For many people, buying a home is the biggest purchase they’ll ever make because it is both a financial and an emotional decision, said Kevin Bazazzadeh, real estate investor and founder of Brilliant Day Homes.

“Buyers need to look at the next five or ten years of their life and what they have hopes for and how a particular home will supplement that,” Melanie Dawkins, realtor with kwElite Real Estate.

Younger buyers and those through their 40s need to think about what they want to be near when it comes to restaurants or entertainment and nightlife, Dawkins said.

“Location is just as important as what’s inside their house and how it will serve their life.”

Andy Piedra, real estate broker with Veteran USAF, suggests that the 20s are an excellent time to learn how to leverage real estate as a wealth-building tool.

Younger buyers should take into consideration if they intend to have a family, or if they intend to work a lot and be gone, Dawkins said. “Maybe they don’t want to be in charge of mowing a lawn and a townhouse is more important.”

If you're near to retirement, Patel said, "You'll want to think about how long you plan on staying in the home and whether you'll need to make any improvements." You may want a smaller, easier-to-maintain house or to relocate closer to family or friends.

People in their 60s and older prefer one-story homes, as stairs can be dangerous. Older purchasers can consider how a bathroom can be adapted or having a laundry room and bedroom on the same floor to avoid falling down steps.