How do you know?

When you’ve got the funds. After speaking to inspectors. LOL

Talk to a lender.

Speak with a mortgage broker they’ll let you know whether it’s doable or not based on your personal needs & financial situation

Financially if you can afford it and the interest double the price for your monthly allowance and make sure you have things you need .. laundry washer/dryer etc. and add in the down payment as that isn't going to be monthly

I say double the price as in what you pay monthly for mortgage and then the other half is for monthly bills for the house like electric etc

When you have the deposit and you've passed all the affordability checks. It's not really an emotional decision - it's more of a logical one!

When your finances are in order and you are confident in wanting to stay in one spot to make it worth the cost. Being ready to deal with the work that goes into owning is another big one. I can't just call the landlord when a pipe is leaking.

I knew I was ready when I was sick and tired of paying rent for terrible places. Moved back to my parents to save money because it just wasn't possible while renting as it was taking 85% of my wage. 2 years later we had enough and started to look. Still earning the same but my side of the mortgage is like 45% of my wage. Was 100% worth it. But we didn't want to move areas or anything like that

@Helen we are doing this now. It’s nice to know it’s doable ☺️ thank you

It's crazy to me because buying a house was so much more expensive than I thought even with the first time home buyers down payment assistance, I think we still ended up paying around $8,000 out of pocket, with that being said I have seen people on Reddit saying that they have saved up $120,000 and still can't afford a house and I don't really understand how that could even be real because most of us don't have 120K just sitting in the bank but we still get our houses anyway

@Genna yeah that math isn't really mathing unless they're buying something crazy expensive 🤔

When you can afford a 25% down payment, have zero debt (recurring monthly payments count as debt, ex: paying off a car), great credit, and a mortgage amount (including tax and interest) that doesn’t exceed 30% of your monthly income

For us we just set a goal timeline and did our best to save. If we had the funds by that time, we said we'd buy. We ended up buying sooner with the help of family due to some issues with the neighbors where we were previously at. Its overwhelming whether youre prepared or not, i think.

@Genna my husband won a lawsuit for a severe injury he had as a child so we used some of that for a down payment. We put 150k down that included some gift money from our parents and they barely let us have a mortgage because of our income. All for a tiny condo. It’s rough out here.

Financially whenever you can afford. Emotionally (assuming you’re buying WITH someone) I think you just know or you SHOULD know!