That dark time when winter is like that friend who can’t take a hint to leave.

Give a push with these four easy tasks that’ll help usher in spring.

#1 Make an Anti-Mud Plan

Image: Amanda Voelker/Offset

Mud may be the least of your frozen worries now, but it’s a-coming.

Be prepared with a remediation plan. With your yard in its frozen-tundra state, you can easily see the troublesome spots.

Research potential ground cover, like gravel, a rain garden, decorative rocks, or the right grass that’ll soak it up. Then you’ll be ready to execute your anti-mud plan the moment it’s warm enough — and do it in time to keep the mud at bay.

#2 Organize Your Cleaning Closets and Laundry Room

Image: A. Peltier Interiors Inc., designer | Bethany Nauert Photography, photographer

Before the madness of spring cleaning begins, organize (or even renovate!) your laundry room and clean closets or cupboards.

This will not only breathe a new life into these oft-ignored areas, but perfectly pampered cleaning stations can seriously rev up your spring cleaning motivation.

#3 Deep-Clean Your Entryway

Image: Roundabout Studio Inc.

Snow. Salt. Boots. Shovels. Your entryway floors, baseboards, rugs, and more have had a rough few months. Give that smallest of rooms some deep cleaning love now, before the salt crust becomes a permanent part of your entryway decor in spring.

#4 Hail a Handyperson

Image: Kathrin Ziegler/Getty

Spring and summer are peak handyperson seasons. Skip the surge pricing and the agony of waiting for callbacks by hiring someone now. At least for the indoor chores.

Plus, you may be surprised at what outdoor chores can be done.

You’ll be spring-ready before the first flower buds.

Home ownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Why not just take out the biggest mortgage a lender says you can have? Because your lender bases that number on a formula that doesn’t consider your current and future financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage? Do you like to travel?

Consider those lifestyle issues as you check out these four methods for estimating the amount of mortgage you can afford.

#1 Prepare a Detailed Budget

The oldest rule of thumb says you can typically afford a home priced two to three times your gross income. So, if you earn $100,000, you can typically afford a home between $200,000 and $300,000.

But that’s not the best method because it doesn’t take into account your monthly expenses and debts. Those costs greatly influence how much you can afford. Let’s say you earn $100,000 a year but have $1,000 in monthly payments for student debt, car loans, and credit card minimum payments. You don’t have as much money to pay your mortgage as someone earning the same income with no debts.

Better option: Prepare a family budget that tallies your ongoing monthly bills for everything — credit cards, car and student loans, lunch at work, day care, date night, vacations, and savings.

See what’s left over to spend on home ownership costs, like your mortgage, property taxes, insurance, maintenance, utilities, and community association fees, if applicable.

#2 Factor in Your Downpayment

How much money do you have for a down payment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which protects the lender if you default and costs hundreds each month. That leaves more money for your mortgage payment.

The lower your down payment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

But, if interest rates and/or home prices are rising and you wait to buy until you accumulate a bigger downpayment, you may end up paying more for your home.

#3 Consider Your Overall Debt

Lenders generally follow the 43% rule. Your monthly mortgage payments covering your home loan principal, interest, taxes and insurance, plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 43% of your gross annual income.

Here’s an example of how the 43% calculation works for a home buyer making $100,000 a year before taxes:

1. Your gross annual income is $100,000.
2. Multiply $100,000 by 43% to get $43,000 in annual income.
3. Divide $43,000 by 12 months to convert the annual 43% limit into a monthly upper limit of $3,583.
4. All your monthly bills including your potential mortgage can’t go above $3,583 per month.

You might find a lender willing to give you a mortgage with a payment that goes above the 43% line, but consider carefully before you take it. Evidence from studies of mortgage loans suggest that borrowers who go over the limit are more likely to run into trouble making monthly payments, the Consumer Financial Protection Bureau warns.

#4 Use Your Rent as a Mortgage Guide

Use a calculator that compares renting and owning to help you see what makes sense for you.

If you’re struggling to keep up with your rent, buy a home that will give you the same payment rather than going up to a higher monthly payment. You’ll have additional costs for home ownership that your landlord now covers, like property taxes and repairs. If there’s no room in your budget for those extras, you could become financially stressed.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

It’s easier to settle happily into your new home if you’re confident you can afford it.

Here’s what you need to know about your mortgage financing options, including how to choose the loan that matches your income and tolerance for risk.

Mortgage Financing Basics

The most important features of your mortgage loan are:

1.  Term (how long the loan lasts)

Mortgages typically come in 15-, 20-, 30- or 40-year lengths. The longer the term, the lower your monthly payment. The interest rate on a 15-year mortgage might be 1% lower than the rate on a 30-year mortgage.

The trade-off for a lower payment on the 30-year mortgage is that you make more payments. Since you borrow the money for longer, you pay more interest to the lender.

2.  Interest Rate (how much you pay to borrow money)

Mortgage interest rates generally come in two flavors: fixed and adjustable.

A fixed rate gives you the same interest rate and payment until the end of your mortgage. That’s attractive when you’re risk averse, if your future income won’t rise, or when interest rates are low.

The interest rate you pay on an adjustable-rate mortgage (ARM) changes at some point in the future based on where interest rates are at that time. ARMs are named for how long the rates last. For example, with a 5/1 ARM, your rate changes after the first five years and again every year after that.

ARM Risks and Rewards

An adjustable-rate mortgage rate goes up or down based on a particular financial market index, such as treasury bills. Typically, ARMs include a limit on how much the interest rate can change, such as 3% each time the rate changes, or 5% over the life of the loan.

Rewards for the uncertainty:

• ARMs can be a good choice if you expect your income to grow significantly in the coming years.
• The interest rate may drop if the financial market index that it tracks dips.
• An ARM usually starts at a lower rate than a fixed-rate mortgage of the same length and that can mean big savings.

Risks: If rates go up, your ARM payment will jump dramatically. So before you choose an ARM, be comfortable with your answers to these questions:

• How much can my monthly payments go up at each adjustment?
• How soon and how often can my monthly payment go up?
• Can I afford the maximum monthly payment?
• Do I expect my income to increase or decrease by the time the mortgage payment adjusts?
• Do I plan to own the home for longer than the initial low-interest-rate period, or do I plan to sell before the rate adjusts?
• Will I have to pay a penalty if I refinance into a lower-rate mortgage or sell my house?
• What’s my goal in buying this property? Am I considering a riskier mortgage to buy a more expensive house than I can realistically afford?

More Mortgage Options: Government-Backed Loans

If you’ve saved less than the ideal downpayment of 20%, or your credit score isn’t high enough for you to qualify for a fixed-rate or ARM with a conventional lender, consider a government-backed loan from FHA or the Department of Veterans Affairs.

Before you decide on any mortgage, remember that slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. To determine how much your monthly payment will be with various terms and loan amounts, try realtor.com’s mortgage calculator.

Article written by G. M. Filisko

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

1.  Know thyself.

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2.  Research before you look.

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto realtor.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3.  Get your finances in order.

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4.  Set a moving timeline.

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5.  Think long term.

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6.  Work with a REALTOR®.

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7.  Be realistic.

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues — like noise levels — that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8.  Limit the opinions you solicit.

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

This article was contributed by financial expert and blogger Lauren Bowling, a recognized thought leader in the millennial finance space. A full-time online business owner, Bowling teaches others how to master their finances and create their own economy via her body of digital products, free online courses, and weekly blog content. 

After all of the components of the home buying process —: negotiations, appraisals, inspections, and insurance — it’s very exciting to (finally) get to closing. But do you know what really happens during this final appointment? Closing on a home can be nerve-racking simply because many first-time buyers don’t  know what to expect or what to bring along.

Here, we’ll walk through all the details of what to expect at closing.

Scheduling & Closing Attorney Selection

The date of closing is typically set in the offer letter as most sellers will want to know when they can expect the closed sale once the home is under contract. Typically, closing is set 30 to 60 days from when offer is accepted, although this can change depending upon a variety of factors, including inspections and paperwork processing with the lender.

Depending on the state you live in, closing may take place at the closing attorney’s office or the title company. It’s the buyer’s right to choose the closing attorney. This person acts in the interest of the buyer and takes care of the “housekeeping” items of the closing, such as preparing paperwork, making sure all paperwork is properly signed, conducting a title check on the property, and receipt and distribution of money, among other things. The fee for the closing attorney is often included in the closing costs.

If you’re buying a home with an FHA loan, a mortgage loan option backed by the Federal Housing Administration that allows home buyers to put as little as 3.5% down, many lenders may recommend one of their pre-approved attorneys. If you (as the buyer) don’t have an attorney, the lender can also choose one for you, but you’re not required to use that recommendation.

Paperwork You’ll Receive

There are two pieces of paperwork home buying consumers should familiarize themselves with: the Loan Estimate and the Closing Disclosure. Both of these tools explain the loan terms, like interest rate and other costs associated with the loan (taxes, recording fees, etc.). The Loan Estimate should be provided to you no more than three days after your loan application. Keep the estimate in a safe place to compare with your Closing Disclosure and check for any discrepancies.

No later than three days before closing, your lender must provide you with a Closing Disclosure, which will look very similar to your Loan Estimate. Double check the interest rate information, address, and all other relevant information for accuracy. If something appears different than what you thought, reach out to your mortgage broker or lender for clarification.

The Closing Disclosure will detail information about your mortgage loan and the exact amount you’ll need to bring to closing to cover closing costs.

On the day of closing, you’ll receive the following paperwork:

• Mortgage note stating you agree to repay the loan
• Deed of trust to secure mortgage note

What to Bring

• Cashier’s check for closing costs (or paperwork confirming Don’t Get ScammedIf you’re wiring your down payment, discuss the wiring process with your agent early on to avoid an email scam where hackers pose as your agent. Read More In Hackers Are After Your Down Payment. How to Keep It Safe wire transfer of funds from your bank)
• Proof of homeowners insurance (likely already verified, but bring a copy to closing just in case)
• Copies of any paperwork you’ve received from contract to close (again, just in case, for your reference)

Common Mistakes to Avoid

Given the length of time between contract and closing, most closings should be fairly routine and go smoothly because all of the legwork has been done prior to this date (such as checking the title, inspecting the home, loan underwriting with the lender, etc.) Unfortunately, hiccups can happen, which is why it’s best to avoid the common mistakes below:

• Try to avoid closing on the last day of the month. In the event something goes wrong, you’ll want time to correct. This is because pre-paid interest on the loan accrues and is due at closing, and if pushed to a new month, the interest will continue to build.
• Don’t skip the final walk-thru. Buyers should do this to ensure no new damage has been made to the home shortly before closing. If buyers opt not to do this, they cannot hold seller responsible for damages after transfer of property at closing.
• Don’t make any big financial purchases in between contract and closing. The bank loaning the money for the mortgage has financed the home based on the most current financial information available. If you finance a car, an appliance, or any other big purchase, this affects your financial information and can delay closing on the home significantly. Unless it is the most dire of circumstances, hold off on big purchases to get into your first home as quickly as possible.
• Don’t skim the closing documents. You want to check for typos on names and addresses.

Armed with the information above, first-time buyers should feel comfortable going into their first closing. Once the closing is over, you should receive keys (unless otherwise negotiated with the seller) and you’re officially the owner of your new home!

The first step to getting buyers to make an offer on your home is to impress them with its appearance so they begin to envision themselves living there. Here are seven tips for making your home look bigger, brighter, and more desirable.

1.  Start with a Clean Slate

Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.

2.  Stow Away Your Clutter

It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of Staged Homes in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.

3.  Scale Back on Your Furniture

When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.

4.  Rethink Your Furniture Placement

Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.

5.  Add Color to Brighten Your Rooms

Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.

6.  Set the Scene

Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.

Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.

7.  Make the Entrance Grand

Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.

Many buyers today want move-in-ready homes and will quickly eliminate an otherwise great home by focusing on a few visible flaws. Unless your home shines, you may endure showing after showing and open house after open house — and end up with a lower sales price. Before the first prospect walks through your door, consider some smart options for casting your home in its best light.

1.  Have a Home Inspection

Be proactive by arranging for a pre-sale home inspection. For $250 to $400, an inspector will warn you about troubles that could make potential buyers balk. Make repairs before putting your home on the market. In some states, you may have to disclose what the inspection turns up.

2.  Get Replacement Estimates

If your home inspection uncovers necessary repairs you can’t fund, get estimates for the work. The figures will help buyers determine if they can afford the home and the repairs. Also hunt down warranties, guarantees, and user manuals for your furnace, washer and dryer, dishwasher, and any other items you expect to remain with the house.

3.  Make Minor Repairs

Not every repair costs a bundle. Fix as many small problems — sticky doors, torn screens, cracked caulking, dripping faucets — as you can. These may seem trivial, but they’ll give buyers the impression your house isn’t well maintained.

4.  Clear the Clutter

Clear your kitchen counters of just about everything. Clean your closets by packing up little-used items like out-of-season clothes and old toys. Install closet organizers to maximize space. Put at least one-third of your furniture in storage, especially large pieces, such as entertainment centers and big televisions. Pack up family photos, knickknacks, and wall hangings to depersonalize your home. Store the items you’ve packed offsite or in boxes neatly arranged in your garage or basement.

5.  Do a Thorough Cleaning

A clean house makes a strong first impression that your home has been well cared for. If you can afford it, consider hiring a cleaning service.

If not, wash windows and leave them open to air out your rooms. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Wash light fixtures and baseboards, mop and wax floors, and give your stove and refrigerator a thorough once-over.

Pay attention to details, too. Wash fingerprints from light switch plates, clean inside the cabinets, and polish doorknobs. Don’t forget to clean your garage, too.

Here are five ways to get your house ready to sell.

How much can you sell your home for? Probably about as much as the neighbors got, as long as the neighbors sold their house in recent memory and their home was just like your home.

Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

What makes a good comparable sale?

Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:

Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.

Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?

Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.

Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.

Agents can help adjust price based on insider insights

Even if you live in a subdivision, your home will always be different from your neighbors’. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.

An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.

More ways to pick a home listing price

If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

Are foreclosures and short sales comparables?

If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.

A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.

Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.

How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.

So you have to rely on your real estate agent’s knowledge of the local market to use a short sale as a comparable sale.

Article written by Carl Vogel

Tired of working so hard just to build your landlord’s equity instead of your own? Been dreaming about paint swatches and obsessing over Pinterest projects? Making that leap from renting to owning a home comes with many perks — both financial and emotional. And even though home ownership comes with great responsibility, you might be surprised how achievable it can be.

Certainly, the best time to trade security deposits for a down payment is different for everyone. If you’re thinking about switching from renting to owning, ask yourself these five questions to decide if you’re ready to embark on the home ownership adventure.

1. Are You Financially Prepared?

Let’s not beat around the bush: Buying a home requires a substantial financial commitment.

There’s the down payment, of course. “On average, you want to have a minimum of 5% to 7% of the cost of the home you’re targeting,” says Jason Harriman, a REALTOR® with San Antonio-based Heyl Real Estate Group at Keller Williams Realty. Then, add 3% to 6% more for closing costs, which will vary based on where you live and what taxes your state and city require you to pay.

Tip: Keep in mind if you put down less than 20%, you’ll pay PMI, private mortgage insurance, which protects the lender in case of default. Usually, it’s about $50 to $200 a month. But once you reach a certain threshold on your loan to value ratio, you can cancel PMI.

A healthy credit history is also important. Most borrowers will start to qualify for a mortgage with a minimum score of 620 — but the most competitive interest rates will be offered to those with a score of 700 or above. So if you haven’t started practicing those good credit habits yet, it’s time to start developing them

One of the trickiest hurdles for young adults, so many of whom are lugging around student loan debt, is the debt-to-income (DTI) ratio. Mortgage companies want borrowers to have a certain level of cash flow each month, and that means taking into account how much you’re paying out to other lenders. Ideally, a borrower’s debt-to-income ratio — how much you pay toward debt each month divided by your gross monthly income — should fall below 36%. (Strictly speaking, a loan is considered able to be paid if the DTI doesn’t exceed 43%.) If yours doesn’t, think about how you can get that debt needle moving in the right direction.
“The best way to do this is to pay off any unsecured debts like credit cards and personal loans, and keep them as close to a zero balance as you can,” says Harriman.

2. Are You Prepared to Make Compromises?

Kathleen Celmins, who manages the personal finance site “Stacking Benjamins,” was financially prepared to manage a mortgage. But once the house hunting began, she quickly realized she was priced out of the homes she had envisioned for herself.

“I originally wanted a single-family home with a yard and in a great neighborhood,” she says. But given her price point, the homes she could afford ended up being in, well, not the greatest neighborhoods. “At one point, we looked at a property that was directly behind a strip club,” she laughs. “We didn’t even go inside.”

After several weeks of searching, Celmins realized she needed to find a middle ground. “In my price range, I could get a not-so-great house in a not-so-great neighborhood. Or, I could get a really cute condominium with a gas range and granite countertops,” she says. “It was something I compromised on. I gave up a yard for having fancy stuff in my condo.”

3. Are You Emotionally Ready?

When it comes to renting, surprises don’t require much emotional investment. The rent goes up? You can move. The fridge is on the fritz? The landlord will send someone over. Home ownership is a bit more hands-on. If the toilet breaks, it’s time to start reading Yelp reviews. And if property taxes unexpectedly rise, it’s on you to appeal or pay up.

“My homeowners association fee doubled in the first year I owned my condominium,” says Celmins. “Then my real estate taxes were reassessed. My mortgage payment went up and I panicked. I didn’t even know that could happen.”

Of course, having the financial flexibility to cover those unexpected things is important, but don’t overlook the importance of having the mental and emotional capability of dealing with them responsibly when they arise. Everything could be peachy for months, and then three maintenance issues might spring up in the same week. Stress management and problem solving skills are home ownership biggies.

4. Will Owning Pay Off in the Long Run?

Depending on the home you choose and where you live, you may pay a lower mortgage than you paid for rent. But even if you don’t, there’s still the financial advantage of building equity in your home, instead of lining your landlord’s pockets.

5. Has Your Lifestyle Outgrown Renting?

Many people find a rental can only take them so far. When you’re ready to start a family, you’re going to want a few extra rooms, and that can get expensive with rising rental rates. A yard also provides a safe place for Junior to play or for a dog to scamper around. And speaking of Fido, the vast majority of renters have trouble finding a place that will allow for their pet. Home ownership can end that stress for good.

Then there are the renovations. If you’re itching to test out your DIY skills and personalize your space, you’re probably ready to own. Landlords who allow property renovations — especially DIY projects — are few and far between.

Buying a first home is a big change — both from a financial and an emotional perspective. Still, for many, home ownership can be one of the most rewarding life choices one can make. “Turns out it’s awesome,” said Celmins. “I love it so much.”