New-home buyers often make simple mistakes that cost thousands of dollars or put them into less-than-ideal situations, Michael Corbett writes. Buyers should consider all the costs and fees before closing, should not borrow the full loan amount they qualify for, and should mingle with would-be neighbors before deciding to move in, he writes. Speaking with homeowners association representatives to find out about pending renovations or assessment increases is also key, Corbett writes.

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