When you’re considering buying a home—whether that means luxury real estate, a condo, or something else—knowing what you’re doing is essential. Home equity and home value are all vital factors, and so are a million other pros and cons. For years, EXIT Realty Nexus has been helping aspiring property owners carefully evaluate all the necessities of home ownership. And, in doing so, they’ve facilitated hundreds of happy deals.

What are some crucial questions house finders should be asking themselves? According to businessinsider, 10 major considerations are as follows:

1) Ask yourself why you want to own a home. Wanting a home to nest in (so to speak) is different from wanting a home you intend to rent out and make an income from. And, though both goals are completely admirable and subjective, knowing what you intend to do at the outset can save you a lot of time.

2) Ask yourself what you can afford. Buying a house involves much more than the outright purchase price, so be sure you can afford taxes, utilities, etc., on an ongoing basis.

3) Factor in hidden costs, like mortgages.

4) Figure out exactly what kind of loan you qualify for. Remember that lenders will look at everything from employment history to tax returns, so be prepared to have your “paper trail” scrutinized.

5) Realistically consider what you expect your life to look like in 5 years. If you’re planning to stay put jobwise, and expect to be happy in the area you’re relocating to, buying a home might indeed be a good idea.

6) Ask yourself what kind of neighborhood you want to live in. For some people, a major metropolitan area works; for others, a rural or more suburban existence might be ideal. If you’re considering starting a family, look into the quality of schools, etc.

7) Choose your realtor wisely, and make sure he or she knows exactly what you want, so you don’t waste time looking at properties you’re not going to be interested in.

8) Make sure you research your realtor’s record of experience, and/or successful sales.

9) If you have a family, get—and consider—their input, and evaluate what the overall impact (pros and cons) a move might have.

10) Be sure you’ll be able to stay on top of your other financial commitments, before you decide to purchase a home (e.g., can you afford to dip into your retirement funds? Etc.)

When you decide to buy a house, the team at EXIT Realty Nexus is ready to help you get there. To find out more,call (612) 281-1033. The house of your dream is within reach. And it may even be more accessible than you think, so call today!