Am I ready to buy a house? We would like to help more people understand if they should buy a home or not with questions that don’t test your real estate knowledge but really help you reflect on if you should buy a home next or keep on renting instead.
This is why we have created this easy 10-question quiz:
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This is the transcript of the quiz:
Intro: Am I ready to buy a house?
You’ve spent weeks checking real estate listings, and dreaming of a place you can call home but are you really ready to buy your home? Take this easy 10-question quiz to find out!
Questions Am I ready to buy a house Quiz
- Have you narrowed down a particular community or neighborhood where you’d like to live?
- Are you ready to commit to living in the same place for 5 years or more?
- Have any of these life events happened in the last 12 months: we just got married, we are expecting a new addition soon, we need more room for our family, I want to downsize, I just divorced, none of the above?
- Do you know how much home can afford?
- Do you have 10% of your home target price ready in liquid assets?
- Do you have 6 months of cash saved in case of an emergency?
- Do you need a mortgage?
- If you divide your monthly debts (including your mortgage payment) by your monthly income, is that below 28%?
- Is your FICO credit score at least 580?
- Do you have a regular income source, whether you are salaried or self-employed for the last 2 years?
Am I ready to buy a house? Now you understand.