The Boy Scouts’ motto is “Be prepared!” It’s also great advice for first-time home buyers. Purchasing a home is one of the biggest decisions you’ll ever make, so it’s important to be prepared. Here are some things to consider.

Everyone has a reason for wanting to buy a home. After all, home ownership is part of the American Dream. You may need more space or have received an inheritance you want to invest. Or perhaps you’ve crunched the numbers and found that home ownership, with its many tax advantages, is less expensive than renting. There may be several reasons why you are considering buying a home. What’s your reason?

What’s your timeframe? It could be that you’re moving to a new location next month for work, and the need is pressing. It could also be, though, that you’re in no rush whatsoever, so you can take your time finding the perfect home.

There are many different types of homes available. Some are old, some are new. Some have large yards, others small. There are urban homes and country homes. What type of home do you want?

Your banker, realtor or accountant can help you determine what price home you can afford. They can also inform you about the many mortgage programs available, especially if you are a first-time home buyer. Some programs allow you to put only 5% down, and some even allow 0%. Your realtor can advise you how to structure the deal so that you maintain a good cash flow after the closing.

The general rule of thumb is that all of your debt payments combined (house payment, school loans, car payment, credit cards, etc.) should not come to more than 30% of your gross monthly income. There is some leeway within this guideline. If the home you want to buy needs a major improvement (e.g., central air conditioning), it’s also possible to get a mortgage that will include funds for the upgrade.

Your home will require regular upkeep and maintenance. Gutters need to be cleaned, weeds have to be pulled, toilets must to be repaired and sinks need to be caulked. Any one or all of these tasks can be outsourced, but part of the joy of home ownership is taking care of these tasks yourself! There’s nothing like mowing your lawn and then resting in a hammock under the shade of a tree, peacefully surveying your work!

For most people, home ownership is incredibly fulfilling and emotionally rewarding. It’s a labor of love that gives back to us ten-fold over the years. So be prepared.