If you're planning to purchase a house, you should be aware that you're going to take a lot of risks. Being one of the biggest expenses a person can make, it makes sense to prepare adequately and iron out a lot of details before diving into the home buying foray. Here are some strategies to make sure you're armed and ready:

1. Set money aside for the deposit

Keep in mind that it's ideal to hand down a big deposit for the house you're buying. The less you have on loan, the less you'll have to worry about mortgage interest in the future. Plus, you'll be more eligible for a mortgage when you handed down a good first payment. On top of that, a deposit can make it easier for you to acquire a lower interest rate on your mortgage. It can even lower your regular mortgage expenses when you already possess the house. As you see, there are a lot of advantages to handing down a substantial down payment, so save up!

2. Establish the amount you can pay for

It is good to decide on how much of your finances you're willing (or can afford) to use in chasing your ideal house. To do this, you need to work out the maximum amount you can spend while considering your existing expenditures everyday and estimating the maximum amount you need in purchasing and keeping up the house. In addition to those, you also need to take into consideration the possibility of change (especially an increase) in your everyday expenditures. You have to make sure that you leave "emergency funds" for unforeseen events: after all, you should be ready in case you suddenly lose your job or your wife announces your first baby. This way, you can work out whether the two-door apartment you're ignoring (and not the steep three-storey Victorian-style home) is actually the one for you.

3. Distinguish your needs from your wants

Most of us dream of living in houses in posh subdivisions and that contain high-technology facilities. However, unless you're a millionaire, your dream house would have to stay what it is—a dream. Be reasonable and sensible in picking out the house that fulfills your most important needs. Be ready to let go of some of your preferences, especially if you're on a tight budget. Make a list of the things that you absolutely need (such as a safe community or friendly neighbors) as well as those that you can live without (such as a swimming pool). By doing this, you not only save time when screening the houses you'll consider given your budget constraints, but also your sanity and peace of mind.

4. Assured funding

Before you even start your house hunt, make sure that a reliable lender has already pre-approved you for a mortgage. Once you are pre-approved, you are guaranteed that the lender will loan to you the agreed amount of money (this will depend on your credit score and existing savings). Once you are pre-approved for a mortgage, you are in the great starting point in finding a home, since you can identify what house you can afford. Not only that: when bidding time arrives, you have an edge over buyers who have not been pre-approved.

5. Study the market

As with many things in life, knowledge prepares you for the battle. Nowadays, there are a lot of resources that can help you prepare for buying a home. Globalis Domus, for instance, can help you examine the local real estate market. Doing sufficient research can help you determine whether your locality is a "buyer's market" or a "seller's market". It can also help you discover and compare the homes you're eyeing. You can read information including the year it was constructed or bought and its value. The more you know about the market and the homes you're considering, the wiser your decisions would be. They would also help you reach a mutually beneficial deal with the respective seller.

6. Give the house the once-over

When you've already found the house of your (reasonable) dreams, it's time to hire competent and experienced professionals to examine it. Before closing the big deal, you need to make sure that the house is in tiptop condition and that you're aware of all current issues (or imminent ones) with the property. You have already invested a lot of time in finding the house and you're bound to spend a substantial amount of money in buying it, so allotting some of your funds for home inspection makes perfect sense. At least, you'll have an out in case the issues with the house turn out to be too costly.