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Module 3
Preparing for Home Ownership
Ready for Home Ownership?
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Assessing Your Readiness

When is the Right Time?Are you ready for home ownership? It’s an important question to consider, as there are many responsibilities and expenses that come with owning a home. A home loan payment is not the only expense involved in owning a home. When you are renting an apartment or a house, the landlord is generally responsible for maintaining the property and making all repairs. When it is your own home, you will be responsible when the sink leaks, the air-conditioning breaks down, the porch needs painting, the roof needs replacing and so on.

Your Home, Your Responsibility
As a homeowner you must be prepared to handle routine maintenance jobs and simple repairs, either by doing the work yourself or by paying someone else to do it. Although this takes time and costs money, the upside is that you are in control of getting it done. A “maintenance and repairs fund” is a line item that you should include in your monthly spending plan. You should also have a reserve fund to take care of major items like replacing a roof, a furnace or a major appliance.

Homeowner ChecklistThe following self-assessment checklist will help you determine if you are ready to own a home. “Yes” answers to these questions indicate you are probably ready for home ownership. One or more “no” answers do not mean you can’t be a homeowner – you may just need to do some additional work to get ready!

Download NowDownload the checklist now.

Ready to Own? Self-Assessment Checklist

Yes No
Do you have a steady source of income?
Do you expect this income to continue in the future?
Do you always pay your bills on time?
Do you have enough income to pay all your bills each month?
Do you have enough income to make the home loan payment every month plus handle additional costs for taxes, insurance, maintenance and repairs?
Do you have a plan for getting the money needed for a down payment and closing costs?
Are you ready to take on the responsibility of maintaining a home?
Download the checklist now.Download Now

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