The decision to buy versus rent should be met with preparation.  Start by checking off those statements you would agree describe your current habits.

 • I am currently employed and have been successful in maintaining steady employment since I entered the workforce.

• I enjoy home related projects such as painting, home improvement or gardening (add 10 points if you find yourself watching Home Improvement shows).

• I consider myself in control of my finances and keep a   savings account. 

• When I set a budget, I seldom deviate from it. 

• I enjoy a healthy credit rating and use credit sensibly.

• I feel I apply forethought and logic to most major purchases I make and have made in the past

 

How did you do?  If you checked off all or most, you’re likely ready for home ownership.  If you checked off only a few, you might not be ready to take on this responsibility.

Another avenue to take in this decision making process is to write out your ‘Pros and Cons’ list.  This becomes important when there are two people buying a home together.  Write out your lists separately, that way, when you review them together, you can see how closely your goals match each other’s.

Homeownership Pro's:
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Homeownership Con's:
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