Some things to think about before buying a home or co-op.

The most important thing to know in 2009 is that there is  $8000 incentive that the government is going to give you for first time home buyers. This offer end toward the end of the year though. After that you should look at potential value gain and taxes and/or maintenance fees (for co-ops.) taxes vary by location and value and on average can be between 2-12 thousand dollars a year with the fees being an average of 300-1100 a month. Another thing that bites people in the rear is that homes are often poorly maintained so check for the age of the house and any updated interior or exterior ammenities. Not to many individuals out there can afford this so look to fill those rooms by renting out. Many people out there find ways to easily convert a basement or attic into rooms that bring in the extra revenue to pay off the mortgages. Once you figure out all these costs, lets not forget the interest that you will be paying. Make sure that you find yourself on a fixed rate where the percentage can not increase over years leading you in the direction of a foreclosure.  Often people put 20% down on lets say a 250k home. This interest rate for the first year alone will generally be around 6% of what you owe calculating out to be roughly 14 thousand dollars that you will never see again.