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5 First Time Homebuyer Mistakes and How to Avoid Them

Dec 06, 2018 (AB Digital via COMTEX) --

Buying a property, whether private or commercial, can be one of the single most important financial investment you'll ever make in your lifetime. The anxiety and excitement that accompanies the prospect of buying our first home often make us susceptible to making mistakes and acting differently as we intend to.

However, this does not mean that mistakes should be accepted as a natural occurrence and merely shrugged off. To help you overcome the challenges commonly faced by homebuyers, we have identified five first-time homebuyer mistakes to avoid, so you do not lose your money when investing in the Ledyard CT real estate market.

1. Not doing your research

Before you go on and buy a house, it is good to do your homework first. Check out a variety of properties, consult realtors in Ledyard CT who hunt and look for properties, search the Internet and compare house prices.

Realistically assess the difficulties of getting credit or loan from a bank, then consider what mortgage products best fit your budget. It's a mistake to assume that the buying process will go smoothly and then go into the real estate market blindly. Assess your situation and work your budget around it.

2. Avoid buying a home without first understanding the full cost of its ownership

Another mistake first-time home buyers commonly make when acquiring homes for sale Stonington CT is that they rush into buying a house without first understanding the full cost of its ownership. It is crucial to understand that as a homeowner, you’ll be responsible for additional monthly costs that arise, such as light, water, sewer, and garbage bills, etc.

You will also bear the cost of repair and maintenance, lawn care, property taxes, as well as homeowners insurance.

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