Ready to be a Homeowner, or is Renting still right for You?

Is homeownership right for me?Last Updated: May 2019

Before buying your first home, ask yourself whether you want to buy or rent and what you are looking for. Here is a little questionnaire that will help you get to know yourself better.

Question Yes No
1. Do you (or are you required to) move/relocate frequently or on short notice?    
2. Would you find it hard to live without a landlord when you have a maintenance, plumbing or electrical problem?    
3. Do you lose sleep over money and your financial obligations?    
4. Are traveling, buying the car of your dreams, or hooking up with your friends as often as possible important to you?    
5. Do you feel like you’re throwing money out the window every time you pay your rent?    
6. Do you stop yourself from redecorating your current living place because you don't own it?    
7. Do you have a burning desire **and** the ability to take on a mortgage and property taxes instead of rent?    
8. Are you eager to shoulder all the responsibilities that come with owning your own home, from decorating, to mowing the lawn, to repairs and renovations?    

If you answered yes to any of the first four questions and no to any of the last four, perhaps you are **not** quite ready to buy a home. You should probably draw up a list of pros and cons before making a decision. The differences between renting and buying a home are vast, and there's a long list of pros and cons for both options. 

Still not sure? Another test is - right now, in addition to rent and in addition to your regular savings - set aside a further 20%-40% of rent in a separate account in each of the next 6 months as a contingency for unexpected expenses homeownership is sure to spring on you.  Worst case scenario? You discover your real spending priorities. Best case? You prove you are financially stable (and save more down payment)!First time homebuyer quizSO - THE QUIZ RESULTS!  If you answered yes to all of the first four questions and no to all of the last four, then time to get started!  Choose any of the following...

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Topics: Buying a home, Tips