There is certainly no doubt that everybody wants to own a home. To not have to pay rent, to have some equity, and, hopefully, to have something that actually builds value over time, perhaps providing you with a sufficient fund for when you reach retirement. Perhaps most importantly, however, is that it is a home that you own.

Home ownership is a dream for most people, there is no doubt about that. Today, that dream is more accessible to more people than it has typically been in the past. However, not everybody is ready to own a home.

There are a lot of things to consider before taking that first step towards home ownership. Buying a home can be a great experience, but it is always a large responsibility, so you really need to stop and consider whether or not it’s a responsibility that you’re willing to take on right now.

In an effort to help you reach that decision carefully, we’ll provide you with a simple checklist for the potential new home owner. Consider these to be some basic questions to ask yourself:

1. Am I ready and able to settle down?

“Settling down” might not mean “permanently”. It’s certainly possible to buy a home, sell it, and move within a few years time. However, you need to consider whether or not your lifestyle really accommodates home ownership. Do you spend most of the year travelling for work? If so, buying a home might not be top priority. Rather, it may be wiser to start saving and investing so that you can afford a home when you’re ready.

2. Do I want the added responsibility of paying off a mortgage?

To be perfectly frank, it is possible to arrange a mortgage deal that will have you paying less per month than many people pay simply to rent an apartment. However, the consequences for failing to make mortgage payments on a timely, regular basis can be more severe than the consequences for being late making rent on an apartment. Simply put, a home owner’s credit is on the line.

3. Can I afford a home?

The recession and the housing crisis have been difficult on everyone. If you are one of the many struggling to make ends meet, then we refer to point two: Taking out a mortgage will only compound your problems, not solve them.

We don’t mean to scare anyone away from pursuing the dream of buying their first home, we simply want to make clear the weight of the responsibilities home ownership carries.

All of this considered, if you are in fact ready to become a home owner, then by all means, do a little research and find a home loan deal that will work for you. Just bear in mind that the key word there is ‘research’. Once you’ve decided to become a home owner, you still have a number of decisions lying ahead of you, so make sure to educate yourself and make the choices that will help you achieve your goals.