Home ownership remains an important goal for many individuals and families. Below are some tips for buying a house which will make this a worthwhile experience.

-Put together a list. Make a list of the things you are looking for in a home. Maybe you feel you can live without certain comforts while you might not want to be flexible on others. Also include your future family plans when considering home options.

-Do your homework when it comes to property prices. Do research on property prices. Get the lowest and highest average prices for the kind of property you’re looking to buy. Don’t take the first deal you come across.

-Remember “Location! Location! Location!” Anyone who knows about housing will tell you that location is very important. Not only would you want a home that is in close proximity to your work but also property that would yield a positive resale value if you ever decide to sell.

-Budget. One of the first and most important considerations is to look at your budget. Know what you can reasonably repay without over-committing yourself, so that should things go wrong and you have unexpected expenses, you are able to pay your bond as well as cover those expenses.

-Bear extra costs in mind. Homeowners should be aware of all the costs associated with owning a property. Besides paying your monthly installment on your bond, also consider insurance, water and electricity costs as well as any levies.

-Compare loan offerings. Prospective buyers should compare all banks’ home-loan offerings. It is vital that you identify the best product to address your needs. If you are not sure about an offering, contact the financial institution that is offering the product and ask them to explain this to you.

-Compare mortgage rates. A fixed rate mortgage offers predictable monthly payments for the life of the loan. Adjustable rate and interest-only loans provide lower rates and payments now, but can result in sharply higher payments in future years. Compare the monthly payments for a fixed rate mortgage, adjustable rate mortgage, and interest-only loan before you decide which loan to take.

-Consider the costs of ongoing property maintenance. The ability to own a home takes hard work and is a long-term financial responsibility. You should take into consideration costs of maintaining your home, making improvements or repairing things if they break.