You want a new home, and you decide to buy one; but are you ready to own a home just yet? You need to live somewhere. If you can buy a home for around the same amount you would pay in rent, and don’t mind staying put for a while to build equity, becoming a home buyer might be a good decision.

Purchasing a house may be the biggest investment you will most likely ever make in your life. Better make sure you are all set and prepared to be an owner of a commitment, sometimes, a life-long commitment.

Check and see if you have the top 5 traits of a home buyer:

1. A buyer who conforms to the market. — Serious home buyers research the market and have realistic expectations.
2. A buyer who has savings enough to put 2 to 3 months of mortgage payments in reserve. — Mortgage lenders want buyers to have a reserve. You should not take every nickel you can rub together and throw it into your home purchase. You will need a small emergency fund.
3. A buyer who has the resources and time to maintain a home. — Homes require upkeep. You’ll have a lawn to mow, windows to wash, furnace filters to replace, and you may need to tend to minor repairs from time to time.
4. A buyer who is employed with at least two years on the job. — If you don’t have two years of employment at the same company, then two years in the same field will suffice. Lenders expect to see stability in your employment history.
5. A buyer who plans to stay in the area. — If your state of residency is uncertain, it’s probably a good idea to skip buying a home. Some buyers who relocate are able to rent out their home, but handling a rental long distance is not always wise. You don’t want to be forced to sell when you don’t have enough equity to pay commissions and the other costs to sell.