Buying a home is a big decision, so how do you know youre really ready for it? There is, of course, the financial aspect: Can you afford to buy a place? But beyond income and employment, other factors like market conditions can affect your answer. Then you have to consider your lifestyle (do you actually want to put down roots and make a long-term commitment?) and emotional readiness (are you mentally prepared for the responsibility?). While planning isnt completely foolproof, we asked real estate experts to build a checklist that can be a readiness gut check for serious potential home buyers. Tick off the list below to assess where youre at, whether youre in need of guidance or simply want support to back up the decision youve already made.Related StoriesDo You Know What You Want?So many buyers jump into house hunting without figuring out what they actually want, says Jenna Stauffer, expert broker and global real estate advisor with Sothebys International Realty. Then, you hear the usual noise. Its not the right time to buy. You should wait for rates to drop. Prices are too high.Stauffer continues: The perfect time to buy isnt about interest rates or market trends. Its about when you are financially and mentally prepared to take the leap. It all comes down to your goals and your life plans.Stauffer recommends asking yourself a series of questions before you even start browsing listings: Are you looking for a long or short-term investment? Do you want a fixer-upper challenge, or do you need move-in ready? Is this your forever home or a stepping stone toward something bigger?These lifestyle questions will shape your search, helping you better determine if youre ready to take the leap. Homeownership requires a long-term mindset, adds Wendy Forsythe, CMO of eXp Realty. Buyers should ask themselves if they plan to stay in the home for at least five to seven years to make the investment worthwhile.Scott Bergmann, broker and owner of Realty ONE Group Authentic in Omaha, Nebraska, agrees that buying a home makes the most sense if you plan to stay put for at least three to five years, he says. If not, renting might be smarter.Are Your Finances in Good Shape?Steven Puetzer//Getty ImagesNext, take a look at your finances. Prospective buyers should assess their financial health, including their credit score, savings for a down payment, and ability to cover closing costs and ongoing expenses like property taxes, insurance, and maintenance, says Forsythe.If one of those categories, like your credit score, isnt great, Bergmann recommends waiting. A better score equals a lower interest rate equals saving a ton over time, he says. If needed, hold off and improve it first.Have You Talked to a Lender?Securing pre-qualification and pre-approval can make a huge difference. Stauffer highly recommends talking to multiple (multiple being the key word) lenders. Even a small difference in interest rates can save (or cost) you thousands over the life of your loan, Stauffer says. Pre-qualification gives you buying power. In a competitive market, homes move fast. If you dont have your pre-qualification letter ready, you could lose out to another buyer.Bergmann agrees. Knowing your real budget (and having a lender who backs it up) makes your offer stronger, he says.Forsythe adds that lenders look for a stable work history and consistent income when approving mortgage loans, [so] buyers should ensure they have a reliable income source and job security before making a purchase.Do You Know the Local Market? Michael H//Getty ImagesWhile the market isnt the end all, be all, you should still look at the local conditions. Interest rates and inventory levels can impact affordability and timing, says Forsythe.In a sellers market, homes move fast and buyers compete for properties, and there can be little room for negotiation, Stauffer explains. In a buyers market, homes sit longer so that can give you a little more negotiating power and time.You can never be armed with too much knowledge. Knowing what kind of market youre in helps you adjust your strategy so you dont overpay or miss out, Stauffer says.Have You Set a Real Budget? You can't avoid the dreaded, very personal A-word: affordability. Can you actually afford to buy a home? Its crucial to determine what price range is comfortable based on monthly income, debts, and lifestyle, Forsythe says. Mortgage pre-approval can provide clarity on what a buyer can afford.But Stauffer notes that just because you qualify for a certain amount doesnt mean you should spend that much. So, ask yourself: Whats my real maximum budget? What am I comfortable spending each month without feeling stretched thin? Have I factored in property taxes, home insurance, maintenance, and unexpected costs? Do I have a solid emergency fund? For everything from moving expenses to emergency repairs, Bergmann recommends having three to six months of reserves, meaning cash on hand and available to spend.Related StoriesHave You Considered Out-of-the-Box Solutions?If, say, affordability isnt looking too hot for you right now, dont count yourself out of the homeowner race just yet. Im working with buyers who felt priced out of the market, but now they are getting creative and looking at homes with ADUs (accessory dwelling units) duplexes, or rental potential, says Stauffer. By renting out a portion of their home, they can offset mortgage payments, insurance, and taxes.She continues, With todays affordability constraints, getting creative is key. Renting out an ADU or part of your home could be the solution to making homeownership possible.Related StoriesAre Your Non-Negotiables Realistic? If youre eager to jump into the home-buying process with a list made up strictly of non-negotiables, youre likely keeping yourself from making your wish a reality. I have worked with plenty of buyers who had a long, rigid wish list in their head, and then they would reject so many homes and get so frustrated that nothing was matching exactly what they envisioned, Stauffer says. We broke down what were their non-negotiables versus the nice-to-haves. The moment they opened up their search, they found their perfect homeone they had previously dismissed.Stauffer recommends making those two lists: one of absolute must-haves and one of nice-to-haves that arent deal breakers. A little flexibility can open up way more opportunities than you might expect, the broker says.Are You Ready Emotionally? Big life decisions that can drastically change your day-to-day can take an emotional toll, so check in with yourself. Beyond finances, buying a home is an emotional decision, Forsythe says. Buyers should consider if they are ready to take on the responsibilities of homeownership, including maintenance and repairs. Follow House Beautiful on Instagram and TikTok.