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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.

What are your “must-haves” in a new home?

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.

Still figuring out your budget?

Get a better idea of what you can afford. Use our mortgage affordability calculator to estimate your monthly payments.

Try our mortgage calculator

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.

Stay flexible

It’s common for buyers to bid on several homes before an offer is accepted. And, in competitive markets, homes often receive multiple offers — sometimes above the asking price — which could affect your homebuying plans. Your real estate agent can provide insight into market conditions in your area like average days on the market, number of bids, and offer amounts.

By setting clear priorities ahead of time, you’ll be better able to respond to unexpected situations and make tough decisions during the buying process. Try to trust the process — even if it takes longer than you expect.

What's next?

When you find a home that you’re ready to buy, it’s time to make an offer.

Making an offer

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