1. Assess Your Situation
The first step is to be as realistic as possible with yourself about whether or not home ownership makes sense for you.
The typical first time buyer is about 39 years, with a household income of $74,000 per year, and is either a couple or a single woman. Ask yourself:
- Do you plan to stay in the same area for three or more years?
- Is your job fairly secure? Could your income decrease in coming years?
- Do you have enough savings and a decent credit score?
- Do you want to have pets or children or get married in the near future?
- Do you enjoy decorating, doing yardwork, etc?
If the answer is "no" or "I don't know," then there's no harm in holding off.
