2 Things You Can't Afford to Ignore When Looking for a Home

Don't end up regretting your home purchase.

When you buy a home, you're making a pretty big decision. After all, the purchase often comes with a sizable mortgage, which will likely be the largest loan you take out in your lifetime.

That's why it's important to make the right choices so you end up happy with the house that you buy. And there are many factors that affect whether you love where you live or end up regretting your choice.

Often, home buyers focus on features like a large kitchen or the aesthetics of the property. And these are indeed important criteria -- although these are also things that can be changed over time.

Unfortunately, there are actually two really important home features that you can't change and that are often overlooked.

Keep reading to see why you should look out for homeowners association rules and the school district.

1. Homeowners association rules

If the home you like is in a neighborhood that has a homeowners association, be prepared. Make sure you know what HOA fees you will have to pay as well as the rules that will apply to your home.

HOAs can be pretty strict. In some cases, an HOA may:

• Restrict the color you can paint your home
• Limit what vehicles are allowed to park in your driveway
• Even specify what kinds of plants are permitted in your yard

You may also be restricted in the pets that you can have and whether you can rent out your home. The last thing you want is to find out that you've moved into a home with a community association that you aren't happy with. So make sure you read all the rules-- and ask about any potential changes in the works -- before you buy in an HOA neighborhood.

2. The school district

The school district where your home is located may not seem like it would matter much if you don't have a child who goes to public school. But for most parents, the quality of the education their children will receive can play a big role in whether they are willing to purchase a specific house or not.

Because school districts can be so important to so many buyers, the quality of the district can have a huge impact on property values. As a result, you'll want to pay careful attention to school ratings when shopping for homes -- especially if you don't plan to stay put for more than a few years. Otherwise, your home may not appreciate in value very much, and it may be much harder for you to eventually find a buyer for the property when you are ready to move.

While these two factors are often not on the top of your list when seeing properties, it's definitely worth paying careful attention to them. Your real estate agent should be able to get this information for you before you make an offer, and you should review it carefully. Take both the school district and HOA rules into account when deciding if a particular property is right for you.

If you don't, you could end up disappointed with your decision to buy a home.