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While it's true that buying a home is almost always more advantageous than renting, some buyers forget to take into account important costs that must be considered when purchasing. First-time buyers especially are likely to forget some of the maintenance items and other necessities that must be figured in to the true cost of owning real estate.
One of the most difficult situations to get out of is spending so much money for a home that there's no money left over at the end of each month to make repairs or to pay for routine maintenance. In time, the condition of the property deteriorates and, if forced to sell, the buyer in this situation often must face the prospect of getting little more for his property than he paid for it—sometimes less.
When figuring out what dollar amount to spend for a home, buyers need to account for all of the costs of "getting into the home." These costs may include: appliances, like a refrigerator, washing machine or dryer; smaller items, like 220V appliance cords for a range or dryer; chemicals or filters needed for the home's water supply; a lawn mower, hoses and yard tools for landscape maintenance.
Buyers also need to start thinking before they buy about budgeting and setting aside money for large projects like deck and roof replacement, driveway repairs, painting, and so on. The more carefully a buyer budgets beforehand, the more money he is likely to have left to set aside each month to take care of these needed items when they come due—items he didn't previously have to think about because they were handled by the landlord.
The bottom line is... a property must be maintained in order to maximize its value. The buyer who doesn't maintain his property, for whatever the reason, is liable to find himself in an even more difficult spot later.
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