Many cash-tight homebuyers are holding out for their ideal property. But rather than continuing to wait, some real estate experts suggest they compromise.

One plausible compromise for buyers in high-cost areas could be to purchase a townhouse they could upgrade later, says Tom Woods, a veteran homebuilder. As he notes, in many popular metro areas where land is expensive, opting for a townhouse gets you more living space for the money than buying a detached home.

He encourages young purchasers to consider the pluses of an affordable property with basic appliances that could be updated later when money allows.

In selecting a home, he encourages first-time buyers to place a higher priority on location than on the type of property they select.

"For this younger generation, their lifestyle doesn't revolve around the car. They want a close-in neighborhood with more restaurants and entertainment, like places for concerts and a sports arena. They also like walkability and public transportation options," he says.

Given that prices are high in many close-in neighborhoods, Woods says it could be smart for city-oriented buyers to choose an affordable city townhouse over a classic suburban home with a big yard.

But he says young buyers pondering the purchase of a close-in townhouse over a detached suburban place should also factor in the location of their jobs, along with their favorite pastimes and preferences.

Tom Early, a real estate broker and past president of the National Association of Exclusive Buyer Agents, says many young singles and couples who enjoy city living are often happier in a modest city townhouse than in a larger place in an outlying suburb.

"A townhouse can be the ideal choice for people from their mid-20s to early 30s who don't yet have kids and aren't yet looking for a neighborhood with a playground," Early says.

"Granted, you're going to have to share walls with other neighbors. Also, you could be barred from painting your front door fluorescent purple. Townhouses aren't great for rugged individualists. But they're excellent for people who travel a lot or want an easygoing lifestyle," Early says.

Here are a few pointers for townhouse buyers:

-- Factor in the property's appreciation potential.

It can be tiring to hear that the prospect of appreciation is extremely important when it comes to the selection of real estate. But this principle remains true across time, says Eric Tyson, a personal finance expert and co-author of "Home Buying For Dummies."

Tyson urges buyers to look for a neighborhood served by good quality public schools and public transportation.

-- Look for a townhouse with an open interior.

Nowadays, most homebuyers strongly favor an airy, bright habitat. But many townhouses, especially older ones, have relatively few windows and are narrow from side to side and deep from the front door to the back, Early says.

"To get a more open feeling, look for a townhouse that's wider than average. Also, look for one with larger-than-average windows. But remember that big windows typically translate to higher energy costs," he says.

Another way to obtain a more open, airy feeling in a townhouse is to buy one with high ceilings.

-- Make sure you'll have ample parking for your guests.

Newer townhouses are typically built to give each unit a one- or two-car garage. That means your own parking needs should be met. But what about the visitors to your home?

"It's important for townhouse owners to feel confident that their friends and family members will not face lots of hassles when they come over," Early says.

He recommends that the best way to scope out the parking situation near your townhouse is to ask those already living there about their experience with parking in the common areas of the complex.

"You should get candid opinions about all the pros and cons of life in the community through informal conversations with residents there. ... (I)t can be particularly helpful if you go back there to talk to neighbors without your real estate agent at your side," Early says.

-- Seek out a townhouse community where residents live harmoniously.

In nearly all townhouse communities, residents are bound together through membership in a residents' association. As Early says, the quality of leadership in that group can make a major difference.

"The point is to find a community where people can reach consensus through calm conversation rather than heated arguments," Early says.

A well-functioning association sets aside money for major expenses, like the replacement of a roof. Otherwise, everyone living in the community could be hit with a special assessment, which can mean a large addition to your monthly homeowners' fees.

To investigate the operations of a townhouse association, Early suggests you ask for minutes of its last three meetings to see if major disputes are brewing within the organization.

"It can be misery to live in a community where everyone is constantly squabbling over issues both large and small," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Right after a couple in their late 20s were married, they spent a day searching for a house to buy in a city neighborhood popular with their friends. Excited to find a renovated townhouse, they immediately bought the place.

But a month after the papers were signed, the wife happened upon a website detailing several serious crimes that recently occurred in the immediate area, including several rapes and armed burglaries. Horrified, the wife was adamant she'd never live in the townhouse they'd agreed to buy.

The couple managed eventually to back out of their purchase. But their buyers' remorse proved costly both in legal fees and a lost deposit. As a result, they put their home-buying plans on hold and decided to rent an apartment in an entirely different section of the city.

As this true story illustrates, a poorly thought out home-buying decision can have unhappy consequences. But real estate specialists say much of the angst and expense of buyer's remorse can be avoided with research and planning.

"It's all about doing your homework. ... (and making) sure you have some breathing room written into your sales contract to allow you to back out if problems are found in the immediate aftermath of your purchase," says Sid Davis, a veteran real estate broker.

"If time allows, why not drop by the closest police station and ask for data on recent incidents? As citizens, you're entitled to these statistics," says Davis, the author of "A Survival Guide For Buying a Home" and several other real estate books.

Here are a few pointers for buyers:

-- Try to keep your emotions in check when shaping a bid.

Joan McLellan Tayler, who owned a realty firm for 15 years, says would-be buyers who in the past have lost houses to other bidders are sometimes prone to rush into a deal they might later regret.

Granted, buying a home is currently a competitive activity in many neighborhoods. But as Tayler says, every property should be evaluated on its merits, not on the number of people vying to own it.

Eric Tyson, a personal finance expert and co-author of "Home Buying For Dummies," suggests buyers set a ceiling on how much they're willing to pay for a property before making an opening bid.

-- Seek information from neighbors in an area you've targeted.

Your agent should be helpful in sorting through property listings, making sure you identify the most promising homes available.

But once you have your eye on a particular place, it could be the time to talk to those who know the community best: neighbors.

Before Tyson and his wife bought the colonial-style place they still own, he walked around the community, chatting with residents and picking up a large amount of useful information.

"Believe me, most neighbors will bend your ear about their area," he says.

-- Look at enough properties to make an informed comparison.

Tyson and his wife visited 15 properties before settling on their ultimate choice, a four-bedroom colonial with a circular driveway in front.

Even if the first place you see looks perfect, you'll want to ponder alternatives to make sure you have a basis for comparison, says Tyson, who recommends that home shoppers look at a minimum of six properties before they buy.

"Buyer's remorse is much less likely if you've examined several options, even if you must do so in a single day," he says.

-- Get smart about local property values.

If you're uneasy about the price tag attached to a property you like, have your real estate agent show you several comparable homes that are also on the market, including those under contract, Tyson says.

Resourceful buyers might even go a step further by asking those who've recently bought into the neighborhood whether they'd mind giving them a peek inside.

"Drop a little note in their mailbox telling them you're interested in the neighborhood and leave your contact information in case they'll let you come by," Tyson says.

What's the advantage of evaluating the price and quality of freshly sold homes? In areas where home prices are rising, the latest sales are the most telling, more so than transactions that occurred months ago, he says.

-- Don't surrender your right to a home inspection.

Almost without exception, homebuyers are entitled to an inspection of a property once their offer is accepted by its sellers. But in hot markets, some buyers are now waiving this right, believing their bid will be more appealing to the sellers if they do so.

Tyson says he understands why some buyers voluntarily give up the right to an inspection, particularly if they're trying to purchase a home in a strong sellers' market. Still, he argues that an inspection could expose unseen defects, such as a heating system problem, that may not be apparent until after the move.

"No matter how hot the market, I would never advise buyers to forgo an inspection. If for competitive reasons you don't want to have this right in your contract offer, at least you should ask the owners for the chance to do an inspection before you make a bid," Tyson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Home sales have dipped recently in what the National Association of Realtors calls the "tightening grip" of rising prices due to limited inventories of available property.

To keep sales buoyant going forward, the real estate industry is counting on homebuyers now in their 20s and 30s, known as millennials. But many in this cohort are living paycheck to paycheck and find it tough to save for a down payment.

To make matters worse for young buyers, the supply of "starter homes" has fallen drastically, even as prices for such properties have risen, according to Ralph McLaughlin, chief economist for Trulia, the online real estate site for buyers and sellers.

Sophia Bera, a certified financial planner, encourages young buyers to think seriously about taking a second job until they can reach their down payment goal.

"Try to earn an extra $500 to $1,000 per month with a 'side hustle.' This could be freelance writing, driving (for) Uber, walking dogs or doing two shifts a week at a restaurant. Look at the skills and interests you have and go from there," says Bera, the author of a new ebook titled "What You Should Have Learned About Money But Never Did."

She also recommends that young buyers consider slashing their spending on non-essentials and letting go of the expenses of car ownership by reengineering their daily commutes to involve carpooling or biking to work.

Eric Roberge, who heads a millennial-focused financial planning firm, recommends that wannabe first-time buyers consider moving back into their parents' home to cut their rental expenses, a step he took temporarily to generate the cash he needed to start his small business.

Here are a few pointers for first-time buyers:

-- First, get a grasp on your current financial picture.

One major barrier to saving for a home is uncontrolled day-to-day spending, says Tom Early, a real estate broker and past president of the National Association of Exclusive Buyer Agents.

As a prelude to cutting your spending, he recommends you review all your expenditures for the most recent three-month period. You can do this with pencil and paper or with such personal finance software as Quicken, Early's favorite. Alternatively, you can turn to such free online money management tools as Mint (www.mint.com).

A full inventory of all your spending can consume many hours as you comb through credit card and checking account statements. Indeed, Early says the process might take up to an entire weekend. Nevertheless, he insists it's a crucial first step for any individual or couple determined to reduce spending to buy a home.

Eric Tyson, a personal finance expert and co-author of "Homebuying For Dummies," allows that many young adults strongly resist the notion of micro-managing their money. But he says it's worth the temporary constraints involved.

-- Create a spending plan with home-buying in mind.

Once you know where your money is going, you're in a good position to build a budget that ideally should both allow for your core needs and let you start assembling enough savings for your home purchase.

In some categories such as restaurant tabs, you're likely to find a good deal of low-hanging fruit for pruning. But he says wannabe budget cutters should examine every area in search of potential cuts.

As you move forward with your budget, don't overlook seemingly small or relatively infrequent expenditures that can add up quickly, like popcorn at the movies or hot dogs at a baseball game.

Another fertile area for cutbacks? Your cable TV bill.

"I'm always astonished at the large sums people spend for cable, which can cost more than $200 per month," Tyson says.

-- Face your credit card debt.

It's not only student loans that hold back some potential homeowners. It's also credit card debt, much of which may have been acquired during the college years.

"Credit card debt, especially high interest-rate debt, is toxic to a savings plan. You've got to zero it out. I strongly recommend that people get out of all their double-digit credit card debt," Tyson says.

Of course, it's not easy to pay off large credit card balances. But doing so will help you in two ways. You'll free up capital for your down payment and, over time, you could improve your credit score.

Most people don't need a financial adviser to help them dig out from credit card debt, Tyson says, though you can find useful guidance through a book on the subject. One that he recommends is "Deal With Your Debt: Free Yourself From What You Owe," by Liz Pulliam Weston.

-- Beware of friends trying to talk you out of buying a home.

If you're a relatively recent college graduate with many friends who have busy weekend social schedules and expensive hobbies, you could confront a major psychological barrier to progressing with your own home-buying plans.

"When you're young, it's not a cool thing to be saving money to buy a house. Your friends may view this as fuddy-duddy and try to talk you out of it," Tyson says.

But he says those who allow their friends to dissuade them from pursuing homeownership in the next year or two might one day live to regret it, especially if home prices continue to rise during that period.

"One of the great things about owning a house is that it makes you less vulnerable to unexpected increases in your rental costs," Tyson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)