Are you interested in purchasing a home? If you are a first time homebuyer and if you have the financial means to make a home purchase, there has never been a better time than now to buy. After all, mortgage rates are down, property prices are down and you can get up to $8,000 worth of tax credits from your home purchase. Still, buying a new home isn't something that should be taken into lightly, as being a homeowner is a major responsibility. Therefore, there are a few things you need to keep in mind before making a purchase.

Consider the Costs

The first thing you need to do is to consider the costs involved with being a homeowner. While it is easy to say that you can afford to purchase a home because the mortgage payment is comparable to what you are paying in rent, there are additional costs associated with owning a home. Some of these include:

• Maintaining the home
• Homeowner's insurance
• Property taxes
• Renovation costst

Quite simply, the costs can add up far more quickly when you own as compared to when you are renting. Therefore, you need to make certain you are prepared to handle these extra costs before you step into home ownership.

Know What You Want

Before you start looking through available properties for sale, you need to take a closer look at your lifestyle and needs in order to determine what type of home you are looking
for. Be sure to consider your current as well as your future needs when deciding upon the home that is right for you. Some things you need to decide upon before you start looking include:

• Age of the home
• Overall size of the home
• Number of bedrooms
• Number of bathrooms
• Neighborhood
• Extra amenities, such a garage, pool, etc
• Size of the yard

By sharing this information with your real estate agent, he or she will be better able to locate the home of your dreams within a shorter period of time.

Don't Jump Into It

After you have found the perfect home, it is easy to get excited and to be willing to agree to the initial terms and price, but you should never bypass your right to negotiate - particularly in today's market. Never finalize your offer until after the inspection. This way, you can consider any disclosures when determining a fair price. If you do make an offer before receiving this information, be sure the offer is contingent upon the inspection results.

The same is true when it comes to the closing. Remember to read all of the paperwork thoroughly before you sign anything and, if you aren't sure about something that you are being asked t sign, ask for clarification. To make this process easier, it is a good idea to hire a first-time homebuyer agent to guide you through the process. By hiring someone you trust, you can be certain you will get the best deal possible on a home that fits your budget and your needs.