Key questions to ask when buying home

No matter the age or life stage, everyone makes mistakes when it comes to homebuying. Whether it’s picking the wrong location or buying more house than you can afford, the mistakes are universal, says Ilyce Glink, author of “100 Questions Every FirstTime Home Buyer Should Ask.”

“When you’re in your 20s, your life isn’t the same as when you’re retired, and yet you’re both going to make timing mistakes,” Glink said. “You may make location mistakes. You may not think about what you need for every stage of your life, so you buy the wrong size home or make a bad money decision.”

Glink says to ask yourself these questions:

• Who do I imagine living with in the future?

• Where do I imagine living?

• How do I imagine living?

Those answers should be part of what you look for in a home. For example, if you think you might want kids or a dog, you’ll probably want a home with a backyard versus one near great nightlife.

Figure out your lifestyle comfort level, Glink says.

“Just because you can afford a $500,000 home doesn’t mean you should buy one. If you’re married and both you and your spouse are working, figure out whether or not you can afford the mortgage payment if one of you gets laid off,” Glink said.

Figuring out your budget is a critical step. Even ex- perienced homebuyers can make the mistake of spend- ing at their limit, which can mean making sacrifices they weren’t prepared to make. Use Bankrate’s home affordability calculator to determine how much you should spend.