Things to know

Afordability is probably the single biggest concern of today's first-time home buyers. Given the wide range of media coverage regularly devoted to the issue, it's not surprising that many young families wonder how long it will take them to afford their first home.

Plus, hidden fees or taxes can add up. Usually, the total amount of the previous year's property taxes is included on the listing information sheet for the home you're interested in. If not, ask to see the seller's receipt. Remember, tax rates change from year to year, so the previous year's bill should be considered simply as a "ballpark" figure of what you would pay. For a more precise projection, call the local assessor's office for assistance.  

Our advice: Don't sell yourself short. Talk to your real estate agent. A good agent is committed to honestly and responsibly working with you to determine your affordable price range. 

   Home inspections are an important part of transferring a house from a seller to a buyer. A home inspector will check a home's plumbing, heating and cooling, electrical systems, and look for structural problems, like leaks. Inspections reveal needs for repairs or replacements to eliminate surprises later.  

A home cannot "pass" or "fail" an inspection, and an inspector will not tell you whether he or she thinks the home is worth the money being offered. 

The inspector's job is to make you aware of repairs that are recommended or necessary. 

When you've found a special house you want to call home, you'll probably feel excited and a bit nervous. Let your agent know you're ready to write an "offer to purchase," which is a written document that declares how much you will pay for the home, provided that certain conditions are met.  

There is really no rule to use in calculating a realistic offer. Naturally, the buyer wants the best value and the seller wants the best price, but negotiations can be influenced by many factors, such as a seller who may be changing jobs and wants to sell quickly, or a buyer who really wants a specific home.

After you've looked at the home's features, asked questions, checked comparable home prices and talked about it with your agent, you should have a good idea of what the home's value is in the current market. Consider what you can afford, and make an offer that you consider to be fair.