Are You Ready to Buy A Home? – The Money School

Are you living in the area where you want to buy a home?

Yes! And I know what school district I want to live in.

No, but I’ve spent time there.

No, but I’ve got a job there.

No, but I really like the vibe online.

What is your credit score?

Between 700 and 500

Above 700

Below 500

No idea. Numbers can’t define me!

How stable is your lifestyle?

I’m in bed by 9 and up at 5 for pilates.

I’ve had the same job for 3 years and I’m talking about marriage with my partner.

I just got divorced and lost my job.

My dad stays up at night worrying about me.

What is your debt situation?

I have no debt

My only debt is school related and I’m on a payment plan.

I have school debt and a car loan but I can easily make my payments each month

My debt is crushing and if I think about it too hard I need a margarita.

Have you considered the disaster risk of where you want to live?

Yes, and I’ve looked at the flood map.

Yes and while I am concerned about the future I have a plan.

No, I don’t need that kind of energy in my life.

Why is this even important?

Do you have anything saved for a deposit?

Yes, enough for 20% (or more!) of a house in my budget.

Yes, but I need to sell some of my investments and get a loan from my mom.

Not really. I have some savings and if I use my emergency fund and draw down some money from my retirement account I could maybe come up with something.

Ummm, no.

Do you know what additional costs would come with home ownership in your area?

Yes, I have a sample budget for taxes, sewers, and garbage as well as my mortgage payment.

Yes, but I don’t know what they would cost.

No, but I know where to start looking.

Additional costs? Jeez, homeownership is expensive.

Are you ready for your For You Page to be exclusively home improvement content?

I’m already there.

Yes, I can't wait to start working on the house every weekend.

Ugh, I just don’t want to think about cleaning gutters.

Maybe I like calling the landlord when something breaks.

Is your rent rising?

Yes, it’s almost equal to a mortgage payment.

Yes, and I’m just scraping by.

No, but I’m tired of paying someone else's mortgage.

No, rent control for life!

Do you really want to own a home or do you just feel like you’ve reached the stage in your life where you are supposed to be a homeowner?

I am ready to own my own house.

Both things can be true!

I’ve checked off the other boxes so I have to buy a house now right?

Huh, I guess I should think about that.