Most people buy a home only once or twice in their lifetime, and it rarely makes sense to buy if you expect to move within two years. Most buyers live in their new homes an average of seven years or more. During a housing slump it may not seem like real estate values will ever go up, but it usually does. Homes appreciate about 4-5% per year as a fairly general rule.

There are many aspects that need to be considered when one thinks of home buying. Some of which are already in your mind and a few more are listed here. Here are a few tips that you might find useful.

* Bear the location in mind

Perhaps the maximum attention is paid to the location when going shopping for a home. A couple choosing to build a home and family would prefer a house in the suburbs. While a single person will be looking for an apartment in town. Home buying can mean different areas to people at different stages of life.

Do you own a vehicle, or would you have to take public transportation? Do you need a driveway? If you already have an area in mind, you can start by driving around and looking for “For Sale” signs.

* How much house can you afford?

Homeowners who overstretched their budgets to pay for the house they wanted caused many of the problems that we’re seeing at present in the real estate market. Prioritize the features that are important to you, so you’ll be able to make tradeoffs once you’ve established your budget.

The best way to stay focused when home buying is to only visit houses you know you can afford. Make sure that you know just how much a bank will be willing to lend you as a house loan. That way there will be less heartbreak and more concrete options that you can focus on. Try and do all the research you can before hand, so that the actual visit is painless and stress free.

* House Size

How many rooms do you need? Is there a special requirement for a member of the family who is medically challenged? Remember a heart patient cannot climb stairs to reach his bedroom. An infant’s room needs to be right next to its parents. If you have a physically handicapped family member who uses a wheel chair, you will need a ramp to enter and exit the main door. Some personal considerations will also go into home buying.

During a housing slump, it’s possible to buy a large home at significantly less than its listing price. This is because so many people are desperate to sell. Remember to take into consideration the physically challenged family member who may need wheelchair access, or the heart patient who cannot climb too many stairs to get to her room.

* Get pre-qualified for a home loan before you shop with a realtor

While a loan from the bank is always an option, saving up on the deposit will reduce your financial compulsions. When home buying is a priority with you, make saving for the home a priority as well. Put aside a fixed sum from your earnings every month to build up your nest egg. If you save about 10 to 15 percent of the house cost, you will get a loan faster, and at a lower interest rate.

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