CNBC: The Mistake First-Time Homebuyers Need to Avoid

It’s crucial for buyers to keep an open mind and be flexible about certain amenities.

When it comes to buying a home, prospective owners need to be prepared to spend a significant amount of money. Beyond putting the traditional 20 percent down, CNBC notes that buyers also need to have enough capital saved to cover closing costs, moving expenses, mortgage payments and any possible roadblocks or issues that pop up along the way.

While those expenses add up, it’s crucial for homebuyers to stay focused on their end goal and avoid any mistakes. One of the most common mistakes that first-time buyers make is getting caught up in specific neighborhoods or amenities. Instead of settling in an area that may not be the best financially, Cathy Derus, CPA and founder of Brightwater Financial, told CBNC in an interview that homebuyers should get advice from the experts.

She said, “Work with your realtor. They might have some suggestions of other areas that might have that similar feel to what you’re going for. Some lesser-known areas might still meet your earlier requirements, [but] might be a little bit more affordable.”

In order to find a dream home, Derus recommends keeping an open mind in terms of what it is that you’re looking for. Closing doors and limiting options will only make the process more challenging in the long run.

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