Purchasing a house is a very big step – especially for someone who has never owned property before. While buying a house may seem like a good idea, especially with interest rates so low, several things should be taken into consideration before making the leap.

First, keep in mind taxes and maintenance costs associated with owning a house. Depending on where the house is located, besides a monthly mortgage, fees can include insurance, property taxes and upkeep of the structure. While the initial mortgage may seem affordable, all of the extra fees and taxes thrown in may make owning a home out of reach.

Another thing to keep in mind is a plan for the future. Is this city the final destination? Or will another opportunity open up in the next few years that will lead to a person having to uproot and leave? Depending on a house’s location, along with the market at the time, it may be difficult to sell a house if the need arises. It would be very discouraging to have to turn down an opportunity elsewhere because of an unsellable house.

Upkeep is another thing to keep in mind when deciding to buy a house. While renting a house or apartment, tenants typically aren’t responsible for general maintenance and upkeep. If the sink breaks, the landlord will (typically) come and fix it. If the lawn starts getting out of hand, the property owner will trim it if you live in an apartment building.

There have been several instances where I’ve driven by a cute house for sale and got excited at the thought of purchasing my own home, but every time I do, I try to be rational and weigh the options. I may purchase a house in a few years, but for the time being, I’m not quite ready to take the big step.