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5 Tips for Buying in a Down Market

The current housing market has lowered home prices, making homeownership more available to first-time buyers. But smart buying doesn't always mean getting the best price for a piece of property. There are many factors to consider. Bankaholic®, a financial web site, recommends taking these 5 steps to be better informed.

1. Accounting for Extraneous Expenses
2. Acknowledging Special Assessments
3. Finding a Manageable Mortgage
4. Determining How Much Home to Buy
5. Welcoming Your New Home into Your Basic Budget

Visit Bankaholic for more details.


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Don't Overbuy!

04/21/2008 09:54 AM AllAroundtheHome

Great stuff Tracy.

I think the real key here is to not stretch your budget to the very limit, b/c there will definitely be additional costs - replacing fixtures, initial improvements, painting, rise in property taxes, etc. If you max out on day 1 you'll not be able to handle these costs.

Leave yourself a little wiggle room and you'll sleep better too!


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