If you've never owned a home before, you are probably used to calling your landlord when an appliance breaks down, or something else goes wrong. When you own your home, you become the landlord. When the dishwasher stops working, you get to call the repairman and pay for the repairs. Be prepared to spend more time and money on emergency and planned repairs on your home. Disposable Income - When you buy a home, you can either pay cash or get a mortgage.
Most people have some kind of mortgage on the home they own.
To get a mortgage, you will need a down payment. Saving for a down payment will take discipline on your part, and possibly some time. Once you move in, you will need to continue setting aside money for repairs, improvements, new appliances, etc. In some cases, your mortgage payment will be more than your current rental payment. This is especially true if interest rates happen to be high when you purchase your home, or if you buy a proportionately larger home than you are renting.