Planning for a Home Purchase

By KSU Counseling Services Staff

A home purchase is considered one of the larger financial investments of an individual's life.

Financial Readiness

The readiness to purchase a home may depend on savings, income, individual plans to stay in a region for a particular period of time, and other personal factors. Individual credit scores will help determine not only the availability of loans but also how potentially attractive the mortgage rates may be. This decision will depend on interest rates on mortgages, home prices, and external societal factors.

In-Depth Research

Financial advisors suggest that potential home buyers research the housing market in depth. They suggest seeing a range of properties both in the daytime and the nighttime and other times in between. They suggest researching the prospective neighborhoods to understand quality-of-life issues (crime statistics, school quality) and convenience in terms of location.

Various sites like offer price estimates on various properties. Some sites may also offer online real estate services. There are online calculators that may help potential home buyers consider some of the financial aspects of their choices.