5. Am I prepared to be a homeowner?
"Whatever your money attitude is, when you have a home, a lot of your money will go (to it)," says Cecere. "A lot of your time will be spent dealing with your home."
Make sure you understand what's involved. You should ask yourself before buying if you have good spending habits. If possible, take a homebuyer class in person or online.
If you're ready and buy responsibly, experts say homebuying can still be a wise financial move.
"Owning a house is still better than renting," Huss says. "You should absolutely be able to find a great house for what you can afford."