You've figured out how much house you can afford, you've saved up for a down payment, and now you're ready to begin the house hunt, right? Wrong! As a first time homebuyer, there are a few things you should know before beginning the search. To get started, check out the three must-know things listed below.

A Real Estate Agent Can Save You Lots of Time (and Money)

As a first-time buyer, there's a lot that goes on behind the scenes that you may not be aware of. From legal contracts to negotiations to the exchanging of large sums of money, it's good to work with someone who knows what they're doing.

A reputable real estate agent will always have your best interests in mind. And, with their wealth of knowledge working in your favor, you can save a lot of time (not to mention money) on your search. Ask friends and family for referrals, or look up online reviews of your local real estate agents to get a feel for the kind of agent you'd like to work with. Choosing the right real estate agent for your needs is almost as important as the house hunt, so take your time and only work with an agent you feel comfortable with.

You Won't Find a Home That Satisfies Your Entire Wish List

If you've been thinking about buying for a while, you likely already have a list of things you want in a future home. It's important, however, to prioritize that list from must-have to would-be-nice so that you don't get stuck looking for the perfect home which likely doesn't even exist.

If you're having trouble narrowing down your list, you'll want to ask yourself a few questions. For example, what wish list items can be added into your home at a later date? What things on your wishlist are 100% non-negotiable? What wish list items are entirely unrealistic? It's a good idea to tweak your wish list as you learn more about the local real estate market and what the homes in the area have to offer you.

Location Matters (So Much More Than You Think)

When it comes time to sell, the one thing you cannot change about your home is the location. So, even if your home is newly remodeled and your lawn is perfectly landscaped, location can make or break a potential sale.

There are a number of things to consider about the location of a home before purchasing. For example, you may not plan to have any children, but if you buy in a less-than-ideal school district, you may have trouble selling in the future. Other things to consider include how well developed the area currently is (and whether there are plans for future development), how accessible the neighborhood is to the major routes and roadways, and how many amenities are located nearby.

To learn more about the local housing market and how to get started on your house hunt, consult with a knowledgeable real estate agent in your area.