Ready to buy a home?

To know whether or not you're ready for homeownership you can ask yourself a series of questions, and based on your answers, you'll have a fairly strong indication of whether or not you're ready to commit to what's to be one of the biggest financial commitments you'll make in your lifetime. Ask yourself the following questions, and take down your response

* Why do you want to purchase a home?

* In what terms do you associate homeownership? Does it represent in your mind an important step toward "becoming settled"? Do you view homeownership -- the act of putting down roots -- as a necessary milestone that you must cross in order to be taken seriously? Or do you view homeownership merely as a smart investment that can pay large dividends later if and when you decide to sell?

* Are you happy with your present job? Are you confident that you'll remain with your current employer for a lengthy period -- so confident that you're ready to put down stakes and commit to staying in the area for several more years? If that's the case, it may indeed be a smart investment to purchase a home located close to your place of work. And if you work long hours, the closer you move to the office, the better your quality of life.

* Do you think your quality of life will improve if you own a home? How?

* How long have you wanted to be a homeowner? Were you content being a renter until some recent event or thought triggered thoughts of homeownership?

* Are the local schools noted for their academic quality?

* Are you ready to assume the responsibility of home maintenance, including everything from appliances to yardwork and plumbing?

* Will I be using it as a second home?