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The # 1 frustration of millennial owners is to underestimate the hidden costs associated with buying and owning a home, including the responsibilities of maintaining it.
Experts say it's a common mistake, which can be expensive.
You must know that you really have the means to buy and own a home, and to get a complete picture, you need to do more than just compare your current rent payment with the potential mortgage payment, Daryl Fairweather, economist at Redfin real estate site manager, told CNBC Make It.
"Do a full audit of all finances," says Fairweather. "Many hidden fees come with owning a home that you can not immediately consider." This includes insurance, property taxes and closing costs, which can represent 2 to 5% of the price of the house.
This kind of hidden costs even triggered very early, even the real estate mogul Barbara Corcoran. "When I bought my first home, I showed up at the table to close without the closing costs," she told CNBC Make It. "Thank goodness, I could borrow it from the very nice seller or I could not have shut up at home."
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