It’s been a few years in your rental apartment, your credit has been improving and there’s visions of owning something that you can really call home…and builds equity for you! So is now the time to buy a home? If you can say “yes” to the questions on our list, you might just be ready to begin the hunt for your dream home.

1. Is my credit report accurate?

Securing the lowest mortgage rate available will need your credit history to be as clean as possible. That means showing on time payments and that no lines of open credit have delinquencies posted for the past 6 months.

On-time payments show you can handle current debts and will be able to responsibly take on mortgage payments.

Get your free credit report from the three credit bureaus: Experian, Equifax, and TransUnion at annualcreditreport.com.

2. How much home can I afford?

When it’s time to think about how much “home” you can afford, it’ll be important to map out monthly debts and other financial priorities. Items that may be on that list can include:

· Rent

· Utilities

· Medical & insurance expenses

· Groceries & household items

· Daycare/Tuition

· Transportation costs

Not sure you know exactly what you can afford? You can use one of our financial calculators to help with payment breakdown and loan details.

3. Is it the right time to buy?

You might be ready to become a homeowner, but the housing market might not be ready for you. Deciding how much you want to spend is a tough call, but there’s value in waiting until it’s a buyer’s market.

What’s a buyer’s market? A buyer’s market is when supply exceeds demand, giving purchasers an advantage over sellers in price negotiations.

Determining the right time for purchasing a financial calculatorshome can affect the asking price for any home.

4. Am I ready to take on homeownership responsibilities?

Renting has certain luxuries: like never mowing the grass or paying for home repairs. Once you’re a homeowner these responsibilities are yours, tasks include everything from cleaning out gutters to replacing the furnace if it breaks. National Association of Home Builders

Saving for home repairs becomes a new obligation in the monthly budget.

What’s are some of the most expensive home repairs?

· Foundation repairs—commonly caused by water damage

· Roof repairs

· Replacing siding

· HVAC replacements

· Fixing water/sewer lines

Depending on the cause of damage, your homeowner’s insurance might cover the cost of repair.

How much should I save for home repairs?

A one percent rule of thumb can better prepare you for home repairs costs. For example, if your home cost $350,000 it is recommended to save $3,500 for home repairs each year.

5. Am I ready to plant roots?

According to the National Association of Home Builders, the average home buyer lives in his/her home for 13 years. For someone who has apartment hopped for a few years that can seem like a pretty lengthy stay, but if you’ve rented in the same neighborhood or city for the majority of your rental time it could mean you’re ready to plant roots in a more permanent situation.