Many people want to own their own home. Owning a place of their own is attractive to some people because they want the security of knowing they will always have a place to stay. In addition, many financial experts believe that owning a home is a good investment, since the value of the property is likely to appreciate over time. However, it is wise to choose your home carefully and find the best real estate advice for buyers.

Firstly, you should check what the selling prices are of various homes in your area to see how they compare. You can browse different web sites to get a general idea. You can also check the listings with the National Association of Realtors.

The second thing to consider is how good your credit rating currently is. Make sure that your credit history has nothing questionable or outstanding in it. Since you will probably need to apply for a mortgage in order to purchase a home, your credit is important. Banks and lending agencies will be looking into your financial records, so you should get a copy of your credit report to ensure that the facts listed there are correct and fix any discrepancies.

Before you start house hunting, you should get pre-approved by your bank or lender. Having a pre-approval in place will give you an idea of what you can afford, and will save you time from looking at homes you cannot afford. Pre-approval is based on your income, debt and credit history, rather than a brief review of your finances.

You should also try to find out how much you will have to pay in closing costs. These costs can add up and you should not overlook them. Typical closing costs include fees charged by lenders, settlement fees, as well as state and federal taxes. It also includes items such as homeowners insurance and association fees, if you are buying a condo. There are also fees charged by lawyers for drawing up legal documents, such as the title deed. In total, the closing costs can amount to six or seven percent of the purchase price of the home.

It is important that you examine your budget carefully and determine how much house you can afford. Most lenders recommend that you spend no more than thirty percent of your income on housing costs. Spending more than this puts you at risk of not saving enough for future goals, such as retirement.

Make sure that you speak with a reputable agent in your town that knows the industry very well and can give you good guidance throughout the process. Ask them if they think that property prices will continue to fall or if the market in your area has hit the bottom yet.

When choosing an agent, ask friends and family who have purchased property recently who they would recommend. Make sure you have an agent who is properly certified and experienced in the field.

Read more about How To Get Real Estate Advice For Buyers.