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Frugal Homeowner®



Ready to buy a home? Take the Test

QUESTION:  With interest rates so low, I feel foolish not buying a home.  But I’m not sure I’m really prepared to take the plunge.  Are there questions I should be able to answer before I buy?---JR

ANSWER:  Committing to buy a home not only requires financial resources, but making an emotional commitment as well.  The following test will help determine your emotional barometer for owning a home, your level of motivation, as well as your ability to commit to home ownership for the long haul. In fact, taking this test could actually save or make you money! And, if you pass it, there's a good chance that your path through the rest of the home buying process will be a much smoother one. So here goes.

If you agree strongly about the item, give it a +1. If you feel neutral about the item, give it a 0. If you feel negatively about the item (or if it's outside of your capacity), give it a -1.

  1. ___I could live in one location for an extended period of time.
  2. ___I will spend the time required to maintain a home in proper condition.
  3. ___I will establish and maintain a creditworthy lifestyle.
  4. ___I commit to pay my mortgage and home maintenance bills on time.
  5. ___It would not bother me to use my savings to buy a home.
  6. ___I would spend money to keep a home in good repair.
  7. ___I would budget home repair costs into my monthly expenses.
  8. ___I can balance my home buying emotions with logic and financial ability.
  9. ___I will make sure that the home I buy will address my financial, as well as my emotional needs.
  10. ___Pride of home ownership is important to me and a goal I wish to achieve.


If your score is a positive number, then you're a candidate for home ownership. (The higher the number, the better the candidate you’ll be!)

If your test scored a negative number, go back over the questions to determine where you need to focus. For example, question #1 & #2 deal with commitment, #3-#4 building and maintaining credit, #5, #6, & #7 costs of ownership, and questions #8, #9, and #10, emotions of home buying. NOTE: There's nothing wrong with a low score. It just means that buying a home may not fit well into your life at this point. And knowing that fact is half the battle!

If you decide that now is not the time to buy, you may want to work on the areas where you scored low. This can strengthen you as a home buying candidate for the future.


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