Are you ready…? To answers these questions about whether you are ready to be a homeowner or not?
Let’s find out:
To ease you into the process, we have color coded the answers. The one in green hold a positive tone and the one in red hold a negative tone.
So, you have finally decided to buy a house but are you “interested” in buying it?
Yes – Why do you think I am reading this blog?
No – Just found the title interesting, so decided to read the blog – You are not ready yet to buy a house, it’s better to rent for now.
Referring to your current neighborhood – Is this the community you are planning to settle down in?
Yes – I am planning to live in this neighborhood for a long time or I like the area but I am not sure I will live here for long.
No – I am a free spirit and will probably get bored with the scenery here after a while.
Do you have any idea about what you will be doing in four to six years from now?
Yes – I have a timeline planned on how I will proceed with my personal and professional life in the future.
Not Sure – What… I can’t even plan for a weekend. (Sometimes, life throws you a curve ball and this is how you deal with it – words of sarcastic Sally)
No – I don’t know what my family status will be like in the future or where I will be working. As for the house arrangement, I am not thinking about such big commitments… life planning isn’t really my forte.
Does your job make you happy?
Good lord, no!
Have you completed your education and if that’s so, are you planning to continue with your job?
Yes to both. I don’t really have to like my job. It pays the bills and that’s good enough for me. (While this kind of attitude is what puts you off your job in the future, despite what you are saying… as long as it does not affect your personal and social life, you can continue)
No to committing myself to a single job! I go with the cash flow.
Does knowing how your attitude towards buying a house and commitment affect your decision about buying a house?
Yes. (Better think some more and come to this decision later)
Do you think you are capable of being a homeowner?
Absolutely Yes – Despite what my parents think, I am quite independent and I believe I can make it on my own.
Not at All – Filling paperwork for my landlord is taxing enough… why would I want to add this burden of maintenance, repairs, property tax, etc to my life.
Do you have any money saved to pay for a real estate agent or a down payment?
Yes – It’s what I call an emergency fund.
No – This is a joke right? I thought it was all dependent on a loan. I got no money! I stretch my salary far enough to pay the bills, student loans and more. I don’t think I can save even if I wanted to.
How good are you at handling budgets?
Check out my credit score and you will know or I have enough money that I can pay for the house in cash and still live comfortably for 2 years.
Not Good – I am a spontaneous spender.
All right, so what answers did you end up with? You don’t need to have a full house of “Yeses” to buy a house. A few “No’s” will do too. Just remember, as long as you have a positive outcome, you have the green light to go ahead. If not, better rent for a few years more and start saving.