Are You Ready For Homeownership?

Now that you have finished reading this chapter, you may decide that you are ready to begin the process of purchasing a home. If you decide now is not the ideal time for you, you can begin planning for a time in the future when it might make more sense.

If you decide to begin now, there are some questions you can ask yourself to confirm that you are making the right decision.

Questions

• Have you decided that owning a home of your own is what you want?

• Are you ready to settle down in one neighborhood for a long period of time?

• After looking at your income and expenses, do you think you can afford to own a home?

• Are you willing to do a lot of hard work and have patience throughout the process of purchasing a home?

• If you have a guardian, have you talked with that person to see if he or she is supportive of the idea of homeownership?

• Are you willing to sacrifice some "extras" in order to own your own home?

Ö Begin to think about people who could provide you with assistance.

Ö Talk with your guardian, if you have one.

Ö Create a budget.

Ö Obtain a credit report.

Ö Read Chapter Two.