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Are You Ready to Buy a Home? Quiz
Buying a home involves a major commitment of both time and money. Answer the 10 true-false questions below to determine if you're really ready to buy a home. Some of your answers are more important than others. When you're done, add up your points and see the results below.
1. If I buy a home, I don't plan on moving again for at least two years. (eight Points) True / False |
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2. My job is secure and there's little chance I will lose it. (Eight points) True / False |
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3. I've done some preliminary checking, and home prices in my area appear to be increasing. (Eight points) True / False |
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4. I have at least $10,000 to $15,000 available to use for a down payment and pay my sales related closing costs. (Seven points) True / False |
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5. I'm willing to spend at least 40 hours looking for the best home that I can afford. (Four points) True / False |
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6. I'm willing to cut back on my other expenses if it's the only way I can afford to buy a home. (Four points) True / False |
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7. I pay my bills on time, and haven't made more than two late payments in the last two year J (Four points) True / False |
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8. My housing needs won't change much over the next two years. (Three points) True / False |
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9. I don't expect my first home to be my "dream house." (Two points) True / False |
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10. I'm willing to devote at least a couple of hours a week to keep my home looking nice and in good repair. (Two points) True / False |
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Total Points: |
Source (If you are clueless about Leasing a Home and Want to Know More by David W. Myers.
What Your Score Means All questions answered "True" are worth the designated number of points. All "False" answers are worth zero points. Add them up and check out your score.
Score:
43-50: You're a great candidate to buy a house now.
35-42: Your prospects are good, but double-check your finances and priorities.
28-34: You can still buy a house, but it's going to take hard work and sacrifice.
0-27: Delay your home buying plans until you can handle such a major commitment.
