5 ways your house can make you go broke - MSN Real Estate

2feddfe415cc48299345abd75514359eBuying a house is often an American dream, but one should be careful when they begin the process. Buying beyond your means is a dangerous business. A real estate agent should never show a buyer a house outside of their budget, and that doesn't just mean the price tag attached. Don't forget to factor in extra expenses such as property taxes, maintenance, and any HOA fees that might be attached to it. With housing prices uncertain in recent years, it can be dangerous to focus all of your investments in your own private residence. Though in previous years, it could have been seen as a savvy business practice to purchase a home that looked to go up in price, but in today's market, no one can be sure of what the prices will do. As investments go, in today's market, a house is a long-term investment. Make sure to take care of little repairs so that they don't turn into major ones that cost thousands of dollars in the future. If remodeling is needed in the home, be careful who you hire to handle it. Cutting corners here might cost more money in the long run, while hiring someone with experience and training will insure that everything is handled properly.

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POSTED November 06 2013 12:04 PM

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