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Buying a New Home? Here's What You Need to Know

By Stephanie Welch Alexander
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Weigh the costs of home ownership.
« Know your needs. | Better to build or buy? »
There's more to consider than just a monthly mortgage payment. Will you be able to afford the expenses that come with owning a home? Utilities, property taxes, repairs, homeowners association fees, lawn maintenance (unless you will do the work yourself) can all add up.

If you're moving to a new part of town or a new city, it's important to consider the cost of living for that area. Transportation, school tuition and everyday living expenses can also make home ownership more expensive than it initially appears.



Know your needs.

Weigh the costs of home ownership.

Better to build or buy?

Location, location, location.

Know your loans.


Consider a buyer's broker.

Demand full disclosure and a professional home inspection.

Get it in writing.

What to do after the sale.

Don't forget about taxes.
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