In general the closing fees should not exceed the overall savings and the amount of time the homeowner is required to retain the property to recoup these costs should not be longer than the homeowner plans to retain the property.

If you are planning to get a mortgage, most banks will need to ensure that the home is up to local codes and in living condition.

Be prepared to pay more on bridging loans.

As a buyer, you should be aware of environmental concerns such as lead paint poisoning or dangerous radon levels in the home you are considering.