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

By Stephanie Welch Alexander
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Don't forget about taxes.
Previous: What to do after the sale.
Are your property taxes rolled into your monthly mortgage payment? Or will you be responsible for paying them yearly? Don't forget to keep paperwork for your annual federal or state income tax return -- you can often deduct the property taxes, points and interest paid on a mortgage. Set up a consultation with a tax accountant to learn more about the restrictions on these types of deductions.

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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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