Have you been feeling the itch to literally put down roots somewhere? While there is an increasing number of people choosing to forego home ownership all together, opting instead to travel more, own less and see the world on their own terms, there are still plenty of perks to having your own place.

Maybe you want a backyard where your children can play. Maybe you want to live in a certain neighborhood or within a specific school district. Maybe you just need more space than your current apartment can offer. Regardless of your reasoning, if you’re thinking it’s finally time to quit paying rent and get the keys to your first house, your head is likely spinning with all the steps you need to take next. From getting a loan to hunting for the perfect spot, the process is anything but short and simple. Yet, before you book an appointment with a lender or start talking square footage, read this list first to make sure you’re ready for this monumental leap forward.

1. Your career is steady.

One of the first talks you’ll need to have, either with yourself or with anyone else involved in the decision, is how much of a home you can afford. Money is the biggest factor when it comes to buying a new home and so many daydreamers create milelong wishlists of features like crown molding, acreage, open concept floor plans and more, without first considering what these elements will cost them.

That said, if you’re currently unemployed or in between jobs, now might not be the best time to take on a new home purchase. Why? You’ll be expected to pay your monthly mortgage bill in full every time it comes or you could risk losing your new digs altogether, plus you’ll wreck your credit score in the process. Doing so requires a steady, consistent income stream.

On the other hand, if you are succeeding at your job, feel comfortable in your future at your company and are making a steady income, you’re financially mature and ready to talk to a lender about your options. Remember, investing in real estate is one of the most important and significant decisions you’ll make with your money, so you want to be sure you’re not biting off more than you can chew. Instead, find a figure that you’re absolutely comfortable paying each month and that you know you can afford. While your lender may qualify you for more, stick to your number and remember you don’t have to take the highest offer on the table.

2. You love the location.

Whether you’re looking to find a home in the city you’re currently living in or you want to move elsewhere and buy there, it’s important to be sure that the place you settle down is one in which you feel at at home and intend to stay for a while.

Do you have a tendency to hop around, only staying in one place for a few years or so before you find a job somewhere else, pack up and head out? While there’s nothing wrong with that lifestyle and it can, in fact, be exciting and nourishing to regularly see new vistas, it may not be wise to invest in real estate at one particular location.

While no one is requiring you to live in one house for the rest of your life, you should go into a real estate purchase with the understanding that you’ll be there for the next period of it. The exception are people who buy fixer-upper homes with the intent to “flip” them for a profit. Yet, for the most part, first-time homeowners are those looking for a spot to call theirs. If this applies to you, take a second to consider how you want the next five years or so to go. If you can fulfill all of your dreams in this locale, you should continue on with the journey. Otherwise, renting might be a better short-term solution until you can get where you need to be.

3. You’re ready to take on the responsibility.

Owning a home can be incredibly rewarding. At the same time, it can also be incredibly challenging. When you rent somewhere, if you have any issue, such as a leaky pipe or busted HVAC system, you can simply call your landlord and have the problem taken care of, usually on their dime. However, when you’re a homeowner, that responsibility falls on your shoulder and your pocketbook.

A responsible homeowner will be required to find a local contractor to take care of maintenance and repair issues as well as foot the bill for those services. While some homeowners associations might take care of some things for you, such as lawncare or landscaping, you’ll still be in charge of making sure your home is well taken-care of. Are you ready to handle that task? If so, you may be ready to buy your first home!

4. Renting just isn’t for you anymore.

Do you love renting? Maybe you like the ability to pick up and move whenever you want, or you adore your neighbors. You may also love the fact that the stressors of home ownership aren’t your responsibility. If this is the case, you may not be ready to buy a home just yet. It might be in your best interest to continue with your current setup.

Conversely, if you’re tired of giving your landlord a large chunk of your income every month without seeing anything back and would rather see that money invested into equity, it’s time to make the switch. Renting can be a low-maintenance way of life, but it isn’t without its challenges. You’ll also be limited the changes and upgrades you can make to the place. For instance, many apartment managers won’t let you paint the walls or make any other structural changes to the property.

On the other hand, you can make a home you own totally yours. You can plant flowers, tear down walls, add on an extension and more. In other words, you can customize it to feel like “you.” If you’re someone who has been dreaming about your future home for years, chances are you have a pretty clear picture of what your dream spot looks like. Today, you can create inspiration boards, photo collages, idea folders and more to keep track of features you want to include. When it comes down to it, you can’t apply many of those ideas in a rental property, but you can bring them to life in your own place.

5. You’ve saved for a down payment.

One of the ways to lower your monthly mortgage bill and create a more manageable home budget is to pay a down payment when you buy your home. The average homebuyer puts down around 20% of the price of the home up front. Can you afford to pay that today, in cash, without taking money away from other necessities?

If the answer is “no,” then you may need just a little more time before you’re ready to sign on that bottom line. While the idea is not totally off the table forever, it’s important to make strides toward saving as much as possible to make sure that when the time does come, you can put down as much as possible toward your home. At first, it might feel like you’re taking a huge chunk out of your life savings, but when you consider how much lower your mortgage will be, the cost savings before more apparent.

That said, you can still receive a loan without putting down at 20% down payment, but understand that you will usually have to pay private mortgage insurance (PMI) if you go this route, which can bump up your monthly payments and general debt even more.  

Navigating the Big Move with Confidence

If you’ve read this list and nodded your head in agreement the entire time, then congratulations! It’s likely that you are emotionally, financially and mentally prepared to become a first-time homeowner. While it’s tempting to take this knowledge and run with it, remember that this is one of the biggest decisions you’ll make in your life and one that could directly affect it forever.

Even if you can check off all the boxes and on paper, it looks like you’re ready to find your new place, take some time before jumping in. Do a thorough self-analysis and make sure you’re ready for that next step. Change can be intimidating, no matter how exciting it also is. By taking a time-out and analyzing this decision from every angle, you’ll be better equipped to accept those front door keys with confidence when they are given to you.