Before you make the decision to buy a house it’s important to consider if you are actually ready for home ownership. Some of the things to think about are:
- have I got a good credit history
- am I in a stable job and is it likely to stay that way
- how much will a lending institution loan me
- can I comfortably service the mortgage
- have a loan pre-approval
- are there any other large financial commitments on the horizon
- have I saved enough for a down payment and other closing costs
Here’s a very short video I came across which sets out a very simple quiz which may give you an indication as to whether or not you’re ready for home ownership. (Thank you to the Blooper Chick)
