An pre-purchase inspection by a licensed professional is money well spent, and peace of mind thereafter.

Builders of homes in a booming market are not likely to negotiate much off the basic package, but he will often make some concession on add-ons or upgrades.

Are you taking advantage of the tax shelter that owning a home allows you? Remember you can write off the mortgage interest you are paying, but you must itemize this deduction, which means you can no longer use the short form. It s now time to do a little more income tax work and be rewarded for it.

A buyer will often be willing to pay higher prices for the house if the seller will carry the paper.

A rule of thumb in the real estate industry is that an offer within five percent of the seller s asking price conveys to the seller how earnest you are in buying the property, but more than 10 percent off that the property has problems or is overpriced.

Mortgage estimators say that paying one half percent of one s full mortgage will buy down the loan s interest by 1/8 th percent.

The Realtor s code of ethics specify that your agent must present your offer, even if it is a lowball.

You might reflect on the idea that spatial layout of the home can be a positive or negative in future family relationships and overall function.

Commence paying your balloon mortgage (one that comes fully due and payable before the string of payments extinguish it) from the very first. Even small amounts to the principle will do wonders. And keep track of these extra payments.

Many problems in a house can be corrected, but a bad foundation may not be one of them.

Bad floor plans and glaring defects present economic opportunities for increase in value when imaginatively corrected.

Knowing something about the situation of the party you are negotiating with will help you judge their reaction to your offer or counter.

Buying a home is like choosing a career. No home has everything - there will be good points and bad and a compromise must be struck.

The later in the month you close, the lower will be your immediate closing costs .

Be careful about entering an agreement like a contract for deed with a new purchaser without running it by your lender. If you consummate such an agreement without consultation they might call the loan due.

A discreet improvement on your home in preparation for resale is money well spent. And the easiest, most cost effective is a general housecleaning.

If a real estate professional tells you he has your interest rate locked in , tell him to put it in writing.

He who would not be sued afterwards will fully disclose before.

One way to know a good Realtor when you see one: A good one doesn t fake it. If he or she doesn t know the answer he ll honestly tell you he will get back to you with an answer.

Paying down one s principle goes faster than you d expect because it all goes to principle. One additional payment per year will reduce a 30 year note to twenty.

As you re looking for a residence, are you remembering you should be looking for a good investment as well? The biggest house on the block is almost certainly not the best buy.

Check to see that the broker agreement you are asked to sign has an escape clause if you are unhappy with the service provided.

Planning on staying put for five or more years? An ARM (Adjustable Rate Mortgage) may not be the way to go.