What are good tips for a first-time home buyer?

Does anyone have some good tips and hints for a first time home buyer? We are thinking of purchasing a condo. What are some things we need to know?

Wait, if it's in the US market. All the signs point to decline & further decline. Homes have appreciated far too much over the last five years, and as a result, the market is headed into a downward spiral right now where we live (bay area).

I'd wait till next spring, when home owners are more desperate to get out from under the loan, etc.

Though if you must buy...get a good real estate agent, as they should be able to help with all sorts of stuff and be very knowledgeable. If they aren't helpful, dump them & find a new one.

Get the inspections done, bid below asking price, and negotiate hard for closing fees, etc. Good luck.

We probably will wait until spring. We are in the Seattle area though, which is one of the only places in the country not in the decline. How should that affect our decision?

>>one of the only places in the country not in the decline

From what I've read, the best places to buy are in the mid west, where the appreciation was much lower. And, when the real estate interest rates go up, prices will go down. So if you have a down payment, consider waiting, as you'll get more for your money. If you're financing more of the payment, then buy while the rate is low.

Also, consider what your time line is...if you're keeping the property for 30 years, then anytime is a good time to buy. However, if you plan on moving or trading up in 3-5 years...consider waiting & invest the money elsewhere while you wait.

This sounds like great advice, thank you.

http://money.cnn.com/magazines/moneymag/money101/lesson8/
This also may help. I used to have a book about the 10 biggest mistakes in homebuying. It consisted of layout of the house and termite problems, how to spot plumbing and settling issues in the home. It states what kind of cracks are okay vs. which one's aren't. Beware even if it is a newer home.

just dont buy something you can't afford. Thats why this horrible decline has gotten so bad. All these loans promising people homes they can't afford, and people stupid enough to think they can afford $500,000 homes on a $40,000/yr income. Anyways, make sure theyre not trying to rip you off or anything. I've never bought a house, but my Dad is in real estate and I have been looking for one since I will be graduating in 2 years or less. Good luck!

One very important tip people rarely ever check out is home inspections. I work in the heating and air conditioning field. Many times we go into a "home for sale" to fix things after an inspection has already been done. Why? The inspectors are generally NOT licensed to make a judgment call on any furnace, a/c, boiler, oil tank etc. They do not have a registered trade certificate that indicates they have been fully trained to do the proper inspections on your equipment. Do NOT take their word for it as it will come back to haunt you. I've seen it all too often and the new buyer gets taken for a ride. Call and ask for a registered technician to look at your furnace and a/c properly using the guidelines laid out for us tradesmen. You will spend about $200 - $300. to find out but it far out weighs not doing it. Consider paying a guy a couple of hundred bucks for the proper inspections as opposed to putting out $3,000 and more for a new furnace etc. Your heating system is the single most important part of your home. You would do well to see it is working properly. If you do need to have something done now you have a bargaining chip too.

When it comes to who pays for what and how much you have to pay for commissions- ALL FEES ARE NEGOTIABLE!!! Try to negotiate that the seller pays and arranges for the inspection, discount points, closing costs, title search, document preparation, commissions, etc...

In financing, don't get suckered into anything with a balloon payment unless your job will be relocating you within the next few years.

It's all about the fundamentals; I learned them at -

http://www.stupidhomeowner.com

Make sure you know if you have to pay a fee to the HOA-Homeowners Association. My fee is 370 a month.