Buying your first home really is something to be proud of. For (some) it’s the first thing you own that is a definite asset. The most depressing thing about renting is that you’re paying off someone else’s bond (sometimes) when that money could be going into your own property.

But buying a home is a long-term commitment and, as Business Insider suggests, it’s one that requires a strong financial standing. So what are the signs that you probably shouldn’t buy one right now? Here are six:

You have a low credit score

How’s this: the higher your score, the better your interest rate will be. That means your monthly payments will be lower. So, before you buy, considering raising it a little bit.

You don’t have a fully funded emergency savings account

And not because you have used it as your down payment. From getting sick to suddenly losing a job, your emergency savings account is necessary to keep monthly mortgage payments in check, advises Kristina Morales, a Cleveland-based licensed real estate agent. The ideal amount would be to save a few years’s worth, just in case.

You can’t afford a 10% down payment So you have that emergency savings, but you can’t afford the down payment on top of it. Eish. You don’t have to put down the payment, but if can’t afford it then you may want to reconsider the buy.

You’re deep in debt

Ummm. That should be a sign all on its own. If the amount of dept is high it could give you a hard time when applying for your mortgage.

You’ve only considered the sticker price

You know on all those real estate ads they give you a price. Well, buying a home costs a lot more than that. From closing fees to taxes, there is insurance, moving costs, renovations and maintenance. Also the annual payments can increase depending where you’re living. Do your research.

[source: businessinsider]