Buying a home for the first time or even for the tenth time is a decision that should not be made lightly. There are many things that go into buying a home and it can be an expensive process. Those who are not prepared for it will find themselves in financial trouble.

Provided below are 10 important things to remember and to think deeply about before you purchase your next home:

1. How long do you want to stay?

Don’t buy a home unless you are prepared to live there for at least five years preferably longer. Those who buy a home and then turn around and sell it in less then five years will end up losing money in the end because there are costs to buying and selling any home.

2. Do you have good credit history?

Let’s admit it, most of us have a lousy credit score - which is bad when it comes to buying a home because unless you are filthy rich you are going to need a loan from a bank. You need to build up credit a few months to a year before you even begin to look for a new home. Keep an eye on your credit score and try to fix any problems or discrepancies that are on it.

3. Only buy what you can afford.

Most realtors will tell you that you can purchase a home that runs two and one half times the amount of your annual salary. However, it is best that you do not take any unnecessary risks. Study carefully the different price markets and determine what you can honestly and realistically afford.

4. Be prepared for extra bills.

Owning your own home is a big responsibility and it means that you don’t have a landlord that will fix any problems. This means that any leaky faucets and broken windows will have to come out of your pocket. Make sure that you will be able to afford things like this when they come up.

5. Find a house surrounded by good schools.

Families who have children will want this because it will allow their children to attend some of the best schools in the city. However, those who do not have children will still want to look for a house with this perk. Why? Because it will add value to their home when they are ready to sell.

6. Use professionals.

It is true that we have many resources at our fingertips and on the internet - but when all is said and done it is still better to go through someone who is experienced and who knows exactly what they are doing. Look for someone who will think about your needs and who can determine the best strategy when it comes to bidding on a home.

7. Choose points and rates wisely.

When you are trying to get a mortgage you will be given the choice of either paying additional points (a portion of the interest that you will pay at closing) in exchange for a lower interest rate. Those who are planning on staying at the same house for 5-8 years will find it more affordable if they choose to take the points and keep the lower interest rate.

8. Pre-approval must be had before the hunting begins.

You want to get pre-approved before you make any moves to look for a home. That is because when you are pre-approved you will save yourself time and energy by looking at houses that you cannot afford. Pre-approval is from a lender and is based on the amount of your actual income - which include any credit and debt history.

9. Study up and know what you are doing.

The housing market is always changing and you need to keep up with it if you are going to try to purchase one. You need to make sure that your first bid is based on the homes that are in the area. More often then not you will want to make a bid that is 10% lower than what the seller is asking for.

10. Inspect the home.

Some people are not completely honest and it is hard to weed out the ones that are. Because of this it is important that you hire a home inspector to determine any problems that the home might have. This will let you know if it is worth the asking price or lower.