Owning a home is the American dream but home ownership also comes with many responsibilities and some headaches. Here are the top ten things you should know when buying a house.
First, there’s a high transaction cost associated with buying and selling property and you’ll pay capital gains taxes if you buy a house and live there for less than two years. Even in a roaring real estate market you could end up losing money if you sell your home two years or sooner from the time of your original purchase. Buy a home only if you can commit to staying longer than two years.