What financial mistakes did you make on first home purchase?

[Brandon Lee]

Hi All!  I'm new to this group!  What financial mistakes did you make when you purchased your first home?

Anything and everything is on the table!  For me, I didn't understand that the mortgage loan was offering the interest rate as points.

[Jeff Schemmel]

I view this as a mistake, but it may not be very material on paper.  It's just something I'm going to pay more attention to in the next transaction.  Closing and loan costs were something I glossed over during my first purchase of a duplex.  I was so hyperfocused on becoming an investor and landlord that I neglected the proper due diligence to look through the line items and make sure I knew what I was paying for and that the value was there.  I also think when you're house hacking you blur the lines a bit between "this is my home" and "this is my rental" and it can be easy to legitimize putting tile backsplash in when it's really not necessary.  Stuff adds up :)