8 Things First Time Home Buyers Should Do When Looking for the Perfect House

Buying a first home is a major step. It is so much more than a place to live. A house is also an investment in your future. Before you start pouring over real estate listings, take time to learn about important features in houses, what to look for as you shop, and how to find the best value for your money.

1. Think Toward the Future

What is a perfect house for you right now might not be ideal in five or ten years, so keep an eye toward expected housing needs in the near future. Sure, you could always sell the house and find another one, but it is easier and more cost-effective to find a property that will work for your family over time. Besides, you don't know what the housing market will do down the road. Many people who expected to sell at a profit ended up stuck in too-small homes after the 2008 financial crisis slashed home values.

2. Check Out the Neighborhood

At the same time, the neighborhood you pick is probably the most important factor in your home choice. You can put an addition on a house, fix up things that need repairs and redecorate, but you have no control over what is going on around you. It is a far better investment to buy a slightly run-down house in a great or up and coming neighborhood than the most expensive house where values are declining.

3. Invest in Environmentally Friendly Features

If the idea of green features, such as geothermal heating and cooling, passive water heaters and North Haven solar rooftop systems hasn't entered your mind during the home buying process, it probably should. These items can lower the cost of ownership over time. They also help reduce your carbon footprint and conserve natural resources while increasing the value of your home.

4. Consider Access to Transportation

If you use public transportation, you will want to have easy access to bus or train routes. Car commuters will want to look for highway exchanges and a lack of congestion on surrounding streets. These can make a huge difference in how your daily commute goes, so don't overlook the importance of transportation access.

5. Research the Schools

School quality and outcomes can vary widely between neighboring districts. If you have children or are planning to start a family, be sure to research area schools. This way you know that your kids will be given the best educational opportunities you can provide for them. Even if a family isn't on your radar, school quality is still important. In fact, high performing schools raise local property values, as does an increase in per-student school sending.

6. Envision Your Space

One way to stretch your buying power is to look at houses that need a bit of TLC. Cosmetic imperfections are not a huge hurdle, so if that house is stuck in the 1970s, try to look past the color scheme. Consider that you are probably going to change wall and floor coverings wherever you go anyway and make an effort to envision these homes as your own space.

7. Watch Out for HOA Restrictions

Homeowner associations set rules to maintain a cohesive, uniform and safe community. However, if your new home is in an HOA neighborhood and you have never lived in one, you could be in for a few surprises. Read the covenants carefully to be sure you can handle any restrictions on what you can, cannot and must do to adhere to their rules.

8. Clean Up Your Credit Report

The better your credit score is, the lower your mortgage rate will be. That score is based on your credit report. You are entitled to a free copy of your report from each of the major bureaus each year, so go ahead and request one before you start house hunting. If you find any mistakes, work to clear them up and improve your score.

Take time before you go out and visit houses to learn about neighborhoods and local amenities. Be willing to overlook cosmetic imperfections for a good house in a nice neighborhood, too since you will probably redecorate it anyway. Quality schools, access to transportation and forward-thinking features should all play a role in your decision.