Has the time come to "take the plunge" and buy a home? There are some practical considerations you might want to take a look at so that you get the most value from your personal real estate purchase.

Oftentimes, it is easy to get caught up in the cosmetic details of the house. The problem is that when you're getting wooed and awed by what the house looks like, your family's future needs are not considered and you're miserable a few years into the future.

They may not be sexy and fun, but here are some practical tips that you might want to consider before buying.

FACTOR 1 -- SIZE MATTERS.

Having kids around requires high maintenance. You have extra rooms to heat, space to clean, bathrooms to keep in working order, etc. But if the kids will be gone in just a couple of years, do you really want all that extra maintenance work? Conversely, if you are a young family and are expecting more children, you certainly need to consider the extra space you may need. You will want enough room so that you have privacy, your kids have their own special "space," and there is plenty of play room. Alternatively, you might consider a home where add-ons can be made relatively easily and do not require approval of a homeowners association. Generally, zoning regulations will come into play when you decide to build additions to your home, so check them out. If you have resolved to remain single, you certainly have a lot more leeway when considering your future needs. But remember this: Never say never! Someone may come along who knocks you off your socks and you end up having a family after all!

FACTOR 2 -- THE AREA AND NEIGHBORHOOD

It does not matter whether you're single, about to retire or have a growing family -- the neighborhood is a critical consideration. You need to be able to feel safe in your new home. The last thing you want is to worry about the safety of your loved ones or have to worry about your home being broken into. Look for graffiti, garbage in the lawns or streets, and whether or not pleasant, family-types of people are strolling along the streets in the morning or afternoon. You also will not want to buy into a neighborhood that is beginning to decline. Without being scientific about it, you can generally tell where the neighborhood is headed by the condition and upkeep of the homes and the models of cars that are parked in the driveways of those homes. Watch the crime reports in your local paper.

Here's another tip that I discovered by chance. When I bought my first home, I had checked out the neighborhood during business hours, with my Realtor and it was in great condition -- booming, as a matter of fact. There were historic brick houses that younger people were buying and renovating. The homes in the neighborhood shimmered with pride of ownership. During business hours, people were at work and the neighborhood was quiet. I bought the house and started my own renovations only to discover that I could not sleep because one of the neighbors had dogs that barked and howled the minute the sun set until daybreak, making it impossible to get any rest! I ended up selling that home simply because of the misery those dogs created. No matter what I did -- calling the City, using earplugs, taking sleeping pills, you name it -- the incessant howling of the dogs kept me awake night after night. From that point forward, for all my other pre-sales evaluations, I have driven to the neighborhood at night and parked to observe the sounds and activities around the house. It only takes about 15 minutes per trip. On a mix of week nights and weekends, visit the house you're thinking about buying after sunset and park and observe for awhile. You might be shocked at what you discover. This is an invaluable tip.

The average person buys a house for the sake of living in it, rather than making a fortune from real estate flipping. Generally, you will commit to a 30-year mortgage, which represents a significant chunk of your lifespan and earnings. Make the most of it!

FACTOR 3 -- APPRAISED VALUE

What changes your purchase from "somewhere to live" into an investment is the property value. The general idea is that in the 30-year period you are making the payments on your home, the value of the home will experience a slow but steady increase. You can find out what is happening to property values by checking out the public assessor records. This information is generally free and is available online through your county assessor's office. Type in your street address and surrounding street addresses and the assessment records that come up should have a sales history. There are many other online sources that provide this information. They show sales information for the past couple of years for free and, for a small fee, will provide more indepth reports if you want to know more. The point is that if the area you are considering has experienced a couple of years of declining property values, you may want to find out the reason for the decline before making your real estate investment and placing your family in that area. The decline might be a simple bump in the real estate market, or it might be something more serious such as crime or environmental pollution.

FACTOR 4 -- LOCAL SCHOOLS.

If you have children or are planning on having them, check out the schools in the area and their reputation. Most school districts around the country are determined by the neighborhood in which you live. You can even visit the schools and find out first hand what they are like.

FACTOR 5 -- ZONING REGULATIONS; HOMEOWNERS ASSOCIATIONS.

If you plan on operating your business from home, you might want to check the zoning regulations before buying. For example, if you repair small engines from your home, the local zoning ordinances may prohibit you from doing so. If the home you are considering is part of a homeowners association and there are restrictive covenants, be sure to read those restrictive covenants (commonly called CC&Ns). The restrictive covenants might ban onsite parking of RVs or boats. There may be restrictions on the height of border fences or shrubbery. Some dictate the what colors you can or cannot use on the exterior of your house. Because of zoning or other covenants, there might also be easements around the property that you may not be aware of at first glance. Take a look at the title work and property survey to find out if there are easements that may prohibit your being able to use the property in the way that you envision.

FACTOR 6 -- THE COST.

Obviously, anyone in the market for a home is going to consider cost. Cost should be more important than whether the house is so fancy that it will impress your friends and family. You do not want to be in a situation where your mortgage payment is so high that you are barely making it each month and cannot save any money. Sometimes unexpected illnesses or economic conditions affect your level of income, and if you are barely making it at 100% of your income, chances are that you will not be able to afford the house if your income is reduced by as little as 10%. Also, there may be repairs that need to be made. If every dime you have is going toward the mortgage, you will need to borrow even more money to make repairs if you do not have a nest egg set aside.

CONCLUSION

There are many other practical considerations that should be taken into account. Among them are the condition of the home, whether or not it's in a flood plain, the number of similar families in the area, and the closeness of the area to other conveniences such as stores, work, and entertainment. If you are practical and level-headed in the home buying process, you will be rewarded with years of enjoyable living and an investment that appreciates over time.