Everyone asks me if now is a good time to buy. Wrong question. The right question is: are you ready to buy? Because buying a house is emotional, not just math. Check yourself before you check listings.
And can I just say this first: you don’t have to buy a home. Renting is fine, and for many people there’s nothing wrong with renting and not owning a home. Owning is more than an investment — it’s a lifestyle change, and the mental side of that decision gets overlooked all the time.
The 8-question readiness check
Here are the 8 questions from the episode. If you can’t answer yes to most of them, you’re not ready — and that’s fine.
1. Are you comfortable with the idea of owning a home, or is it intimidating?
If you aren’t a little intimidated by owning a home, you’re missing an important piece of the puzzle. Buying a home is a huge responsibility, with real financial obligations and real emotional stakes. But if you’re psychologically ready for it, it can be one of the most rewarding experiences there is. This is the point where the decision goes beyond affordability and stability — it’s about being ready to take on the challenge and commit to a home of your own. Only you can decide if you’re ready. Think through the emotional side and make sure it lines up with what you want out of life right now.
2. Are you ready and confident to be solely responsible for keeping the home safe and livable?
There is nobody else to go to. No landlord, no property manager. You are the final person responsible for how the house looks and for every issue that comes up — from minor repairs like changing air filters or fixing a leaking faucet, to major ones like replacing an outdated AC system or putting on a new roof. You’re also on the hook for taxes, insurance, and any fees tied to the purchase or sale. That takes financial discipline and emotional resilience. Make sure you’re ready before you take the plunge.
3. Do you have the time and energy to take care of a home?
Knowing you have to take care of the home and actually having the time and energy for it are two different things. If you come home from work every day exhausted and spend your weekends recuperating, homeownership may just be too much work. Something would have to give — and neither your work nor your home should be the thing that gives. Think hard about how much mental energy you have left at the end of the day and on days off.
4. Are you comfortable knowing that you can’t move whenever you want?
Are you comfortable staying in one place for the next several years, or do you prefer the flexibility to move every year or two? Do you still want to spend six months traveling Europe, or are you looking for a more consistent lifestyle for the next several years? For some people, being locked down is a plus. For others, it’s unthinkable.
5. Are you buying a home because you think that’s what you’re supposed to do?
Don’t let not owning a home become a source of stress or anxiety. You may have heard that homeownership is an important milestone — but it may not be right for everyone. Just because you can afford it and qualify for a loan doesn’t mean it’s the best option for you. Make sure it’s the right decision for you.
6. Are you just looking for more room to live in? Do you need more space?
Apartments usually have very little storage, no garage or workshop, and rarely more than three bedrooms. But more room doesn’t automatically mean you need to buy. Would it make more sense to rent a house with the bedrooms, garage, and parking you want — or rent a small coworking space or a storage unit? There may be cheaper alternatives if space is the only problem.
7. Are you comfortable with the idea of settling down in a particular neighborhood and building roots and connections in the community?
Your neighbors will mostly be long-term homeowners too. You can’t move to the next apartment down the hall to get away from a loud neighbor, and there’s nobody to file a noise complaint with. Being comfortable in your neighborhood matters for your happiness and for long-term homeownership — whether your ideal is a quiet street near amenities and schools, or an eclectic mix of people within walking distance of things to do. Get to know the people near you. It makes settling down easier, and you’ll have people to turn to for advice or a hand.
8. How secure do you feel investing so much money in one place over such an extended period of time?
This will likely be the largest purchase you ever make, and for many people spending that much money in one place is daunting. That’s wise caution — but done correctly, with experienced professionals, buying a home can provide stability and even financial security in the long run. Research your financing options before you decide, build a sound financial plan, and work with honest, reliable professionals who have your best interests in mind.
Check yourself against a real number, not a feeling
Here’s what the payment actually looks like right now, so you’re checking yourself against a real number and not a feeling. A $700,000 house on FHA — 3.5% down, 30-year fixed at 6.94% — is $5,881 a month, all in. At 43% debt-to-income with no other debts, that takes about $164,100 a year. At my 25% rule, it’s $282,300. If that payment makes your stomach turn, listen to your stomach. Run your own number in the Home Affordability Calculator and see what it says.
Property tax at 1.25% and insurance at about 0.5% of the home’s value a year in that math are estimates — your county and your quote will differ. No HOA or closing costs included.
Not ready is not failure
This is the part nobody says out loud: not being ready is fine. Renting while you save the down payment is the plan, not the failure. Buying the wrong house at the wrong payment throws away a lot more than rent ever will. The house will still be there when you’re ready — and when you are, you’ll buy it from a position of strength instead of stress.
If buying right now would wipe you to zero, you’re not ready yet — and that’s fine. Keep saving. $150 a paycheck is $3,600 a year. That’s real money, and it’s how people actually get there. And remember: the down payment isn’t the total cash. Closing costs run on top of it, and then you still need a cushion — a house comes with surprise bills, and a water heater doesn’t care that you just closed.
Dat’s take
Buying a house is emotional, not just math. Check yourself before you check listings.
What to do with this
- Run your numbers in the Home Affordability Calculator — the payment is the reality check.
- Read How to Budget for Buying a House for the 25% rule.
- Read First-Time Home Buyers: Where to Start in the Home Buying Process when the answer is yes.
- Then start your pre-approval and I’ll run your exact numbers.
Hear me walk through this on the podcast: Episode 12 — Are You Emotionally Ready to Buy a Home?. Start here: Start Here hub.
Rates move. Your actual payment depends on your rate, your credit, your county’s tax rate, and your insurance. This is education, not a rate quote or a loan approval.