If you’d like to get the best property for the smallest amount of money, you should place yourself in a position for strong negotiation. Price is not the only thing that you need to negotiate; there’s also other terms like the length of your mortgage that are critical to the seller.

Make sure you sell your old property before you buy a new house. If you’ve found the perfect house but ask the seller to wait until you’ve sold your old one, chances are you’ll lose the house. The seller will figure that this is a risky deal since there’s a high chance you won’t be able to sell your old property. So you’ll be performing a contingency sale, where you pay more money and have little or no say on the terms, effectively reducing the risk factor for the seller.

List down all the things you want and do not want in your new house and use this as a guide when he visits new properties. This will help put things into perspective when you compare houses that seem to offer the same benefits.

Remember that there’s also a difference between “style” and “substance”. Substance are things about the property that cannot be changed, such as the lot size, location, floor plan, and neighborhood. Style are surface details that you can easily change like the windows, wall colors, etc. Get a house with more substance and consider it for its merits, not how pretty it looks.

Finally, never allow anyone, not even your real estate agent, to push you into buying just any house. Make sure you’ve seen enough properties to be able to pick out the best one.

Townhouses often become the happy medium between a detached house and a condominium because they offer some features of both. A townhouse is a house that is attached to two or more other houses but stands on a piece of land that you yourself can own. There’s more than one kind of townhouse structure available; some are simple, as in the case of a duplex or a triplex, while larger townhouse communities offer amenities and common areas like a park or a swimming pool.

The advantage of getting a townhouse is that there’s a lot less for you to maintain in terms of its exteriors and repairs. Having your neighbor so close to you also increases the level of security.

On the other hand, you’ll have to pay Home Owner Association fees if you want to enjoy the amenities and facilities of the neighborhood. Compared to single family homes, townhouses also offer less privacy. If you want to change the exterior of your house, your options are very limited since the Home Owner Association will probably put restrictions onto modifications you can make.

A townhouse may be the perfect dwelling if you want to have your own space but not have to worry about maintenance. Townhouses are also ideal for new families with small children or the elderly. If you want community-style living but don’t want to stay in an apartment and have your neighbors below, above, and right next to you – consider investing your money in a townhouse.

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Buying your first home can be a tricky endeavor, especially since you’re not entirely sure what exactly you’re getting yourself into. Everyone seems to have different ideas about where the market is headed and what you should do to get the best deal. You might not be able to avoid some mistakes when buying your first home, but it’s possible for you to keep them to a minimum.

Don’t put all your trust on your real estate agent’s house inspector. Buying a home is a huge investment and an accurate home inspection can keep you from getting a bad house. It’s best to ask for referrals from other buyers and interviewing at least three before hiring your home inspector.

Set limits on how much you want to borrow and how you intend to pay for it. Limit your housing costs to about 25% of your gross income.

Investigate the neighborhood and observe the activity in the area during the day and late afternoon. You’ll discover good and bad things about it – that it’s a popular shortcut during rush hour, for instance. Talk to your neighbors and ask them what they like or what they don’t like about the neighborhood.

Do be cautious about signs that indicate the market in the area is weakening. Usually this is when the properties stay in the market longer or when there’s a large discrepancy between the cost of renting and the cost of owning. If you’re financially capable of purchasing a home, however, don’t let your fears or uncertainties get the better of you. Don’t put off your purchase for years because the prices in the future will be higher than the rates today.