First-Time Buyers: Beyond the Mortgage Payment, Brace Yourself for Extra Costs

RISMEDIA, By Amy Hoak
February 8, 2010—(MCT)—On his road to homeownership, Scott Leibfried has learned one thing: Expect the unexpected. He and his wife had an offer accepted on a home, only to later find that foreclosure proceedings were about to begin on it. That’s after they considered another home that was aesthetically pleasing but had major issues that came to light upon closer inspection.

In the meantime, they’re trying to estimate the money they will need for closing costs and any future expenses, hoping they won’t eat too much into their financial cushion.

“There are always going to be things that come up,” Leibfried said. That statement could describe homeownership in general. Allan Glass, a Los Angeles-based real estate agent who works with the couple, says the biggest mistake buyers make is underestimating the costs of buying a house and maintaining it over time.

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First-Time Buyers: Beyond the Mortgage Payment, Brace Yourself for Extra Costs | RISMedia