Avoid These 7 Costly Mistakes When Buying a Home in Oregon

By Alexa Heilbrun | Oregon Real Estate Expert

💡 Helping Renters Become Homeowners & Homeowners Make Smart Moves

Because No One Wants to Learn the Hard Way (Especially With Their Life Savings at Stake)

Buying a home is exciting, nerve-wracking, and, let’s be real—terrifying all at the same time. It’s the biggest purchase most people will ever make, and while homeownership is 100% worth it, one wrong move can cost you thousands.

But guess what? You don’t have to make those mistakes! Learn from the missteps of others, so you can buy your dream home in Oregon without the stress, regret, or unexpected bills.

Here are the 7 most costly home-buying mistakes and, more importantly, how to avoid them like a pro.

1. Skipping Mortgage Pre-Approval (AKA Falling in Love With a Home You Can’t Afford)

Picture this: You find the perfect home. It’s everything you wanted—huge kitchen, dreamy backyard, stunning view. You’re ready to put in an offer… only to find out you can’t afford it. Ouch.

🔹 The Fix: Get pre-approved for a mortgage before you start looking. This way, you’ll know exactly what you can afford, and sellers will take your offer seriously.

Bonus: It also helps you lock in an interest rate before they rise!

👉 Pro Tip: Don’t confuse pre-qualification with pre-approval. Pre-qualification is an estimate, while pre-approval means a lender has actually verified your finances.

2. Not Shopping Around for a Lender (Because the First Offer is Never the Best One)

Would you buy a car without comparing prices? No. So why would you take the first mortgage offer without checking around? A difference of just 0.5% in interest rates can mean paying thousands more over the life of your loan.

🔹 The Fix: Talk to at least three lenders (a mortgage broker, a credit union, and a bank) to compare rates, fees, and loan terms. Don’t just focus on interest rates—look at closing costs, lender fees, and PMI.

👉 Pro Tip: Some lenders offer first-time buyer incentives or special programs for those with lower credit scores—ask about these!

3. Draining Your Savings for the Down Payment

Yes, you need money for your down payment and closing costs, but you also need a financial cushion for unexpected expenses. New homeowners are often hit with surprise costs like repairs, moving expenses, or an emergency that eats up their last dollar.

🔹 The Fix: Make sure you have at least 3-6 months of living expenses saved after your down payment. If you don’t, you might want to consider down payment assistance programs that allow you to put less money down while keeping some savings intact.

👉 Pro Tip: Look into Oregon’s first-time buyer programs—some offer grants or zero-interest loans for down payments!

4. Waiving the Home Inspection (A $500 Gamble That Could Cost You $50,000)

Imagine moving into your new home and discovering the roof leaks, the foundation is cracked, or the electrical system is a fire hazard. Sounds like a nightmare, right? That’s what happens when you skip the home inspection to “win” a bidding war.

🔹 The Fix: Always, always, always get a professional home inspection. If the market is competitive and you’re tempted to waive it, at least do a pre-inspection before making an offer.

👉 Pro Tip: Ask for an inspection contingency, so you can negotiate repairs or back out if major issues arise.

5. Underestimating Closing Costs (Because Surprise Fees Are the Worst)

Most buyers focus on their down payment, but they forget about closing costs, which can be anywhere from 2-5% of the home price. That’s thousands of dollars due at closing.

🔹 The Fix: Ask your lender for a Loan Estimate early on, so you know exactly what to expect. Also, ask your real estate agent about negotiating seller concessions to help cover some of these costs.

👉 Pro Tip: Some Oregon lenders offer zero-closing-cost mortgages—but they come with slightly higher interest rates. Run the numbers to see if it’s worth it.

6. Ignoring HOA Rules & Fees (AKA Getting Stuck in a Nightmare Neighborhood)

That cute townhome might have an affordable price tag, but did you check the HOA rules and fees? Some HOAs have strict regulations, high monthly fees, and assessments that can increase anytime.

🔹 The Fix: Before buying in an HOA community, read the CC&Rs (Covenants, Conditions & Restrictions) to make sure you’re okay with their rules (no pink front doors, no RV parking, etc.). Also, ask for a history of HOA fee increasesto avoid surprises.

👉 Pro Tip: If an HOA has low fees but no cash reserves, be cautious—they could hit you with a special assessment (a massive unexpected bill) if major repairs are needed.

7. Making Big Purchases Before Closing (Yes, That New Couch Can Wait!)

Your loan is approved, your offer is accepted, and you’re just days away from closing. Time to celebrate with new furniture, right? Wrong. A sudden change in your debt (even putting a TV on a credit card) can change your credit score and kill your loan approval.

🔹 The Fix: Do not make any large purchases, open new credit cards, or take out loans until after you close on your home. Your lender will re-check your credit right before closing, and any changes could cause problems.

👉 Pro Tip: Even changing jobs before closing can be risky—talk to your lender before making any big financial moves.

Final Thoughts: Buy Smart & Buy With Confidence

Mistakes happen, but your home purchase doesn’t have to be one of them. With the right strategy, you can buy your dream home in Oregon without regrets, hidden costs, or financial surprises.

👉 Want to avoid these mistakes and buy with confidence? Let’s chat! I’ll walk you through the home-buying process step by step and make sure your home purchase is a win.

📅 Schedule a Free Home Buying Consultation Today!