Hey All You First-Time Home Buyers, We Have News For You

If you are planning a wedding and also shopping for your first home together you certainly have a lot on your plate. As first-time buyers you'll need the most advice and education you can get and that means finding a real estate agent willing to give the extra attention and time to a newbie like you. Don't be afraid to meet with a few different real estate agents in the process to interview them. You need to find the right match for you.

On HGTV, Sandra Rinomato works with what she calls "Property Virgins" to educate and prepare them for process ahead. If you too are a "property virgin" we recommend checking your local listings to find out when this show airs in your area. You'll learn a lot about the woes and joys of buying a home and receive some free advice on what to look for and what to avoid when you're buying property.

Here are a few of her tips that we find most useful. To read all of her advice, click here.

1. Don't forget to set aside money for closing costs when budgeting out what you can afford. It's typically one and a half to two percent of the purchase price. That goes toward the land transfer tax and pays a lawyer.

2. Brand-new condos tend to be smaller, sometimes no larger than one bedroom, while older units typically have more square footage.

3. When figuring out the price of a property, sometimes it makes more sense to look at the price of a house in terms of monthly payments instead of focusing on that big number.

4. You can make changes to the inside of a condominium, with the proper condo board approval, but never to the exterior.

5. You can't negotiate maintenance fees with a condo, and those fees tend to go up periodically.

6. It's better to walk away if you're not comfortable with the situation.

7. A simple renovation after the sale can boost the value of the investment by thousands.

8. When it comes to investing, the best place to invest is in an up-and-coming area.

9. It is especially important to have a home inspection if you are looking to buy an aging or older house. They look past the visible surface to the infrastructure, inspecting plumbing and looking for faulty fixtures and waste lines. They check electrical systems to make sure they aren't overloaded or a safety hazard. They also look at possible structural problems like the foundation, walls and floor joists.

10. The rule of thumb is that you should be able to afford a mortgage three times your income.