Owning a home has always been the American Dream: a place to hang your hat, raise a family, and make your own.

If it's your dream too, there's probably a lot on your mind. Maybe you've heard about troubles in the housing market over the last year. Does that mean you should stop thinking about becoming a homeowner yourself? No way. In fact, it might help you find a better deal on a house you love. Like always, you'll want to think through the purchase carefully.

Here are a few things to consider as you make plans:

What's Your Style?

Are you looking for a fixer-upper or new construction? How big a lawn are you willing to mow? Limiting your search at the outset can make your life a lot easier. You can take this even further. Which rooms of the house will you probably spend the most time in? How much storage space will you need? Will a small kitchen cause you big problems? How far away are the highway and stores you shop in? What's the school district like?

Your Budget

This one seems obvious, but it's easy to get caught by surprise. It's not just the mortgage payment you need to take into account, but also interest, taxes, and insurance. And don't forget maintenance. (When it decides to call it quits, your water heater won't care that a dentist appointment just wiped out the month's extra cash.)

Once you decide your budget, take the next step and get pre-approved for your home loan. It will speed up the process when you decide to make an offer on a house. Also, take a look at ways to avoid paying private mortgage insurance. (It's required if your home loan balance equals more than 80 percent of your home's value, but there are several ways around this.)

The Housing Market

Home values are always on the move. It's tempting to buy into a hot market, but your investment could lose value later if the market cools off.

The Cost of Renting

Depending on where you live, renting might be a lot cheaper than owning. If so, consider taking extra time to save up a nice, fat down payment(or an emergency fund for that heartless water heater). Your patience could also pay off during the house hunt, giving you plenty of time to find just the right house at just the right price.

Take care to look at your decision from every angle. Considering the years of joy you'll get from your house, that investment of time is definitely worth your while.

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