If you’ve been dying to ditch your nosy landlord and make the leap from renter to homeowner, the numbers are on your side. Even with home values climbing in the U.S., it’s still 40% cheaper to own a home than to rent, according to a study by Trulia. But that doesn’t mean it’s easy. It’s probably the biggest purchase you’ll ever make, so you’ll need a lot more than the contents of your savings account to prepare for the ups and downs of the home-buying process. Take our quiz to find out if you’ve really got what it takes to own a home:
If you get 0-4 out of 10 correct:
Put the checkbook down. First, familiarize yourself with the housing market and the financial requirements that come with home buying.
If you get 5-7 out of 10 correct:
Pretty good. You’ve got some basic knowledge but have some ways to go before you should start shopping.
If you get 8-10 out of 10 correct:
Congrats! You’re ready to enter the real estate market with a solid foundation of what it takes to buy a place of your own.