Real Estate

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• A Home-Buying Primer
  

  If you've never bought a house before, much of the jargon and terminology could prove daunting. After all, who would give "discount points" or "5-1 adjustables" the slightest thought unless they absolutely had to? We've arranged this short primer on the basics of buying a home as a series of questions and answers that try to address the basic issues with which every home buyer must grapple.

  
  
• New Home Selling and Buying Tools
  

  The Web just keeps coming up with new ways to help make buying or selling a house easier. But the focus has gone from information to conversation; many sites are designed to enable users to freely exchange knowledge and opinions about places to live and homes for sale.

  
  
• Sensitive Information
  

  Steve Roddel was walking through a house in Fort Wayne, Ind., when he wondered aloud if there were any sex offenders living in the neighborhood. Instead of commenting on her own, the real estate agent showing the home quickly pulled out her cell phone, connected to its Web browser and brought up Family Watchdog, a national sex-offender registry Web site. Little did she know that she was standing with the site's founder and CEO. A real estate agent can be a wealth of information about a house. So a home buyer who asks what crime is like in the neighborhood might be surprised when the agent defers the question, directing a client to the Web or the local police instead.

  
  
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• Is a Bigger Lot Better When Buying a Home
  

  From the standpoint of flexibility, it usually makes sense to go for the most land you can get. And that's doubly true in Silicon Valley, where lots are scarce and vacant land suitable for building often sells for more than $1 million an acre. Older homes can be remodeled and expanded; but that's not really a possibility if you have a dinky lot. "You can change the size of the house, but you can never change the size of the land," says Don Orason, a San Jose real-estate agent.

  
  
• A Web-Surfing Guide to Finding Discounts on Brand-New Homes
  

  It's no secret that business has been more difficult lately for U.S. home builders -- demand for new homes saw its biggest drop since 1990 in 2006, according to the Commerce Department. Faced with rising home inventories, home-building companies are offering incentives and, in some cases, slashing prices to attract buyers. "It is the best time to buy a new house," says Harley E. Rouda Jr., chief executive officer and managing partner of real-estate firm Real Living Inc. "Builders are being very aggressive in terms of selling down their inventories."

  
  
• Why Buying Bigger Is No Guarantee of a Rich Retirement
  

  This is one tab the house won't pick up. It's among today's most popular retirement-savings strategies: Buy the big house, hope the real-estate boom continues and then trade down at retirement, thus freeing up home equity that will pay for years of early-bird specials. Sound appealing? Trouble is, you will fork over a heap of dollars -- and you'll end up with a surprisingly small nest egg.

  
  
• Do Not Buy That House
  

  The dream of owning your own home is as American as apple pie--and (supposedly) better for you. Over and over, we are told that homeownership will make you happier, healthier and wealthier. Heck, it's even supposed to make you a better citizen. Of course, there are times when, depending on your age, your savings and your income, buying a home can be a smart decision and an excellent way to build wealth. But is buying a home really such a universally good idea?

  
  
• 7 Questions You Must Ask Before Buying a Condo
  

  You've found your dream condo, and you're ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.

  
  
• How to Avoid a Bad Co-op or Condo
  

  Co-ops and condos can be a good option for first-time homebuyers. They are also attractive alternatives for people who own a house but want to downsize because they don't need the space anymore. But while co-ops and condos generally cost less than free-standing houses and require less upkeep, there are still some potential pitfalls. First, some definitions: When you buy a condominium, you get a deed and title to an apartment and contribute funds for the upkeep of common property such as the grounds, building exterior, lobby and elevators. Condo owners pay real estate taxes and in general can rent or sell as they wish.

  
  
• The Lure of Living South of the Border
  

  The first time Dwight Ford visited Panama City two years ago, he was in for a big surprise. "I thought I would see guys pulling banana carts," he recalls. Instead, he found a thriving capital city and international banking center. "The value was staring me in the face." So was the prospect of a blissful retirement in a 31st-floor penthouse condominium overlooking the Pacific Ocean. Dwight and his wife, Marciana Wilkerson, who lived outside Washington, D.C., put 10% down on two side-by-side condos selling for about $440,000 each when the luxury high-rise was under construction. Today, the condos in the fashionable commercial district of Punta Pacifica are worth close to $700,000 each. The couple plan to sell one and use the cash to pay off the other after moving in this spring. "We'll have no mortgage, and I get to choose my neighbors," says Dwight.

  
  
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