7.Rent vs. Own

If you're currently renting an apartment or home, you may be eager to purchase your own space. Don't move too quickly, though! Look at how much rentals are going for in the area in which you're thinking about buying, and compare prices.

When researching home prices, it might seem a little counterintuitive to look into rental costs, but this is definitely something to consider. Compare average rent prices in the area with your total monthly payment, including taxes and insurance. If owning a house costs 35 percent more than renting, it might not be a good time to buy in that particular neighborhood.

8.Credit Score

You may be tired of seeing commercials and ads telling you to check your credit score, but they have a point -- knowing your score is vital when considering a purchase as important as a home.

A low credit score can make it hard to get a loan, and even if you do obtain a loan, bad credit might affect your interest rate. If your credit score is below 700, it's probably not a good time for you to buy. Instead, why not look for a cheap rental to live in while you pay down debts and get your credit shored up? If you work hard, you may be ready to buy your own home within a couple of years.