For some people, renting may be the right choice. Because the “down payment” is most often limited to a first and last month rent and a deposit, renting can be viewed as a less expensive alternative and more flexible in the short-term. Monthly rent payments are also generally “all in” and usually cover all property taxes, homeowners’ association fees and maintenance costs. Plus, renting can offer flexibility should circumstances unexpectedly change and you need to relocate for employment or other reason.

For others, however, buying is the right move to make. They’ve reached the point where they feel confident about staying in one place for a while and are established in their jobs with a dependable income. Their debt obligations – such as automobile loans, student loans and credit card payments – are manageable, and they’re interested in exploring how the traditional benefits of homeownership, like equity appreciation and tax write-offs, can enhance their long- term financial goals.

If this sounds like you, this information should help you assess your current situation and better prepare you for the home-buying process.

Below are just some of the things to consider when purchasing a home. You should make a 2-column list and note what your most important must-have needs are and what would be nice to also have but could do without.