Maybe you’ve been looking at a single-family home with a big yard.

Or maybe a townhouse or condo in a nice, new building would be great for you! Maybe you’ve been saving up for a down payment. Maybe you’ve been looking at mortgage rates and have questions.

The real question behind all these maybes: Are you really ready to buy a house?

Buying a house has long been a part of the “American Dream” – but it’s a big commitment and something you should think about carefully. The pros can be obvious — more space, the ability to decorate to your own taste, and the chance to build up equity that can improve your financial situation in life. But there are cons to owning a house, too, including maintenance costs.

Here are a few questions you should consider asking yourself before you start visiting open houses this summer:

Can I afford to buy a house?

Before viewing properties, remember that purchasing a new home will cost more than just the basic down payment and monthly mortgage. Buyers also need to cover closing costs, as well as moving costs, and possibly new furniture or appliances and renovations for their new home. Plus, you’ll need to insure the home and you may need to pay for services like landscaping.

Am I ready to settle down?

The average length of time that homeowners in the United States live in a house is only seven years. Buyers who don’t plan on staying in their homes long-term may end up incurring a loss. Consider factors like your career, family planning and the changing nature of your desired neighborhood when trying to answer this question. Experts advise buyers to only purchase homes they plan on living in for a minimum of five years.

Does buying a house in my chosen neighborhood make financial sense?

Many Americans view homeownership as a rite of passage into adulthood, but that doesn’t mean purchasing a home always makes financial sense. In some neighborhoods, rentals are relatively cheap while houses sell for far more than they are actually worth. In these neighborhoods, buying a home may not be the logical choice, even if the buyer can easily afford the purchase.

Is my credit score high enough?

A fairly decent credit score is necessary to qualify for a home loan. Most lenders will only grant a home loan to borrowers with a credit score of 650 or higher. With a higher credit score, you may qualify for a bigger loan or better rates. If you score isn’t high enough, you should come talk to a financial counselor here at CommonWealth One to get advice on how to raise it! We’re available for you anytime.

Do I have a plan in place for repairs?

When a renter has a leaky faucet, they call the landlord! When a homeowner has a leaky faucet, it’s their own problem. They can either fix it or hire someone to do the job, but it’s a good idea to have a plan in place to pay for repairs (or learn how to do repairs yourself!) before the first thing in your home needs fixing.

Sometimes, an appliance or a system in the house will be broken beyond repair and will need replacing. Homeowners should have enough money stashed away in their emergency fund or rainy-day account to cover these purchases, too.

Buying a first home is an exciting milestone that only happens once in a lifetime. If you think you’re ready to take this step, make sure this purchase is the right choice for you at this time on a financial and practical level.

Then, call CommonWealth One! We have financial counselors available to help get your ducks in a row, plus we have great mortgage loan options for members and we can help you find a great realtor, too.