by Victoria Tiegert

Created on: June 14, 2009

Your home will be, for most people, the single biggest investment that you make in your lifetime. If you've entered the market to find and purchase your new dream home, or at least something that is a step in the right direction, there are some very important things that you need to consider. The five most important things are cost/financing, neighborhood/location, space to grow, investment potential, and condition/inspection results.

*Cost/Financing

The first step in your home search should be finding out what you can afford and what loan packages are available to you. Set up a meeting with a reputable mortgage broker and see if he or she can get you what you're looking for. If not, don't give up. Not all mortgage brokers are the same and they don't all work with the same banks for financing. It is a good idea to meet with several in order to get the best possible loan package and interest rate for you.

*Neighborhood/Location

The location of your new home is of utmost importance when it comes to the value. Look for the worst home in the best neighborhood and you can make improvements as you desire. This will increase the value of your home exponentially. If you get a really nice home in a not so nice neighborhood, there will be nothing you can do about the neighbors' homes. You want to look also for a neighborhood that is safe and secure.

*Space To Grow

How many bedrooms, bathrooms, and how much square footage are you going to need? Look further into the future than just today. If you aren't finished expanding your family and plan to someday have children, or more children, you will want your new home to be large enough to accomodate that growth.

*Investment Potential

Most homebuyers, especially first-timers, will eventually decide to sell and relocate to another home at some point. That is why is important to consider how well the home will hold its value over time. Look at the history of the homes that have been listed and sold in the neighborhood prior to this. This should give you an idea of the market in the neighborhood.

*Condition/Inspection Results

Having a thorough home inspection is your best bet in making sure that the house isn't hiding any major flaws that will cost you a fortune down the road. Be sure that your inspection includes a pest and dryrot inspection as these can be extremely destructive problems in a home.

Purchasing a new home is something that one should consider very seriously, starting with the above items. Take your time and do your homework before making a commitment as big as this one. You will be thankful that you did when you find the home that you truly want and one that has no hidden secrets you have to find out about later on.

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