Now may be the best time for first home buyers to take advantage of the first time homebuyers federal income tax credit as it gives you up to $8,000 off the purchase price of a new home. Add in a few sensible factors, and you could be on the way to owning that perfect first home in historic charleston.

Calculate what you can afford:
This may seem like a no-brainer, but you do need to do the math first. According to the U.S. Department of Housing and Urban Development, your total monthly mortgage payment -- which includes principal, interest, taxes and insurance -- should be about 29 percent of your monthly gross income. But you also need to take into consideration how much of a down payment you can make. So before you make an offer on that gorgeous historic charleston property, make sure you've done the math.

Choose a neighborhood:
When it comes to living in historic charleston, you are literally spoilt for choice. The question should perhaps be, where can't I live? With everything from our famous charleston condominiums to gorgeous charleston homes, there is everything to be had in every budget.

Make a wish list of needs and wants:

Early in the home-searching process, list your basic needs such as minimum square footage, number of bedrooms and bathrooms as well as price and location. You may need to factor in commute times and family friendly needs, but we can help you determine the best areas based on your personal requirements.


Around The Home - First-time Homebuyer Tax Credit: Essential Tips for New Buyers | ABC News 4

Buying a home is one of the biggest financial commitments a person can make, but first-time homebuyers and qualified return buyers are in an ideal position to take advantage of unique opportunities in the market, such as low interest rates and the choice among an abundance of for sale homes,” says Charlie Young, president and chief executive officer for ERA Real Estate.

And of course, working with a qualified real estate professional company who knows the area and what is available should be high on your list of must have requirements if you are new to downtown charleston and not sure what would be the best area for you to choose.