---
title: Mistakes First-time Home Buyers Make | Arizona Financial Credit Union
description: Are you a first-time homebuyer? If so, before you start looking for your home, take a look at four of the most common mistakes first-time homebuyers make.
---

[Momentum Online ](https://www.arizonafinancial.org/blog)

# [Mistakes First-time Home Buyers Make | Arizona Financial Credit Union](https://www.arizonafinancial.org/blog/home-buying/mistakes-first-time-home-buyers-make)

 Written by [Arizona Financial Staff](https://www.arizonafinancial.org/blog/author/arizona-financial-staff) | May 1, 2023 3:39:00 PM

Before you start looking for your first home, take a look at these common mistakes first-time homebuyers make.

1. **Not Knowing Your Housing Budget **  
   Figure out exactly how much you can afford to pay each month in shelter costs.
   
   Your total monthly housing costs should not exceed 30% of your monthly take-home pay. Be sure to include: 
     - Mortgage payments, including interest and private mortgage insurance (PMI) if applicable
     - Property tax
     - Homeowner’s insurance
     - Utilities
     - Maintenance costs
     - Homeowner association fees
2. **Looking Outside Your Housing Budget **  
   Don’t even look at houses that fall beyond your budget. It’ll only set you up for disappointment.
3. **Purchasing Based on Future Changes **  
   Never make a financial decision based on projected future income. Instead, base your decision on what you can afford now.
4. **Treating Your Home as an Investment **  
   First-time buyers often anticipate selling their house for a large profit in five or 10 years. Real estate is never a certain investment, and a house should not be purchased with the sole intention of earning a profit.

Do you have more questions or need help? Check out [How to Navigate the Home Buying Process](https://www.arizonafinancial.org/blog/home-buying/how-to-navigate-the-home-buying-process/), or talk to one of our experts by calling 602-683-1000.

[View full post](https://www.arizonafinancial.org/blog/home-buying/mistakes-first-time-home-buyers-make)

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