Whether planning to purchase or build that first home, there is quite a bit of preparation work to complete. Owning a home is much different than renting one. Renters pay a specific amount of money that covers most housing expenses. Food and internet are nominal extra bills, but there are many items renters do not cover.
The largest part of preparation when people decide to own homes is in the area of finances. Owning a home means paying a mortgage, all the utility bills, insurance premiums on the house, and taxes. That may add up to a lot more than the cost of rent. A budget is needed to determine if the income will support the expenses of ownership.
A lender will not approve a home loan if applicants have a high income to debt ratio. That not only includes household expenses but also any car payments, credit card debt, …