You've filled out your wish list and figured out how much you can afford. Now you're ready to grab your car keys, your checkbook, and... wait! Let's not jump the gun. Before you even think about going shopping for your home there are a few more things to consider. Are you excited about that new home community that just popped up down the street? Or are you set on the castle after all? Or maybe you're just looking for a good deal.

The Worst House on the Best Block

You may have heard this before: It's always better to buy the worst house on the best block than the best house on the worst block. Here's an extreme example. Say you live in a 2500-square-foot colonial that's only two years old. You happen to look out your breakfast nook window one day and find that the lot next door is being cleared. "That's nice," you say -- until you find out that your neighbor's new house is only as big as your living room. What does that mean to you? It means your property value is going to fall. Why? Because the value placed on your house also takes into account the homes surrounding your property.

What does this say about your new neighbor? She's one smart cookie. Her property value will increase because she's living next door to your beautiful abode. This doesn't mean you can't despise her. Go ahead. We'll understand.

Once you've transcended your petty emotions, though, you should know that many communities have covenants to prevent such an event from happening. But you can apply this rule to any neighborhood. The least valuable home benefits from the more expensive homes and the most valuable home is harmed by the lower valued homes. Keep this in mind while you are shopping.

Now, on to our different home types.

New Home -- One of the main advantages to a new home is... it's new! New homes have new appliances, new plumbing, new roofs, new boilers, new electrical systems, etc. You get the point. You shouldn't expect to outlay money for repair costs anytime soon, and most new homes come with five- or 10-year warranties. Another advantage is the design process. If you sign a new home contract early enough in the building process, you can make some, if not all, of the decisions about the interior and exterior design.

One important thing to note about buying a new home is that most new home communities welcome real estate agents. So here you should have a strong buyer's agent. It's important that your interests are represented; don't count on Joe Builder and his agent to represent you. That friendly agent at Happy Acres legally represents Joe Builder and not you. As we're fond of saying in Fooldom, "Do your own research." In this case, find out all you can about the builder.

The grand model unit that Joe Agent shows you -- while Bach suites lull you into a delighted reverie from the in-wall speakers -- is sure to have a luxury bath, a finished basement, an upgraded kitchen, and designer wallpaper and floor coverings. It's important for you to know that your new home will likely not have all these options unless you pay for them. You could spend tens of thousands of dollars more than the base price for those goodies. Does it sound suspiciously like buying a car? It is, in this regard anyhow. Sit down and decide which options you must have and which options you could live without. Also keep in mind that you can always make certain improvements after the house is built.

Also, everything is negotiable. As with all home purchases, don't hesitate to ask your agent to negotiate on price, options, and closing costs. If you're looking to make a deal on your new home, you're in a strong position if the builder has a completed house without a buyer. That vacant house isn't making a dime for him and he's likely to want to unload it as quickly as possible. If you're not in a hurry to move in, some builders will actually sell you their model and then lease it back from you. Usually you'll get a great deal on a well-optioned and designed house and a guaranteed return on your investment.

Resale Home -- In some parts of the country it's downright impossible to find a new home. An older home or a resale is a house that's had at least one owner. When shopping for an older home, remember it's not going to be perfect. There are likely to be repairs or alterations that you're going to want to make prior to occupancy. It's often best that you consider this in your offer rather than ask the owners to fix them.

It's a good idea to purchase a warranty for a resale home. The cost is usually only a few hundred dollars and your agent can help you choose the one that's best for you. As an added incentive, many home sellers purchase home warranties. These cover the home while the owner is trying to sell it and for a certain period of time after it's sold. Also, definitely pay the few hundred dollars to have a home inspection. It's better to find out the roof needs to be repaired now, rather than two days after you close and the first storm hits.

Fixer-Upper -- Buying a fixer-upper is a good way to own a home that you ordinarily wouldn't be able to afford. If you're a handyman or a handywoman, or you know someone who is, this could be the home for you. The real estate industry has placed an annoying little word on the difference between the improved home's value and the price you paid plus the repairs -- sweat equity. For instance, if the improved house is worth $150,000 and you paid $130,000 for the house and $10,000 in repairs, your sweat equity (arghhh) is $10,000. Again, you should definitely have a home inspection with this house, and have a contractor give you an estimate on repair costs. Also, ask your lender about special loans with which you can build the repair costs into your mortgage.

A fixer-upper may not be for you, especially if you have small children. Keep in mind that there will be various disruptions, with rooms being closed off, different teams of workmen trooping in and out of the place, the kitchen potentially becoming unusable for a period of time, and so on. And that assumes that all the work goes as is planned, and on time. Weigh the potential savings against the potential disruption of your home life.

Foreclosure -- Another option in finding a better price is a foreclosure home. This is one in which the previous owner could not make the payments, so the mortgage company or note holder has taken possession of the house.

Foreclosures come in all shapes, sizes, and states of disrepair. Some look as though they're about to be condemned; others are in pristine condition. Any home can be foreclosed on, so don't be surprised to find foreclosures worth a million dollars or more. Look for many incentives when buying foreclosed homes -- decreased prices, closing cost assistance, quick closing incentives, low down payments, and special loan programs, just to name a few. If you're interested in this type of home, find a real estate agent who specializes in foreclosures and knows the tricks of the trade.

Now you have a pretty good idea about how much you can afford and what kind of home you want. You're not quite there, though, but you're in the neighborhood.

From The Motley Fool

How You Can Prevent Blunders
By Elizabeth Weintraub, About.com

Not every mistake in a real estate transaction can be reversed, much less fixed before closing. If buyers goof up and make an innocent mistake, they might very well be stuck with the consequences for a long time or, worse, their deal might not even close. It could fall out of escrow.

Number One Blunder: Refusing to Confide in a Trusted Advisor
This advisor could be your real estate lawyer or real estate agent. Buyers withhold information for a variety of reasons such as:
Fear of how they will be perceived
Irrational belief they have all the answers
Don't feel it is important enough
Lack confidence in their advisor
Experienced real estate professionals handle such a multitude of transactions and personality mixes, there's little they haven't heard before. Your advisors are representing your best interests and have a fiduciary responsibility to do so. They can't help you if they don't know what you are doing behind their backs. Plus, they will likely have a better idea for you than you can dredge up.
If you have cold feet and have thoughts about backing out of the transaction, talk to your agent about those feelings. She can help walk you through the anxieties. Pros will help you to determine if you really need to cancel and, if so, manage the transaction so you can get your earnest money deposit back.

Number Two Blunder: Altering Financial Pictures Prior to Closing
When I bought my first home, I easily qualified because I had no car payment nor revolving debt. A week before closing, I bought a new car and financed the purchase. New ratios meant I no longer qualified. A frantic phone call to my mother, begging her to lend me the money to pay off my car loan (and threatening to show up on her doorstep with luggage in tow and a cat under each arm), was the only tactic that saved me from losing the house.
Today's home buyers make the same mistake. Do not buy anything on credit and / or with a credit card once you have completed a loan application. Do NOT buy:
Automobiles
Washers, dryers, refrigerators
Lawnmowers or garden equipment
Expensive electronics or computers
Furniture for your new home
Slight alterations in your credit ratios could cause an underwriter to throw out your loan and deny it. If your loan contingency has expired or been removed, you could forfeit your earnest money deposit in addition to losing the home.

Number Three Blunder: Buying the Wrong House
The very first thing home buyers should do is make a list of priorities and define home purchase objectives. Figure out what features and benefits are most important and which you can live without. Before you close escrow, review this list. It's easy to overlook a major factor that could come back to haunt you later.
A buyer looking for a home in the midtown neighborhood of Sacramento, California, found herself swept up in the excitement of buying a home that was a bit less than she actually needed. She convinced herself that having one bathroom was suitable, but discovered shortly after closing that sharing a bath with two grown sons was impossible. It caused her so much tension and strain that she sold less than a year later. It cost her money to sell and more money to buy a two-bathroom home in another neighborhood. If the market had been depressed or a buyer's market, she could have lost everything, like this next guy, instead of simply spending a lot more money than was necessary.

Another buyer purchased a home that cost him about $100,000 more than he was comfortable spending. But he fell in love with the Victorian character: the high ceilings, sparkling chandeliers and wide-planked floors. A year later, he could no longer afford to make his mortgage payment. The house was too expensive for him to maintain. He would have been better off buying a smaller home in a more modest neighborhood. But he let his soaring emotions cloud his good judgment. Since his purchase, the market softened and he could not sell. He lost his home to a short sale.

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It has been suggested that House blog be merged into this article or section. (Discuss)
For other uses, see Blog (disambiguation).
"Blogger" redirects here. For the blog publishing system owned by Google, see Blogger (service).

A blog (an abridgment of the term web log) is a website, usually maintained by an individual, with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in reverse chronological order. "Blog" can also be used as a verb, meaning to maintain or add content to a blog.
Many blogs provide commentary or news on a particular subject; others function as more personal online diaries. A typical blog combines text, images, and links to other blogs, web pages, and other media related to its topic. The ability for readers to leave comments in an interactive format is an important part of many blogs. Most blogs are primarily textual, although some focus on art (artlog), photographs (photoblog), sketchblog, videos (vlog), music (MP3 blog), audio (podcasting) are part of a wider network of social media. Micro-blogging is another type of blogging which consists of blogs with very short posts. As of December 2007, blog search engine Technorati was tracking more than 112 million blogs.[1] With the advent of video blogging, the word blog has taken on an even looser meaning of any bit of media wherein the subject expresses his opinion or simply talks about something.


Types

There are many different types of blogs, differing not only in the type of content, but also in the way that content is delivered or written.

Personal blogs
The personal blog, an on-going diary or commentary by an individual, is the traditional, most common blog. Personal bloggers usually take pride in their blog posts, even if their blog is never read by anyone but them. Blogs often become more than a way to just communicate; they become a way to reflect on life or works of art. Blogging can have a sentimental quality. Few personal blogs rise to fame and the mainstream, but some personal blogs quickly garner an extensive following. A type of personal blog is referred to as "microblogging," which is extremely detailed blogging as it seeks to capture a moment in time. Sites, such as Twitter, allow bloggers to share thoughts and feelings instantaneously with friends and family and is much faster than e-mailing or writing. This form of social media lends to an online generation already too busy to keep in touch. [2]

Corporate blogs
A blog can be private, as in most cases, or it can be for business purposes. Blogs, either used internally to enhance the communication and culture in a corporation or externally for marketing, branding or public relations purposes are called corporate blogs.

By media type
A blog comprising videos is called a vlog, one comprising links is called a linklog, a site containing a portfolio of sketches is called a sketchblog or one comprising photos is called a photoblog.[3] Blogs with shorter posts and mixed media types are called tumblelogs.
An Artlog is a form of art sharing and publishing in the format of a blog, but differentiated by the predominant use of and focus on Art work rather than text.
A rare type of blog hosted on the Gopher Protocol is known as a Phlog

By device
Blogs can also be defined by which type of device is used to compose it. A blog written by a mobile device like a mobile phone or PDA could be called a moblog.[4] One early blog was Wearable Wireless Webcam, an online shared diary of a person's personal life combining text, video, and pictures transmitted live from a wearable computer and EyeTap device to a web site. This practice of semi-automated blogging with live video together with text was referred to as sousveillance. Such journals have been used as evidence in legal matters.

By genre
Some blogs focus on a particular subject, such as political blogs, travel blogs, house blogs, fashion blogs, project blogs, education blogs, niche blogs, classical music blogs,quizzing blogs and legal blogs (often referred to as a blawgs) or dreamlogs. While not a legitimate type of blog, one used for the sole purpose of spamming is known as a Splog.

Question blogging
is a type of blog that answers questions. Questions can be submitted in the form of a submittal form, or through email or other means such as telephone or VOIP. Qlogs can be used to display shownotes from podcasts [5] or the means of conveying information through the internet. Many question logs use syndication such as RSS as a means of conveying answers to questions.