Buying a new home is a big investment, but it can also be very rewarding. It is also not a decision that should be taken lightly and instead something that you should give a great deal of consideration and thought.

When looking at prospective homes, there are a number of things the new home buyer should consider. It is important to remember that in addition to just the mortgage, insurance, and property taxes, there are a number of other costs of ownership, so it is important to look at the big picture when buying a home.

Below are some tips that will help you evaluate prospective homes.

Most people have an idea of where they want to live. It is a good idea to spend some time driving around this area, visiting the various neighborhoods, because a lot can be learned from this. Find out what schools are in the area and what types of public transportation are available.

Neighbors can be a valuable asset about learning about the area and can often provide insight into the property, such as major repairs, that you might not otherwise be able to find out about.

If you see people walking around, stop and talk to them. Often, if you stand out front of a property long enough, the neighbors will come and speak to you out of curiosity.

Remember to always be friendly and polite. If it fits with the conversation, you might also request information about maintenance costs and cost of ownership, but only do this if you feel it is appropriate in the context of your conversation.

It is a good idea to drive around and check out what stores are in the area. This will not only give you an idea of the local demographic, but will also help you have a better feel for the area.

It is a good idea to check with the local police department or local library and try to find out some of the crime statistics. If there is a very high crime rate in the neighborhood, you might not want to live there, although this could also mean you can get a very good deal on the home.

Many neighborhoods have very restrictive Home Owners Associations, which prohibit you from parking cars in your yard, painting your homes certain colors, or landscaping your yard. You want to know this going in and decide if the home is worth the hassle and potential loss of rights.

There may also be restrictive building codes, which prohibit you from tearing down your home or adding onto it.

It is important to know if the new area is being developed or if there is a highway that might one day be placed over the land. There may also be city building projects, such as new sewer lines or sidewalks, which will take place on the property.

These types of projects usually require many years of planning, so even if it is well off, you should be able to find out if there is anything in the works.

It is a good idea to visit as many open houses as possible, even if you aren't really interested in the property. Since the real estate agent is already there, you are not wasting their time and you can find out a great deal about the area and other homes, often gleaning insight you can use on the properties you are actually interested in. Consider going to open houses that are out of your price range as well.