The Quiz - Simon Royer Realtor ®

Take this quick quiz to find out if you’re ready for homeownership and what steps you might need to take!

Financial Preparedness

Do you have a stable income to cover a mortgage and living expenses?

A- Yes, I’ve been employed steadily for at least a year.
B- Somewhat, I’m just starting out or have variable income.
C- Not yet, but I’m working on it.

Do you have a budget and understand how much house you can afford?

A- Yes, I’ve calculated my budget and know my limits.
B- I have a rough idea, but I’m not sure about all the costs.
C- Not yet, I need help figuring it out.

Do you have savings for a down payment and closing costs?

A- Yes, I’ve saved 5–20% or more.
B- I have some savings, but I might need assistance or options.
C- Not yet, but I’m starting to save.

Knowledge of the Homebuying Process

Do you understand the steps involved in buying a home?

A- Yes, I’ve done my research or spoken to a professional.
B- Somewhat, but I could use guidance.
C- Not at all, this is all new to me.

Do you know the difference between pre-qualification and pre-approval for a mortgage?

A- Yes, I’m already pre-approved or working on it.
B- I’ve heard of it, but I’m unclear about the details.
C- Not at all, I’ll need an explanation.

Have you thought about the type of home that best suits your needs (e.g., condo, townhouse, single-family)?

A- Yes, I know what I’m looking for.
B- I have a general idea, but I’m open to options.
C- Not really, I’m just starting to explore.

Long-Term Considerations

Are you planning to stay in the area for the next few years?

A- Yes, I see myself staying here long-term.
B- I’m not sure, but it’s likely.
C- No, I might move soon.

Do you understand the costs of maintaining a home (repairs, property taxes, utilities)?

A- Yes, I’ve budgeted for these expenses.
B- Somewhat, but I need more details.
C- Not really, I’m not sure what to expect.

Are you aware of the programs or incentives available for first-time homebuyers?

A- Yes, I’ve looked into grants, tax credits, and loans.
B- I’ve heard of them, but I don’t know specifics.
C- No, I didn’t know they existed.

Submit Your Answers

Are You Ready to Buy Your First Home?