A close look at your situation in life
Owning a home is the dream of more and more people even though it can limit your flexibility. Spend some time to reflect on your situation in life - can you accept these limitations given your job, lifestyle or personal traits?
Stability is essential
A person ready to own a home is someone who leads a life which is relatively stable and has rather predictable space requirements. Thus, ask yourself...
- ...if you're the type of person who seeks stability or instead prefers constant change and variety
- ...if a new job in another part of the country or even abroad might be in your future
- ...if major changes such as getting married, having children, retirement etc. can be expected sooner or later, and whether your needs will likewise change
- ...if you're willing to take on long-term financial obligations of a significant amount to the extent where you might have to make sacrifices
Demands of time and effort
Because there's no caretaker and because of the property surrounding a house, most types of homes involve more work than rental property (garden upkeep, minor repairs, etc.). Consider well whether or not you would like to make time for such tasks on a regular basis or perhaps have enough money to hand off this work to specialists.