Purchasing a new home is exciting, and it’s easy to get caught up in overspending. Keep in mind, there are lots of extra costs when owning a home, such as property taxes, urgent repairs and energy bills. If you’re out of savings due to unnecessary spending, you may put yourself in a sticky situation when unexpected costs pop up. Here are four major cash outlays buyers should try to avoid.
1. Too Much House
This requires some thought, how much house do you really need? Just because you’re pre-approved for a hefty purchase price doesn’t mean you should go as big as you can. Consider eliminating an extra bedroom or the formal dining room.