Buying your first home

Buying a home, especially your first home, is an extremely gratifying experience. It is an important early investment opportunity for many, and yet it can also have deep emotional meaning. With a firm plan going in, you can minimize the many headaches and even have a bit of fun in the process. To help you in creating this plan, here are some of the biggest mistakes homebuyers make:

1. Forgetting the Hidden Costs
This will be a nuisance primarily for first-timers. If you’ve only ever rented, squatted, crashed, etc., then the little joys of home-ownership will be eye-opening. Of course, “little joys” refers to things like maintenance, repair costs, general upkeep (time to buy a lawn mower!), and other fun stuff like property tax, and a laundry list of insurance coverage.

BONUS: This reminds me, don’t balk at getting an inspection. If you’re looking at an older house, the inspection report will help you begin to calculate your potential hidden costs even before you buy the house!

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