5.Down Payment

It's a bit harder to borrow a down payment since the housing bubble burst, but it's still possible to buy without having that cash on hand. If you can't make the down payment on your own, however, now is probably not the best time for you to purchase that house.

An additional loan or private mortgage insurance (PMI) means higher monthly payments, and that second loan that you're looking at as a down payment probably has a much higher interest rate than a 15- or 30-year fixed mortgage. You're probably better off focusing on saving up enough for a down payment before you take the home-buying plunge.

6.Local Schools

If you have a family with children, or if you're planning on starting one in your new home, schools should be a high priority. Even if you're not planning to have kids, it's a good idea to check out the area schools. You may change your mind down the road, and you don't want to be stuck with bad school choices. Research all the local districts, and look at neighborhoods with the highest-rated schools.

School districts can make a big difference when you're getting ready to sell, as well. Homebuyers often look at the neighborhood's schools when choosing a house, and living in a bad district can affect your home's value or make it harder to sell when the time comes.