1. Budget:
First and foremost before buying a house, you should know how much a lender will allow you to qualify for. In addition, you should have a budget of what you really can afford over and above what the lender calculates. When qualifying you for a home loan, the lender does not take into account real world expenses such as child care, groceries, recreational spending or utilities. The lender uses a base line of allowing your house payment to be up to an estimated 32% of your monthly income, which hopefully falls in line with allowing for typical real world expenses, but that is not always the case. I also recommend staying away from budget-busting adjustable rate loans.
2. Location and School District, Tie:
A tie for second place is getting to know the school districts and area of town, school districts and location drive real estate value more than just about anything else. Before the fun of house hunting begins, there is homework to be done to seek out and plan where you want to be and if the schools and their proximity are acceptable to you. You may find that location can be sacrificed in favor of school districts, but rarely the other way around (assuming kids are involved). Sacrificing the best location can save you a little money on the price of the home and still land the good schools, so it may not be all bad.
3. Think ahead 5 years:
Once you have pinpointed an area or two, take a look around with an eye toward resale value. Look at the neighboring homes, the cars outside, the noise in the area, proximity to highways, train tracks or commercial buildings (too close?) and also check records for future road and retail or commercial expansions near the area. Always look at what the future buyer of your new home might look for and take that into consideration before you buy. Other general locations you might want to avoid are homes that back or front to major roadways. For those that like golf course lots here's another tip, Just before the Tee box is the best place to be, other than that you'll have be creative on location on the course depending on the layout. Nothing will kill your future sale worse than a golf ball flying through the window when a prospect is looking to buy.
4. Property condition:
Once you have found the right home, you'll want to know it's workings both inside and out. The home may be beautiful but you'll want to have an inspector take a look to uncover any ugly things that may be in hiding. In most traditional real estate transactions you'll have the right to have the house inspected after a seller has accepted your offer to purchase. If you meet the inspector toward the end of his inspection you can even learn a few things such as how to work the sprinkler system or pool among other things.
5. Home Owner's Association and direct neighbors:
If applicable, find out the history of the home owners association and it's dealings with the homeowners. Some neighborhood associations covering unusual features such as marinas, boat docks, equestrian centers, golf courses or other specialized features, can make or break a neighborhood. While things may seem well maintained on the surface, there have been cases of abusive and controlling association boards as well as cases of misappropriated funds, all of which can kill moral and hurt property value. If you move into a specialized or resort style living condition, you may as well have just married that governing association, so you'd better be sure it's going to be a good relationship. The same holds true with immediate neighbors so do what you can to engage them whenever you may be visiting the property prior to closing.
This is just the general and brief version, and you may encounter other hurdles, but these topics should get you on your way pretty well. Rule number 6 is to enjoy the new home and relax.