A recent survey of prospective homebuyers noted many people - including younger adults - are taking the financial commitment quite seriously, and preparing accordingly. Wells Fargo's "How America Views Homeownership" report revealed more than two-thirds - 68 percent - of respondents think now is a good time to purchase a home. But almost all prospective buyers know it's not worth doing so without first getting their finances in order and making sure they understand the process as well as possible. Being prepared to own - not just to buy - is a greater priority than it was in the past. That trend is perhaps indicative of the lessons learned from the recession and housing market downturn. What buyers know, what they need to learn Eighty-two percent of survey participants said they have an understanding of how to manage personal finances in preparation for a home purchase, though some of the answers related to that process revealed that's not entirely true. For example, 30 percent of respondents mistakenly believe only high-income individuals can obtain a mortgage. Lending standards have gotten tighter since the recession and the housing market's downturn, but qualification is based primarily on a borrower's debt-to-income ratio and ability to repay the loan, as opposed to income alone. The loan approval process is still conducted on a case-by-case basis, with risk assessments focusing on a borrower's credit history and the terms of the mortgage, rather than simply how much they earn. The notion that younger generations don't view homeownership as a worthy goal proved untrue in the study, with 95 percent of respondents reporting it was an achievement they value and strive for. Another perception seemed to ring true, though: Younger prospective buyers do more online research and tend to ask more questions during the process than their older predecessors, according to the survey. Misconceptions regarding the minimum down payment qualifications and credit score standards remain, but overall, it seems as if younger adults are making sincere efforts not to approach the homebuying process without first arming themselves with as much information as possible. "It is important for prospective homebuyers to feel empowered to ask lenders and real estate agents questions about available options, such as down payment assistance or FHA loan programs or VA loans for veterans," Codel said. "Ninety-five percent of survey respondents said they want to own a home if they don't already. Informing prospective homebuyers about their options is the first step toward helping them realize their goals." Savings and demand stats Nearly one-third - 63 percent - of the more than 2,000 adults surveyed have established a savings fund for a down payment on a home. Meanwhile, more than half of the respondents between the ages of 18 and 34 indicated they had begun saving for a new home purchase, though that same age group also cited a lack of funds as the most significant impediment on their path toward homeownership. Perhaps most reassuringly, the survey dispelled most notions that homebuying demand is sagging. Instead, it reiterated the need for more accurate information to be disseminated among the buying population. Certain elements of the mortgage application process and the steps for buying the home still cause confusion, but the desire to understand these processes is very much alive. There are many Americans who still view homeownership as the ultimate investment, but too many of them remain ill-equipped to achieve those goals. They're willing to seek out the information and take the steps necessary, increasing the national homeowning rate in the process, but it may yet take some time.

Considering the transition from renting to home buying? There are a lot of factors to weigh, not the least of which is determining how to save enough for a down payment without totally hamstringing yourself financially. But there are a number of other considerations, both cost-related and otherwise. Owning a home entails a lot of additional responsibilities, all of which you need to be sure you're prepared for. Some of the most prominent include the following: • Maintenance. No longer will you be able to rely on the services of a landlord or hired hand to tend to minor issues on the property, as you can as a renter. As an owner, you'll need to conduct a cost analysis of every home improvement and renovation, bearing in mind how the upfront expenses that go toward resolving an issue can pay off over time in the form of appreciated value. A well-maintained home is an investment from which you can reap the ultimate benefits, but you'll need to account for the time and money spent on the front end when you're budgeting for your down payment, your monthly mortgage costs and the other assorted fees owed to real estate agents and for insurance. • Logistics and lifestyle. Often, the decision to buy a home is predicated on a shift in priorities or family needs. A new job, a new baby or a desire for more space can prompt a reevaluation and the realization that the current rental unit will no longer cut it. But think practically - if your commute will be dramatically extended because the buying options in your price range will push you further away from your job or your children's school, it may be more efficient to continue renting for the time being. Conversely, if your utmost needs include gaining more space and finding a safer neighborhood for your kids, then the everyday comforts of you and your spouse may be sacrificed in some form. Whatever the overriding factors, it's important not to rush the decision. • The equity equation. Above all else, you need to carefully consider all your home buying options because of the long-term significance of the investment at stake. Conduct your research thoroughly, with particular attention to which homes stand the best chance of accruing long-term value. After all, you want to be comfortable in your space, but you also want the transition from renting to be well worth it.

Given the inventory issues many local housing markets are still experiencing, if you're a house hunter faced with the dilemma of choosing between two attractive, affordable properties - well, that's one of those good problems to have. Personal preferences and outlying factors will always play a role, but if you want to weigh the pros and cons of each home in question, there are eight criteria identified by the National Association of Realtors that should impact a decision above all else. If you honestly assess each property's strength in these areas and one emerges as a clear-cut, quantifiable winner, your stress may be simplified. Here are the primary factors worth considering, along with any unique circumstances that apply to your family, your job or lifestyle needs. What's the cost? The cost of a home doesn't always come down to the price tag alone. Consider appreciation potential and the amount of money that will need to be put into maintenance and utilities, as well as monthly mortgage expenses, homeowners insurance, title insurance and closing costs. Then, determine whether one stands to cost you significantly more than the other in either the long or short term. How big is the space? Whether or not you and your family can comfortably enjoy a home over the course of the next decade is sometimes hard to discern. But consider things like the size of each bedroom, the amount of outdoor space and whether or not there's ample room for all your existing furniture and possessions. Streamlining the amount of stuff you have can be a positive development, but if your family is likely to grow - both literally and figuratively - you'll need to account for which home best fosters that sort of expansion. Community concerns. Does one home sit in a much better school district than the other? What do local crime statistics tell you? What sort of access to public transportation will you have, and what sort of amenities, such as parks, restaurants and shopping, will improve your quality of life? In other words, envision yourself settling into the area well into your family's future - if all else is even, this can serve as quite the determining factor. Consider the condition. As part of your price analysis, you should assess what sort of work needs to be done and how much it will cost. But there are other repercussions for purchasing a home that might need repair work. If it features older appliances or outdated insulation, those will not only cost you money through excessive energy use - they could also complicate the resale process down the road. Return on investment. In the same vein - how likely is one property to accrue value over the course of your time spent in it, compared with the other? Take a look at comparable rates of appreciation in the area in an effort to gauge long-term payoff potential. Day-to-day logistics. How far will you have to drive to get you or your children where you each need to be on a daily basis? If one property's location significantly cuts down on commute times, ultimately helping you save gas and money, that's not to be underestimated. Potential deal-breakers. Perhaps as weighty as any other criterion aside from price and size is the pivotal "problem area" factor. If one home has a major recurring issue - say, a basement that's highly susceptible to floods - that can be enough to sway a decision in the other direction. It depends on the nature and seriousness of the issue, of course, but you'll have to attempt to quantify the cost and hassle that could be associated. Add-on fees. If one home is part of a Homeowners Association, you'll owe HOA dues on a monthly basis. This probably won't make or break your decision, but it's a cost that adds up.