Buying a house is not just a financial decision—it’s a mental, emotional, and lifestyle decision. Even if you have the funds to buy, it doesn’t necessarily mean owning is the right fit. Before you start house hunting, it’s important to gauge your readiness in all areas of your life. 

Are you financially ready? 

When it comes to the rent vs. own debate, many people just compare what they’re paying in rent to an estimation of what their monthly mortgage payment would be. But that’s not the full financial picture. First off, your mortgage payment can fluctuate based on a variety of factors such as the purchase price of the home, the down payment, mortgage insurance, and what the current interest rates are. Beyond that—buying a home comes with additional expenses such as legal fees, title insurance, home inspections, closing costs, and moving costs. Your monthly bill includes property taxes, home insurance, and utilities on top of your mortgage payment. Dishwasher breaks? That’s your responsibility now. It’s important that you’re not sacrificing your financial stability for home ownership. 

Questions to gauge your financial readiness:

• Does your home buying budget consider the downpayment, all additional buying and closing costs, as well as any monthly owning costs?
• Will you still have room within your monthly budget to save, invest, and enjoy your life after paying your mortgage, utilities, insurance, and property taxes?
• Do you have a financial cushion to fall back on if you run into unexpected expenses? 

When my partner and I made the decision to start saving for a home, we used a mortgage affordability calculator to get an idea of what was realistic, and played around with different numbers and scenarios. We picked a house budget that was significantly below what we could technically “afford” to ensure we didn’t sacrifice our current lifestyle.

Are you mentally and emotionally ready?

If your finances are all in order, the next step is making sure you’re mentally and emotionally prepared for the responsibility and commitment. A home requires love and attention—it’s something you need to care for. Think carefully about what you want your life to look like day-to-day and year-over-year and whether or not buying a house would line up with that vision.

Questions to gauge your mental and emotional readiness:

• Do you currently have the capacity to take on the responsibilities of home ownership?
• Does home ownership align with your current lifestyle and the life you want to build in the future?
• Would the location and type of home you’re looking at support your daily routines and needs?

As someone who struggles with ADHD, anxiety, and depression, I was nervous about the obligations that come with home ownership and my ability to stay on top of things. At the same time, the stress and uncertainty of renting had my nervous system in a perpetual state of fight-or-flight. Ultimately, having a stable living situation and the ability to customize a space to fit my needs felt like the right decision for me. 

Is your relationship ready?

If you’re planning to purchase with a partner, it’s important that you feel equipped to navigate challenges, and tackle responsibilities as a team. Taking this step means you are committing to building a life together—literally and figuratively. The more open and honest you are upfront, the more issues you avoid later. 

Questions to gauge your relationship readiness:

• Are you both aligned on your reasons for buying, where you want to live, and how much you want to spend?
• Have you discussed how you will handle finances, home maintenance, and domestic responsibilities?
• Do you have a legal agreement that protects both you and your partner? 

My partner and I had many long conversations about our desires, expectations, fears, and responsibilities. We ran through how we would handle different scenarios like job loss, or a break-up. Since we’re not married, we got a cohabitation agreement which will outline our legal rights and responsibilities when it comes to home ownership.

Are you logistically ready?

If your 5 year plan includes becoming a digital nomad or quitting your job, it might not be the best time to lock yourself into a mortgage. Home ownership involves putting down roots and committing yourself to a physical location. Renting provides a lot more flexibility and freedom, which might make more sense for your current lifestyle. 

Questions to gauge your logistical readiness:

• Have you thoroughly researched what the home-buying process and the responsibility of ownership entail?
• Are you planning a career change, long-term travel, or relocation in the next 3-5 years?
• If you or your partner experienced job loss—would you still be able to pay your monthly bills?

It was important to me that my partner and I were never limited in our ability to change careers or take a risk. This meant choosing a house budget with a monthly cost that both of us could afford individually. If one of us wants to go back to school, or start a new business, we aren’t held back by the financial aspect of home ownership. 

The decision to buy is a very personal one. It doesn’t matter what other people are doing or what you think you “should” do. The most important thing is that your decision aligns with your values, goals, and lifestyle.

My choice to buy is largely based on emotional reasons rather than financial ones. I want to own for the stability, the freedom to decorate however I want, and the ability to curate a lifestyle that meets my needs. My reasons for buying may not make sense to you, but they make sense for me.