online, start attending open houses, and before they know it, they’ve found “the one”—only to discover they can’t qualify for the necessary loan amount.
The consequences: In today’s market, sellers and their agents typically won’t even consider offers without pre-approval. By the time you get pre-approved, that dream home could be under contract with another buyer who came prepared.
How to avoid it: Before you download a single real estate app or visit your first open house, meet with a mortgage lender to get pre-approved. This process involves:
- A review of your credit history
- Verification of your income and employment
- Analysis of your debt-to-income ratio
- Assessment of your down payment funds
With a pre-approval letter in hand, you’ll know exactly what you can afford, you’ll be taken more seriously by sellers, and you’ll be ready to make an offer quickly when you find the right home.
Pro tip: Pre-approval isn’t just about maximum purchase price—it helps you understand how different price points affect your monthly payment. This knowledge allows you to make a more informed decision about your comfort level with housing expenses.
Mistake #2: Underestimating the Total Cost of Homeownership
Many buyers—especially first-timers—focus solely on the mortgage payment when budgeting for a home purchase. This narrow view can lead to financial strain down the road.
Why this happens: Mortgage calculators make it easy to estimate your principal and interest payment, but they often don’t account for all the additional costs of owning a home. Here in Bucks County, these additional expenses can vary significantly depending on the township, age of the home, and property features.
The consequences: Buyers who don’t account for all homeownership costs may find themselves house-rich but cash-poor, struggling to maintain their property or forced to make lifestyle sacrifices they hadn’t anticipated.
How to avoid it: When budgeting for your home purchase, be sure to account for:
- Property taxes (which can vary widely across Bucks County’s municipalities)
- Homeowner’s insurance
- Possible mortgage insurance (PMI)
- HOA or condo fees if applicable
- Utilities (water, sewer, gas, electric)
- Maintenance and repairs (plan for 1-3% of the home’s value annually)
- Lawn care, snow removal, and other seasonal services
- Home improvements and updates
Pro tip: Ask your agent (that’s me!) to provide estimates of property taxes and typical utility costs for homes you’re considering. For older homes, consider budgeting more for maintenance or requesting a home warranty as part of your offer.
Mistake #3: Waiving Inspections in a Competitive Market
In hot markets, buyers often feel pressured to make their offers more competitive by waiving inspection contingencies. While this might help win the bidding war, it can lead to expensive surprises after closing.
Why this happens: When multiple offers come in on a desirable property, buyers look for ways to make their offer stand out. Waiving inspection contingencies is appealing to sellers because it streamlines the process and reduces the risk of renegotiation.
The consequences: Without thorough inspections, you might inherit serious issues like foundation problems, roof damage, outdated electrical systems, or hidden water damage. These repairs can cost tens of thousands of dollars and might have been negotiable had they been discovered during the inspection period.
How to avoid it: Instead of completely waiving inspections, consider these alternatives:
- Conduct a pre-offer inspection (if the seller allows)
- Shorten the inspection timeline to make your offer more appealing
- Include an inspection contingency with a threshold for repair requests (e.g., you’ll only ask for repairs exceeding $5,000)
- Offer an as-is purchase but with an inspection right-to-cancel clause
- Include language that you won’t request minor repairs, only major structural or safety issues
Pro tip: In Bucks County, many of our homes are historic or were built before modern building codes. Always inspect for knob-and-tube wiring, asbestos, lead paint, and other period-specific concerns. These issues aren’t necessarily deal-breakers, but knowing about them upfront allows you to budget accordingly.
Mistake #4: Neglecting to Research the Neighborhood
Finding the perfect house is only half the equation—it needs to be in the right location for your lifestyle and future needs.
Why this happens: Buyers can become so focused on home features and aesthetics that they overlook critical aspects of the surrounding area. This is especially true for out-of-town buyers relocating to the area who may not be familiar with the distinctions between our diverse communities.
The consequences: You might end up with your dream home in a location that doesn’t serve your daily needs, has unexpected noise issues, longer commute times than anticipated, or school districts that don’t align with your family’s educational priorities.
How to avoid it: Before making an offer, thoroughly research the neighborhood:
- Visit at different times of day and different days of the week
- Check school district performance (even if you don’t have children, this affects resale value)
- Research the crime statistics for the area
- Look into future development plans that could affect property values
- Calculate your commute during rush hour
- Identify proximity to amenities important to you (parks, shopping, healthcare)
- Research flood zones and other environmental factors
Pro tip: Having lived and worked in Bucks County for over 15 years, I can provide invaluable insights about different neighborhoods—from the historic charm of New Hope to the family-friendly suburbs of Newtown or the rural beauty of Upper Bucks, and even Philadelphia. Tell me about your lifestyle needs, and I can guide you to communities that might be the perfect fit.
Mistake #5: Making Big Financial Changes Before Closing
The period between mortgage pre-approval and closing is not the time to make significant financial moves, yet I’ve seen many buyers inadvertently jeopardize their loan by doing exactly that.
Why this happens: Life doesn’t stop during the home buying process. Buyers often don’t realize how sensitive mortgage approval is to changes in their financial profile.
The consequences: Changes to your financial situation can delay closing, require additional documentation, change your loan terms, or even cause loan denial at the last minute—potentially resulting in the loss of your earnest money deposit.
How to avoid it: From pre-approval until closing day, avoid:
- Changing jobs or employment status
- Making large purchases (especially on credit)
- Opening new credit accounts
- Missing any bill payments
- Making large deposits without documentation
- Co-signing loans for others
- Closing credit accounts
- Making significant withdrawals from your accounts
Pro tip: If you absolutely must make a financial change during this period, consult with your mortgage lender immediately. They can advise you on the potential impact and what documentation you’ll need to provide to keep your loan on track.
The Bottom Line
As your Bucks County real estate expert, I’ve helped hundreds of clients navigate the homebuying process successfully. The mistakes above are entirely avoidable with proper planning and guidance.
Remember: buying a home is likely the largest financial transaction of your life, but it doesn’t have to be the most stressful. Working with an experienced real estate professional who knows the local market can help you avoid these common pitfalls and many others.
If you’re thinking about buying a home in Bucks County or the surrounding areas, I’d love to put my 15+ years of experience to work for you. Contact me at 215-385-2006 or anthony@diciccosells.com to discuss your homebuying goals and how we can achieve them together.
Anthony DiCicco leads The DiCicco Team at Keller Williams Realty, specializing in Bucks County, Montgomery County, and Philadelphia PA real estate. With over 15 years of experience helping buyers and sellers throughout the region, Anthony combines market expertise with personalized service to create exceptional real estate experiences.
Visit diciccosells.com to learn more about our services and to browse current home listings.
