Ask any realtor what the most important factor in a home's cost is, and the answer will be, "Location, location, location."

$300,000 Homes | $400,000 Homes

The location of a home can dictate whether a buyer can get a huge, spacious home for their family or tiny condo. Some hot areas almost guarantee an inflated price for the size of home and amenities included. New York City, San Francisco, San Jose, Miami and Honolulu are some of the more expensive areas to buy a home, but others include Chicago, San Diego, Seattle and even some parts of Minneapolis.

An offer of $300,000 can get a completely different home in one corner of the country than another. In Honolulu, Hawaii, $300,000 can net a cool 1 bedroom, 1 bathroom condominium with 407 square feet. Not only is Honolulu expensive, but this condo is located in a hip area with a mix of retail and living spaces.

That same amount could grab a 5 bedroom, 3.5 bath home in Austin, Texas. That specific home boasts a game room and gourmet kitchen with energy efficient appliances within its 3,312 square foot floor plan.

New York City has a notoriously expensive real estate market. $300,000 would score a studio apartment with a bathroom. The space is maximized by such features as a built-in drop-down tabletop and smaller-than-average appliances.

But a $300,000 home in Birmingham, Alabama would be a polar opposite. That price could buy a 4 bedroom, 4 bathroom home with granite kitchen, 3-car garage, a fenced, wooded yard and tons of storage.

The median home price in the U.S. was $200,700 in March 2008, according to the National Association of Realtors.

The most expensive area of the country is the northern California area of San Jose, Sunnyvale and Santa Clara with a median home price reached $845,300 in 2007.

The least expensive area is an area including Pennsylvania and Ohio with average home prices of about $72,600.

Prices aside, there are many other important aspects to consider when purchasing a house.

Jessica Froetz, a former real estate agent offers some advice.

Visit The Neighborhood

"Check out the neighborhood," she said. "Don't just drive through it, spend some time in it and take a walk."

Note the state of houses on the same block and adjacent blocks, pay attention to fences, barking dogs and other people who are around. If possible, visit the neighborhood during the day and at night. Some neighborhoods that feel safe during the day could have a completely different feel once the sun goes down.

If you like an area, consider other neighborhoods nearby. Sometimes an adjacent neighborhood can have a similar feel with a lower pricetag.

Assess The House

"Research the realty company and the agent," says Froetz. "When the agent is showing the house, make sure you have his or her attention."

Items to check:

• Check water pressure by flushing the toilet
• Check outlets for drafts
• Test the floor to make sure there aren't soft spots
• Check appliances to ensure they do work

Hire An Inspector

Many home-buyer resources stress that the new buyer make sure to have their potential home inspected, but that's not enough.

"Don't hire an inspector based on your realtor's recommendation," said Froetz. "Though your realtor may seem honest in every way, make sure to seek an inspector basedon word-of-mouth."

Before the inspection, note any potential issues or concerns you may have, and make sure to address them while you have the inspector's attention.

Aside from the inspection, consider an appraisal company.

"If you feel the price is too high, hire a private appraisal company to price it for you," said Froetz. "And remember, you have the right to ask questions about the property because if you purchase, you are completely responsible for the home and those initial problems won't just go away."

More Links

• Is It Time To Buy?
• Buy Now Or Save For Later?
• Spring Is Bargain Time For Home Buyer
• Why You Should Buy
• Are You Ready To Buy?
• 6 Signs You're Ready
• Keep Your Home Safe