Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home. Decide if Homeownership is Right for You PROS & CONS

Am I financially stable to become a home owner? Do I have any large outstanding debts?

1

Do I have the financial management skills and discipline to handle homeownership and financial obligations?

2

Am I ready and able to take responsibility for all the costs that come with being a homeowner?

3

Can I devote the time to regular home maintenance?

4

Do I have a good credit rating to purchase a home?

5

Do I have sufficient savings for a down payment on a home?

6

Buying Examples:

Pros

Freedom to renovate

Ability to build equity in a safe and secure investment

Potential for rental income

Cons

Ongoing costs including property taxes and insurance

Increased monthly payments if interest rates go up

Possibility of unexpected and costly repairs

Renting Examples:

Pros

Less maintenance and repair costs

Lower monthly upfront costs

Shorter-term commitment

Cons

Monthly payments may increase year after year

The risk your lease won’t be renewed

Paying someone else’s mortgage

Download the guide and workbook for complete information and customized calculators. Save your workbook regularly to track your budget, calculations and notes.
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Buyer's Guide