Finding the right home
There’s a lot to consider when shopping for a home. You probably already have an idea of how many bedrooms you want, but many other factors can affect a home’s purchase price and the ongoing costs of ownership.
If you know ahead of time what you need and want in a home, your real estate agent can help guide you to find a home you’ll love — right now and for years to come.
Start by making a wish list of what you want in a home — and decide which features are “nice-to-have” and which are “must-have.”
Find out how your requirements will affect the price and think about how flexible you can be if faced with difficult choices.
What to consider when buying a home
By better understanding how a new home will fit into your lifestyle, you’ll be able to budget more realistically and set yourself up for long-term success. Here are some things to look at when prioritizing your list — and assessing your budget:
Number of bedrooms and bathrooms
Typically, the bigger the home, the higher the purchase price. Make sure you understand how your budget aligns with your preferred home size.
Size of the yard
Consider maintenance costs like landscaping and lawn care when deciding the size and type of property you want.
Neighborhood and location
Some neighborhoods may be more expensive than others due to the school district, walkability, or homeowners associations. Also, consider the ongoing costs related to location, such as city and county taxes and insurance rates.
Age and condition of the home
The age of a home can give you a general idea of future maintenance needs, such as a roof or HVAC system replacement, as well as homeowners insurance costs.
Type of home
Some homes, including condos and townhouses, require ongoing homeowners association (HOA) fees in addition to the mortgage that cover certain shared expenses.
Energy efficiency
Elements of a home like the HVAC system, hot water heater, insulation, windows, and doors can have a huge impact on your utility bills.
Needed repairs
Buying a “fixer-upper” could save you money on a home’s purchase price. But consider the cost, timeline, and complexity of needed repairs. Talk to your real estate agent or lender about renovation loans, like HomeStyle® Renovation.
What's next?
When you find a home that you’re ready to buy, it’s time to make an offer.
More to explore
Homebuying and homeownership costs
From your down payment and closing costs to unexpected bills for home repairs, here are the expenses to prepare for as a new homeowner.
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Closing costs calculator
Our closing costs calculator uses local data to show you price ranges for common fees to help you budget. Shop around for the best terms by getting loan estimates from different lenders.
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Understanding home loan basics before you buy
The path to securing a mortgage can be confusing. Knowing the ins and outs of terms like equity, interest, and principal can help you better understand home loans.
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