A little preparation before you buy a home can produce major dividends later. Without the proper preparation, you may find yourself living in a home that neither fits your family's needs or your budget. Before meeting with an agent, create a budget and establish how large of a mortgage you can comfortably support. Next, create a wish list for your new home. Prioritize features by listing those things you need versus those things you want but could live without. Then, if money gets tight, you can always cut costs by eliminating “want” versus “need” items from your wish list.

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Before many real estate agents are willing to invest their time in showing clients property for sale, they ask that the client “pre-qualify” with a lending institution. Pre-qualifying occurs when a financial institution determines how much they are willing to loan a client based on the client's FICO score and ability to repay the loan.

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Once you are pre-qualified by a lending institution, it is time for the house hunt to begin. To help move things along, provide your real estate agent with as much information as possible and make sure she understands your priorities for the new home.

When it is time to view property on the market, schedule appointments with the real estate agent around planned activities. Just be sure to give yourself enough time to view the property without rushing. When you are rushing between appointments, it is easy to overlook a special feature or critical problem.

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Whether you plan to buy a new home or that fixer-upper on the corner, once you decide on a home it is time to have it inspected. That is, if time is available before you make an offer.

Oftentimes, in a seller's market, houses sell so quickly that the prospective buyer must rely on an inspection contingency. Thank goodness you have a real estate agent to guide you through the entire process!

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