What To Look For When Buying A House Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Westend61/Getty Images January 27, 2022 Beth Braverman is an award-winning freelance journalist and content producer, writing mostly about personal finance, parenting and careers. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. When you’re out on the circuit (either in person or ) or browsing homes online, there are dozens of factors to consider as you hunt for the right place. You’ll want to start by making a list of the things that you need and want in a home. Everyone’s list will be different. Young families may be looking for a they can grow into, while empty nesters might prefer smaller homes with less upkeep. Coronavirus has also shifted preferences for many buyers, so demand has risen for suburban homes with extra space both inside and out. The reality is that you probably won’t get everything on your list. You’ll need to make some trade-offs to find a house that meets your needs and fits your budget. “It ends up being more of a process of elimination than selection. Once you start going into houses, you’ll see what your priorities are,” says Andi DeFelice, an associate broker with Exclusive Buyer’s Realty in Savannah, Georgia, and a past president of the National Association of Exclusive Buyer Agents. Still, knowing what to look for is key to making the most of your search. Here’s are some things to keep in mind when shopping for a home: Deal-breakers to look out for when buying a house
More than you can afford
This is the top factor to consider when . There’s no reason to waste your time looking at properties you can’t afford. You can use Bankrate’s to get a sense of how much house you can reasonably buy and estimate the mortgage amount that suits your budget. Be sure to factor in additional costs such as taxes, insurance and maintenance. The higher the price of the house you want to buy, the more you’ll pay on a monthly basis. Poor location
There’s a reason that the Realtors joke that the three most important things in real estate are “location, location and location.” No amount of remodeling can change the where your house is. A too-long commute or underperforming schools for your children could leave you with buyer’s remorse, even if the house has everything else you’re looking for. When thinking about where you want to live, pay attention to both the neighborhood and your potential neighbors. “I suggest doing a drive-by at a few random times of the day to see what the neighborhood looks like then,” DeFelice says. “Is there something going on in that area that wouldn’t make you happy to walk out your door every day?” Issues with the home inspection
The will give you an idea of potential problems with the or systems of the house. If the inspection turns up potentially expensive issues, you can ask the seller to fix them or negotiate a lower price to account for the problems. If the sellers aren’t interested in either option, you have the option to walk away from the deal, as long as you have a in your contract. How to create a realistic wish list for your home
While there are certain to be non-negotiable aspects of the home you want to buy, other features might be more nice-to-haves. Here’s what you should consider for your wish list, at minimum: House and yard size Number of bedrooms and bathrooms (and preferred sizes) Kitchen features (such as an island or built-in eating area) Neighborhood safety Quality of local public schools Proximity to shopping, grocery stores, restaurants, bars and cultural attractions Walkability Access to public transit You’ll also want to narrow your list down to features that are realistically found in the homes within your budget, and ideally are useful, add value or otherwise enhance your everyday life. There might be other factors important to you based on your lifestyle, as well, such as a pool or access to a dog park. If it’s a priority for you, include it on your wish list. Consider, too, your current and future preferences. For instance, if you have children, the quality of the local public schools might rank higher on your list. If you’re in a multi-generational household and only have a certain number of vehicles, access to public transit could be a make-or-break preference. Needs vs wants
That said, think about what you really need versus just want. While you might prefer a house with a recently remodeled kitchen and bathrooms, that might not be a true need. A great room for entertaining or a waterfall shower might be nice-to-haves, but aren’t really must-haves. The most common include believing an amenity is non-negotiable, and looking for features that might not necessarily fit with your lifestyle. Remember No house is perfect
If only we could turn every single wish-list item and our loftiest visions for a home into reality. Because the house-hunt is largely based on cost parameters and what’s available on the market, it’s important to remember that the perfect house doesn’t exist (unless, of course, you build it). As you review listings online and start seeing homes in person, here’s a house-shopping tip: Remember you can repaint, replace fixtures and add your own flair, but you can’t change a home’s location. Choose wisely. Learn more
SHARE: Beth Braverman is an award-winning freelance journalist and content producer, writing mostly about personal finance, parenting and careers. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles