What You Should Know Before You Buy a Home

We’ve all been in situations where we wish we could go back in time and do something differently or wished we knew then what we know now. When it comes to buying a house, there are many experiences even the most seasoned homebuyer wished they could change. I’d like to share with you what you should know before you buy a home, in the hopes that you’ll be able to avoid a few of the most common blunders.

Just because you can, doesn’t mean you should. As a first time homebuyer, finding out that you are qualified for a $400,000 mortgage can be an exciting thing. Just because you can, doesn’t mean you should. As a general rule, it’s smart to take twenty percent less than what the bank will lend you and to be sure to have an idea what your mortgage, taxes, and maintenance costs could run you before committing to that “mansion “you’ve been dreaming of.

Beyond the money for the down payment, there are additional costs involved in a home purchase. Home purchasing costs can include loan application fees, closing costs, appraisal fees, buyer broker fees, and more. After you sign all the paperwork and receive the keys to your new home, there are also Homeowners Association fees, homeowners insurance and property taxes. I cannot stress enough how important it is to save and plan for additional costs long before you sign the dotted line.

What do you wish you had known before you bought your house? We welcome you to join The Russo Team on Facebook and Twitter and share your thoughts. –Frank

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