have additional expenses on top of your monthly payment. You’ll be responsible for paying property taxes, insuring your home against disasters, and making whatever repairs the house needs (which will occasionally include expensive items like a new roof or a new furnace). If you’re interested in purchasing a condo, you’ll have to pay maintenance costs monthly regardless of whether anything needs fixing because you’ll be part of a homeowner’s association, which collects a couple of hundred dollars a month from the owners of each unit in the building in the form of condominium fees. Before signing the homebuyer’s agreement, it would be wise on your part to ferret out any and all hidden fees and incorporate them into your budget.
NOT KNOWING YOUR CREDIT SCORE
If you apply for a mortgage loan without checking your credit score, you could end up paying a lot more than you expected. It is best to perform a credit check beforehand. Take special note of the information regarding the importance of good credit in applying for a home loan and take all necessary steps to repair credit problems prior to home shopping.
DISREGARDING LOCAL HOUSING MARKE G MARKET TRENDS T TRENDS
Like other financial markets, the housing market fluctuates over time. Sometimes it favors buyers, and sometimes it favors sellers. This can change dramatically over a three- to six-month period. A number of factors affect housing marketing trends, including the ratio between supply and demand, interest rates, and the overall condition of the economy. It’s important that you consider how the housing market changes in your ideal location, as home prices vary from one location to
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