Current economic conditions have made life challenging, to say the least for many families. At the same time, the recession has created some interesting opportunities for people who are interested in getting into the housing market. Mortgage interest rates are low, and the federal government is offering tax credits for buyers. What do you need to consider before you decide to take the plunge?

Here are five tips you need to keep in mind:

1. Consider Housing Costs

With interest rates currently at historically low levels, it may be tempting to put in an offer on a home that is a bit of a financial stretch for you. Along with the mortgage payments, you will also need to budget for property taxes and utilities. There will also be expenses connected with maintaining the property, even if you are not planning on doing any renovations right away. Consider these costs carefully before you make an offer. Read the full story

Ever drive by a house and wonder what possessed the homeowner to purchase such an ugly house? Even worse, wonder who would use that bright pink or green paint and think it added curb appeal? Not sure what I’m talking about? Check out this gallery of truly ugly homes.

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Housing prices may be going down in most neighborhoods, but that doesn’t mean there aren’t people willing to spend a lot of money on real estate. In fact, for some home buyers, money is no object. Check out some of the most expensive homes in the world.

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Sometimes you can achieve a major lifestyle upgrade – or downgrade – just by moving. The same salary can mean a life of poverty in one area, and living in the lap of luxury in another.. You just have to know where to live.

Take real estate, for example. In Princeton, New Jersey $350,000 won’t even get you a townhouse. In other parts of the country you can do quite nicely. Let’s take a  look at what $350,000 will get you across the U.S.

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