Deciding to buy your first home is often the most important decision you have made in your entire life because of the impact it can have on your social and economic future. Here are some of the most important things to consider when making the big leap to home ownership.

• Location, Location, Location

This is the biggest reason for most individuals, you must be entirely sure that you want to spend at least a few years in this neighborhood. If you don’t want to stay around the area for too long, it isn’t a great idea to make an investment as large as buying a home. Starting a family with your significant other on your mind? This is incredibly important to consider when buying a home; make sure to look at neighborhood crime rates and get a sense of how you feel walking around by yourself, if you don’t feel comfortable you aren’t going to want your children to grow up there. Another factor is the educational opportunities for your children, a local prestigious schooling system is worth more than you might expect.

• Buying Vs. Renting

Owning a home is generally thought to be less expensive per month compared to renting, while this is true on the surface, there are many things you might not commonly consider that will cause purchasing a home to actually be more expensive. These hidden costs of purchasing a property include: property tax, homeowner’s insurance, insurance against natural disasters, closing costs, and regular maintenance. Renting could be a better alternative that could potentially save you money as well as give you the freedom to transition somewhere else if you would like to. Consider standing in front of the display case at your favorite ice cream store, instead of rushing and buying a flavor you’ve never had before, ask for a sample to see if you enjoy it and if you do purchase a cone! Think of renting vs buying in the same light, if you aren’t sure that this is where you want to remain, rent for a little to make sure you like the area and if so consider purchasing a home.

• Other Considerations

Is this house one you actually need or just one you want? A beautiful home on multiple acres of land with 5 bedrooms might be your dream home but if it is only you and your significant living there, it is probably not necessary. The timeliness of when you buy is also important, the best time to buy is in January due to harsh weather causing many people to avoid the house hunt until weather is nicer. Job security is also a major consideration, if you aren’t that confident that you will continue to be employed for the foreseeable future you probably should hold off on making a purchase because the mortgage payments won’t stop even if your checks do.