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Do you understand the expenses of buying your first home?

As you begin to shop for your first home, it's only natural to focus some of your time and attention on the financial side of things. Like many, you turn your attention to the actual price of the property. You know how much you can afford to spend, and you do your best to stick with this number.

However, some people make the mistake of overlooking the many expenses of buying a home. For this reason, they are surprised when they make their way to the closing table.

In addition to the actual price, here are some other things to think about:

  • Taxes
  • Property insurance
  • HOA dues
  • Maintenance
  • Utilities
  • Renovations

It's easy to believe that you can afford a home, based on nothing more than the selling price, but this isn't always true. You also have to factor in taxes and insurance to get a clear idea of your monthly payment.

Don't wait until you arrive at the closing table to get a clear idea of how much your monthly payment will be. You should receive this information from the closing company several days in advance, giving you the opportunity to review it for mistakes.

Buying your first home is supposed to be fun and exciting. While you are sure to have some reservations, this is only natural. As long as you know what to expect from the process and how much you can afford to take on, you'll have the confidence you need to push forward with the process. When you avoid common mistakes, it's much easier to feel good about the steps you took to end up where you are today.

Source: Bankrate, "5 first-time homebuyer mistakes to avoid," accessed Sep. 01, 2017

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