House Hunting

Once you know how much money you can borrow and have an estimate of your closing costs, you'll know the price range you can afford. You might already have your "dream home" in mind. Perhaps you want to settle down in a particular neighborhood, or maybe you just need more space for your growing family.

Even if you know exactly what you're looking for, the house hunting process can be overwhelming. It takes time.

The First Step – A Reality Check

It’s fun to look at houses. And this part of the process is very exciting, but don't let your excitement rule the house-hunting process.

• Stick within your budget – don't look at homes above what you can afford – even if it's "just a little" more.
• Don't let your heart rule over your head. You may fall in love with a property, but if it is beyond your means, it is not the right house for you.
• Be flexible. Don’t be disappointed if the houses in your price range differ from your dream. Buy the home you can afford rather than the home that "has it all."
• Compare what you'd like to have with what you really need.

Some good house-hunting tips

• Take pictures inside and outside the home.
• Bring a spouse, family member, or friend.
• Make sure the house fits into your budget.
• Ask about utility and maintenance costs.
• Think of commuting time and costs.
• Consider your monthly budget – can you afford the renovations and maintenance that you'll need to do?
• Don't make a "spur-of-the-moment" decision.

Additional tips to make the house-hunting process easier

• Concentrate on a few neighborhoods. Decide what's most important to you about the neighborhood you want. This can greatly narrow down your search.
• Find a real estate agent. They'll have many more listings than you can find on your own.
• Compare homes. Make sure you know what you would get and what you would miss in each house before you make a decision.