10 Valuable Homebuying Lessons

When it comes to parenting, teaching home skills is considered a major part of the job. But while their kids may know how to cook a steak or fix a leaky pipe, the basics of actually buying a house are frequently overlooked.

For most people, a home is the biggest and most significant purchase they'll make. Are you ready to take that step? Here are ten lessons your parents never taught you about buying a house.

1. Consider Location
   We've all heard the #1 mantra of real estate: "Location, location, location." Even so, when buying a house, many people minimize the importance of location and focus on the home itself. The right location affects lifestyle as well as the property value. Is it worth owning a larger home if you have a long commute to work or you're far from services and amenities? Establish priorities first.
2. Set Your Budget
   Don't confuse pre-qualification limits with a budget. Lenders will often give you pie-in-the-sky numbers without knowing how comfortable you are with debt and other criteria specific to your situation. When calculating your budget, don't forget to allow for related expenses such as closing costs, mortgage interest, and insurance.
3. Check Your Credit Score
   While FHA and other government-backed loans may accept slightly lower numbers, traditional lenders generally require a minimum credit score of 620 for mortgage approval. In addition, the higher your credit score, the lower the interest rates you can qualify for.
4. Put Down as Much as You Can
   It's tempting to go with a mortgage that requires little to no money down, but you'll end up regretting it in the long run. A standard 20 percent down payment reduces your monthly obligation and gives you equity upfront.
5. Get Pre-Approved
   Pre-approval is a more precise, in-depth process than pre-qualification. It spells out exactly how much a lender is willing to give you and lets sellers know you're not just a lookie-loo.
6. Use All Five Senses
   Appearances can be deceiving, so go beyond the surface. You're buying a house, not touring a museum. Don't be afraid to knock on walls, look in closets and cabinets and investigate odd sounds and smells.
7. Operate on Your Own Schedule
   If you're not ready, don't let someone else's timetable sway you. Despite what anyone may tell you, there will always be more houses on the market. "Last chance" is a myth.
8. Don't Ignore the Exterior
   Some homeowners sink all their funds into the house itself, neglecting landscaping and other outside features. Upgrading the yard, garage, and home exterior can be just as expensive as indoor remodeling.
9. Be Flexible
   Buyers sometimes have a misconception that bidding on a home is a cut-and-dried process. Everything is negotiable, but keep in mind you should be prepared to give something in order to get something. If you find yourself on the losing side of several bids, reexamine your strategy and make necessary adjustments.
10. Seek Professional Advice
    Successfully navigating a real estate transaction from start to finish is challenging, especially if you're a rookie. The experience and know-how of a professional real estate agent are invaluable in terms of the time, trouble and money they can save you.

Buying a house is serious business, but it doesn't have to be scary. As with most worthwhile activities, preparation makes all the difference.

• Spring Décor Updates to Brighten Your Home
• Simple Daily Habits to Maintain a Cleaner Home
• Don't Let Winter Win: How to Freeze-Proof Your Garage
• How to Extend the Life of Your Water Heater
• Winterproofing Windows and Doors: A Guide to Keeping the Cold Out
• How to Future-Proof Your Home for Changing Needs
• Home Happiness 101: Small Upgrades That Can Make Every Day Feel Better
• Fall Cleaning Tips For Decluttering Before the Holidays
• How to Create a Cozy Fall Retreat in Your Backyard
• Why Fall is Prime Time for Window Replacement

• Tips for Transitioning Your Closet From Summer to Fall
• Why September Is the Best Month to Paint Your Home's Exterior

• The Best Home Styles for Enjoying Spring Weather
• What to Do the First Week in Your New Home
• What to Know About Using Gifted Funds for a Down Payment
• What to Know About Using Gifted Funds for a Down Payment
• How to Research Crime and Safety
• What Buyers Need to Know About Home Warranties
• Browsing for Homes Online? Follow These Shopping Tips
• How to Look Past Bad Staging
• What Happens If Interest Rates Change After You Buy?
• How to Compare Two Homes You Love

• Post-Holiday Finances: How to Reset Your Budget for Home Buying
• New Year, New Home: How to Set Smart Home-Buying Goals for the Year Ahead

• Packing Tips for Sellers: Preparing for a Spring Move
• What to Store, Donate, or Toss Before Listing
• What Buyers Notice First in Listing Photos
• How Spring Sellers Can Enter The Market With Confidence
• Tax Considerations Home Sellers Should Know About
• The One-Room-at-a-Time Spring Prep Strategy
• What's the Difference Between Listing a Home and Marketing It?
• How to Respond to Buyer Feedback Without Panicking
• Transparency Builds Trust: Why Honesty Sells Homes Faster
• Winter Selling Myths That Shouldn't Keep You From Listing

• The Value of Local Market Knowledge When Selling Your Home
• Selling in Snowy Conditions: Safety, Access, and Presentation Tips