Am I Ready to Buy a Home? (Take This 2-Minute Quiz)

So, you’ve been scrolling through listings, daydreaming about backyards and open-concept kitchens... but are you actually ready to buy a home?

Buying your first home is exciting — but it’s also a big decision. This 2-minute quiz will help you figure out where you stand and what to do next. Let’s find out if homeownership is your next move, or if it’s time to wait and prepare a bit more.

Question 1: Do You Have a Stable Source of Income?

• Yes – I’ve been working steadily for at least 1–2 years

• Sort of – I’m freelancing or just started a new job

• Not really – My income is unpredictable

Why it matters:
Lenders want to see steady income to approve you for a mortgage. If you're employed full-time or self-employed with a steady income history, you’re off to a strong start.

Question 2: Have You Saved Enough for a Down Payment?

• Yes – I’ve saved at least 5% (or more!)
  

• I’m close – I have some savings, but not quite enough
  

• Not yet – I haven’t started saving

Why it matters:
In Ontario, you’ll need at least 5% of the home’s price as a down payment (more for homes over $500,000). If you’re short, consider using the Home Buyers’ Plan (HBP) or the First Home Savings Account (FHSA).

Question 3: Have You Checked Your Credit Score?

• Yes – It’s above 680
  

• Yes – It’s below 680, but improving
  

• No – I have no idea what it is
  

Why it matters:
Most lenders want a score of at least 620–680. If yours is lower, don’t panic — there are steps you can take to improve it. Start by checking your score with Equifax or TransUnion.

Question 4: Do You Have a Budget for Monthly Expenses?

• Yes – I’ve done the math (mortgage, utilities, insurance, etc.)
  

• Sort of – I have a rough idea
  

• No – I’m not sure what I can afford yet
  

Why it matters:
Owning a home means ongoing expenses. A detailed monthly budget can help you avoid surprises.

Question 5: Are You Familiar With the Extra Costs?

• Yes – I know about land transfer tax, closing fees, inspections, etc.
  

• A little – I’ve heard of some, not all
  

• Nope – What extra costs?
  

Why it matters:
There’s more to buying a home than just the sticker price. You’ll want to budget for legal fees, appraisal, insurance, taxes, and a home inspection. Our blog on hidden costs for first-time buyers (coming soon) breaks it all down.

Results: What’s Your Score?

Mostly Yes:
You’re ready, my friend! Let’s get started. Check out homes for sale, or contact me for a no-pressure call.

Mostly Sort of:
You’re close — and that’s exciting! A few small steps (like saving a bit more or checking your credit) can put you in a great position. Use tools like a free home evaluation to figure out your buying power.

Mostly No:
That’s totally okay — awareness is the first step. The good news is, we’ve got tons of resources to help you prepare. Visit our First-Time Buyer Hub, and when you're ready, I’ll be here to guide you.

Final Thoughts

Buying your first home doesn’t have to feel like jumping off a cliff — it’s more like building a bridge, one step at a time.

If you took this quiz and you're thinking, “Okay, maybe I am ready!” — let’s talk! I’m Kaitlyn Goodfellow, your local real estate agent, and I’d love to help you figure out your next move.

Want to explore listings or get pre-qualified? Get in touch with me — I’ve got your back.