Tips for first time home buyers

*The rule of thumb is that you should be able to afford a mortgage three times your income.

*Lenders subtract any debt payment from your income, so if you have a big debt, you have a lot less income — and a lot less house.

*When you are looking at a house, you have to have a wish list, but you have to understand that no house is going to be perfect.

*Don't judge a book by its cover. Same goes for a house. Go inside and look around before making a decision.

*When you buy a property, you should always have a home inspector come through. You never know what they're going to uncover, so don't crack the champagne just yet. If the home inspector should find something, then you can use it to your advantage to renegotiate the deal. Or you might have to walk away.

*You have to see past the junk and see the potential. When you buy a house, it's not just a place to live in, it's an investment. Keep in mind your dollars down the road.

*Home staging is big business. It can add thousands of dollars to the selling price. An unstaged house that has not been properly prepared for sale will sell for much less than the asking price.

*Feelings often take over the first time you go through a house, but the second visit allows time to do a thorough inspection led by your head, not your heart.

*The three most important matters when it comes to negotiation are information, preparation and realism.

*Reality often outweighs fantasy when it comes to buying a home.

*When a renovated house is priced low, it is a good indication that the owners are looking for a bidding war — they want to get as much money as possible out of the sale.

*When you're house shopping, you can't pull a number out of a hat. Find out what other homes in the area have sold for, how long ago the sale was and what amenities they have.

*What you want to pay for a house has nothing to do with the fair market value. What you can or cannot afford has nothing to do with the value of a house.

*The key to success when buying a home is to trust the experts.

*Before you begin to house shop, you need to have an idea of what kind of neighborhood you want to live in and the style of house you want.

*When it comes to investing, the best place to invest is in an up-and-coming area.

*It is especially important to have a home inspection if you are looking to buy an aging or older house. They look past the visible surface to the infrastructure, inspecting plumbing and looking for faulty fixtures and waste lines. They check electrical systems to make sure they aren't overloaded or a safety hazard. They also look at possible structural problems like the foundation, walls and floor joists.

*The old adage holds true. If it ain't broke, don't fix it.

*It's great to have your financing in place before you look because houses are bought and sold overnight. You could lose your dream property waiting to secure the financing.