10 Signs You Are Ready to Own Your Own Home

If you're tired of paying rent every month for the privilege of living on someone else's property, maybe it's time to put that money toward a place of your own. Do you want to take the plunge? Here are 10 signs that you may be ready for homeownership.

By Timothy Dale

Attention Prospective Home Buyers!

The mere fact that you clicked on this article probably means that you've been thinking about owning your own home. Perhaps you're tired of paying rent to a landlord who is always there to complain but never around to fix that dripping faucet. Or maybe you need to get away from your parents-cum-landlords who keep trying to place restrictions on their adult children. But even though you may be itching to break free from the renting life, you may not be ready. Read on for 10 signs that you are truly prepared to own your own home.

You Have a Great Track Record

A history of responsible behavior, both financial and social, is one of the first signs that you are ready to buy your own home. If you're scrambling to pay your rent each month, or always behind on your bills, or living off ramen noodles, you have no business looking for a house. To handle a mortgage, you have to be the sort of person who regularly pays the rent on time (or early). But settling debts promptly isn't enough. You also need to exhibit social maturity, be respectful of neighbors and their property, and conscientious about caring for your own property. A little courtesy goes a long way toward maintaining cordial relationships within a community.  

You're Tired of Housemate Horrors

Because living on your own can get expensive, renters frequently have to put up with roommates. But relatively few roommates connect well enough to live together indefinitely, and even those combinations that work at first can deteriorate over time. In fact, tension between roommates is often what drives renters to move on to a house of their own. If you've been through the roommate roulette a few too many times and can't bear the thought of having to share your space with yet another stranger, it may very well be time for you to start house-hunting.

You Want More Control

Renters are rarely permitted to make changes to their apartment. They're typically prohibited from renovating, making changes to the landscaping, or swapping out appliances. If you are aching for the freedom to change your space to suit your needs and your tastes, then homeownership may be the answer. Just keep in mind that while owning your own home gives you complete control over your surroundings, you're also stuck with any household repairs.

You're Ready to Commit

Owning a home requires a significant amount of money up front and entails plenty of ongoing costs outside of monthly mortgage payments. While a single person may find it challenging to carry a mortgage and still maintain a reasonable standard of living, it's a f