Seems like sinkholes are showing up more often lately.
[You must be logged in to view images. Log in or Register.] Regarding the big one that happened in Florida recently, I think a whole bunch of houses in that area had to be abandoned. I think they got some of the cost of their houses recovered, but I doubt it was all.
I'd also avoid living in areas that have fracking going on, if you can. It seems to mess with the water tables.
About flooding, if the house is on a newly mapped flood area, you could have huge insurance costs - best to avoid what costs you can. IIRC I think you'd need to have flood insurance months before an actual flood, to have coverage.
Oh yeah, don't buy more house than you need. Sure, it's a prestige thing, but it IS harder to maintain and keep clean a bigger house, plus the more a house costs, the more that it can fall in value if the market tanks again. You also don't want a house that's either worth alot more, or alot less, than the neighborhood it's in. This hurts the value of the house.
Check with your insurance company, you may be able to get lower insurance costs if you do things like have an alarm system.
Until like a decade ago, alot of people assumed when they bought a house, they could be in it for a few years, then sell it easily and keep working their way up. I know it's their job to make as much money as you can, but it's my belief that part of the housing crash, was that construction companies and real estate agents wanted to have houses overvalued. The market HASN'T recovered in all areas either. Any work you do prior to buying a house, to make sure you get an honest price is definitely worth it. You don't want to be underwater.
You don't want a double mortgage if you can at all avoid it. Avoid ARM (adjustable rate mortgages) like poison. Prior to buying your house, get in the habit of living as cheaply as you can. You'll have more to put forth in a payment, have a nest egg for when emergencies pop up, and it won't be a shock in your lifestyle if you DO suddenly NEED to live that frugally.
Oh yeah, know what you like. Don't be suckered into what you're TOLD is the current fad, like I guess awhile ago was all stainless steel, but that's considered outdated? If you like it, and you're gonna be at the house for years and years, YOU are the one who has to look at the stuff, like it, have an easy time cleaning it, and be comfortable. Don't do something that'll devalue the house and make it just odd, like painting it day glow green, but go to open houses, and see alot of ways to decorate and build.
Oh, and plain old grass is easier to maintain, than alot of flower beds. Weeding, watering and dealing with pests in trees and flowers is a pain in the ass, unless you LIKE gardening, and in that case, more power to you. Know your area's
hardiness zone, what kind of soil you have (acidity etc - you can send it in for testing), and what kind of work you'll need to do, to fix it from whatever it was like prior. If your neighbors' lawns are full of dandelions, or their dogs crap all over everyone's lawns (including yours), that's a something to look out for.
Oh yeah, get used to shovelling snow too, as you may have been able to dodge that in an apartment. Think about the cost of a snowblower or lawn mower, potentially.