The current housing market has lowered home prices, making homeownership more available to first-time buyers. But smart buying doesn’t always mean getting the best price for a piece of property. There are many factors to consider. BankaholicĀ®, a financial web site, recommends taking these 5 steps to be better informed.

1. Accounting for Extraneous Expenses
2. Acknowledging Special Assessments
3. Finding a Manageable Mortgage
4. Determining How Much Home to Buy
5. Welcoming Your New Home into Your Basic Budget

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Credit: Bankaholic