With the always rising mortgage rates and the recent booms the housing industry has gone through, many have had to forgo this dream. If you are amongst the adamant people who are going to own their own piece of heaven come hail, rain or shine make sure that you are well prepared before taking the plunge or you might have to watch your heaven turning in to a real life hell.

It is worth while considering that in today's market with the interest rates at the level where they are, a lot of people will find that renting would be a better option for them, in monetary terms, rather than buying a place.

If your financial situation allows you to purchase a house, by all means go for it. Here are a few tips to help with your planning and execution:

Make sure that you do not go over your limits. Buying a house is a long term commitment; do consider all the costs that will come with the house. Legal fees, stamp duties, building inspections, electricity, gas and telephone connections etc will cost you quiet a few $$$. Later on you will have to pay for the council rates, insurance and any repairs that might some unexpected.

Shopping around is very important, starting with the home loan. There are many different products on offer choose wisely and accordingly.

Buying a house is potentially the biggest financial decision that you will make. Don't be hasty. Look around and hunt down the best deal. With quite a few properties going in to foreclosure, you can find good deals in that market. Someone's heartache can prove to be your joy.

A good property in a location that does not suit your or your family's needs will be a pointless investment. Consider the needs that you will have not only now, but in the future as well. Also the community has a big effect on the quality of life that you will enjoy in your house. Make a few visits to the area to check the general atmosphere, the night life, schools and other facilities in the area.

When going for a house inspection, take a few people along. The more people you have with you the better will be the critical appreciation that you will get of the property.

Find a dependable real estate agent and check the prices of recent comparable sales. When you are really interested in a property get the building and pest inspections done. It would also be worthwhile at this stage to get in touch with your prospective neighbors as well.

At the end of the day the house you choose and the neighborhood you live in should make you feel good about your decision, without any regrets. Once you are in your new home, make sure you enjoy it.