Owning a home is a major responsibility. Most people want to own a home, but it is not something that is for everyone. Should you own a home? That is a question that each individual must ask before taking the step to make a home purchase.

A home can become a financial burden on any household. Repairs and maintenance are things that must always be kept up to to date. These items cost money and, if money is tight, the living conditions of your home can deteriorate. Big ticket items such as a new roof or heating system can literally put a home owner into serious debt. For someone who is purchasing a home on a strict budget, maybe owning a home is not the right decision.

Owning a home that has a mortgage depends on stable employment and income. Without this, it is easy to lose the home that you have already put so much money into. Those who are not sure of the their employment stability should think twice before owning a home. Unless there is significant savings that can be tapped into in case of a job loss, owning a home without a secure job could lead to foreclosure.

The amount of time needed to devote to owning a home is another factor. Time is necessary for simple maintenance items such as yard work. Yard work alone is a constant chore that has to be done quite frequently. If you don't have the time to devote to owning a home, then maybe it is not a good idea unless there is money to hire people to do it for you.

For these reasons, many people choose to own a condominium or town house instead. Usually the maintenance is taken care of as part of the maintenance fees that are paid each month. Many older people make this choice just so that they do not have to spend their time taking care of a regular single family home.

Renting is always an option. Those who are very busy often make this choice because it is the easiest. In some case, it is the best financial decision. Many rentals offer complete service that even includes painting every several years.

Since owning a home is a major decision, it needs to be thought about seriously before making the purchase. Finances, time and interest all need to be considered so that home ownership does not become a burden.