Quiz: Are You Ready to Buy Your Dream House?

Buying  your first property is a major commitment. Not only it will limit your spending power but also add your responsibility for many years to come –or until you can sell the property for a higher price. 

Find out if now is the right time to buy a loft, a house or a simple studio apartment for yourself.  

1. Why do you want to purchase property?

A.      For my long-term investment
B.      I need a place to live independently (alone or with my spouse)
C.      Everybody is buying now, so I don't want to be left behind

2. Where do you live now?

A.      Parents’ or in-laws’ house
B.      In a rented house with my spouse
C.      In a rental apartment/ house

3. How much emergency fund do you have?

A.      More than 6 months of my monthly expenditure
B.      Some amount but less than 6 months of my monthly expenditure
C.      None at all

4. Do you know where you are going to buy a property?

A.      Yes, I have done some research
B.      Maybe, I have some ideas
C.      No, I’m not really sure where yet

5. Do you know how much the property you like costs?

A.      Yes, I have spoken with the agent
B.      I have checked the price on the internet and brochures
C.      No idea

6. Can you afford to pay the 20%-30% for the down payment for the property?

A.      Can’t be more ready –I have already saved for it
B.      It will be quite tight, but I can make it
C.      I don’t think so

7. Roughly what percentage of your income will the monthly mortgage payments amount to?

A.      Up to 20% of my income
B.      Around 30%-35% of my income
C.      More than 35% of my income

8. Do you have other installments or debts?

A.      No, everything is settled
B.      Yes, some of them are still on-going
C.      Yes, monthly credit card bill and car installment

9. Have you also considered that you need some money –around 10% of the property purchase– for the legal documents?

A.      Yes and I have prepared for it
B.      Of course I‘ve heard. I think I have some money spared for it
C.      Will still have to save for it

10. How secure are you in your current job?

A.      Am fairly secure in this job and will likely stay here long term
B.      Have been here for a few years, but am not really sure about my future with this company
C.      I just started working in my current job and am not sure whether I will stay 

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