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Old 01-18-2013, 09:30 AM

RE: Any tips on buying a house?

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Congrats on taking a huge first step!

There are so many factors in buying a home...especially for first timers, that sometimes many things are over looked.

Area is important, so you want to know exactly what the property taxes are. When looking through sites like realtor.com (or the county auditor's site) you can look at the property history and many will give you the tax amount. Just recently after relocating and doing our new home search we found a lot of township areas will have higher tax rates, but the best schools in the area. We found some with property taxes as high as $10,000/yr, which is over $800/mo. on top of your mortgage...nuts!

Don't forget to add in Insurance and definitely 20% down, the cost of maintenance and repairs, lawn care and any other fees like HOA/Covenant. All of that, on top of your monthly utilities and mortgage can increase your costs significantly.

And the most important...live within or below your means if at all possible! Typically the rule of thumb is to purchase a home at a third or less of your income.

Good luck!!!
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