Everyone has different priorities when it comes to buying a new house. The purchasing process is complicated and time-consuming, making it easy for you to go off track. Thus, it's a good idea to write down your priorities as they will serve as a guide through the purchasing process without making you overlook some of the features that are important to you and your loved ones.

Your real estate agent would also like to learn about your list. Knowing which features matter the most will help them eliminate listings that aren't suitable for you and compare the ones that are.

In this article, we will look at the three critical things you need to consider when purchasing a new home.

3 Things to Consider when Buying a House

Buying a house is perhaps one of the biggest expenditures you will undertake in your life. Thus, it can be a little overwhelming and a bit terrifying too. Before moving ahead with your search for the perfect home, read through these three things you need to consider before buying a house.

1. Your Lifestyle Needs

Unless you're constructing your own house, it is highly unlikely you will be able to achieve every dream on your home "wish list." You'll need to prioritize the features you absolutely need in your home versus the features you want. This varies for each homeowner. For instance, if you work from home, you will want a house with a home office. If you have a new baby on the way, you will need a house with extra space. Similarly, if you have children who don't like to share a room with their siblings, you will need a house that has a room for everyone.

When you are thinking of your needs and wants, you need to pay attention to what other people would need and want in a house. If you are selling this house in the future, you should think about the resale price of any potential home.

Nevertheless, make sure to take into account all the factors that can influence resale value. Sometimes, you might not pay attention to a particular factor because it doesn't impact you directly. For instance, if you don't have kids, you might not consider the school district in which a house is situated. However, certain families who might move into your house in the future will want to reside in school boundaries that are highly rated and ranked.

2. Location and Neighborhood

The next thing you need to consider when buying a house is its location and neighborhood. You should find a location that allows easy access to the places you visit the most (school, work, recreation, shopping, homes of family and friends, places of worship, etc.) Look for quick and easy access to the main roads and assess the traffic flow.

Considering this factor before buying can save you from the hassles of exiting the neighborhood and onto the main thoroughfare or from a long and troublesome commute. Look at the public transportation stops too. In fact, it's best for you to travel the routes yourself to determine what they're like, how busy they are, and how much time it will take for you to get from one point to another.

Apart from the location, you should also consider the neighborhood in which the house is located. Remember, the house is part of a bigger community that you will exist in on a daily basis. Thus, it's imperative that you find a neighborhood that matches your needs before purchasing. Do you want to be able to walk to a coffee shop every morning, or would you prefer not to deal with possibly noisy neighbors? Whatever you want, make sure to do your research before beginning your search.

If it's possible, go for a drive and spend some time in the neighborhood. Go out to have lunch at local restaurants and take a walk in a nearby park. After you identify areas that you like, inform your real estate agent, as they will use this information to show you listings you might like.

3. Affordability

Getting pre-approval for a loan isn't an instant lock. However, it does give you a clear idea of what sort of mortgage you can manage, making this an important consideration.

It's a good idea to make a 20 percent down payment on your home price so that you don't have to pay private mortgage insurance (PMI). Added to your mortgage payments, PMI can typically add $30 - $70 to your monthly mortgage payment for every $100,000 that you borrow.

There might be certain reasons that you may not want to make a 20 percent down payment towards your purchase. Maybe you aren't planning to live in the house for a long while, have a long-term plan to convert the house into an investment property, or you don't want to risk making a large down payment. In that case, purchasing a house is still possible without a 20 percent down payment. For instance, you can purchase a house with a 3.5 percent down payment with an FHA loan; however, there are advantages to making a larger down payment. Along with avoiding PMI, a bigger down payment even means lower mortgage payments and more choices amongst lenders.

It is important that you stay within your means, regardless of how much you like a house.

Last Few Words

Everyone deserves their dream house. With the right amount of research, it's very much possible! Use the factors mentioned above as points of consideration as you and your loved ones start the home purchasing process. They will allow you to focus on the qualities a house must have to be your ideal fit.

At The Wall Team, we can help you search for homes that are in line with your needs and wants. Rest assured; our team will assist you from beginning to end!