The benefits of jumping into homeownership are plain to see. There are the tax advantages and the benefit of investment. Over time, you build equity in your property. And in some cases, a mortgage can be cheaper than paying rent.

Before you make the leap into homeownership heaven, however, there are some factors that you may want to consider to see if you're ready to take on mortgage responsibilities.

Consider your career. Where you are now may not be where you want or need to be a few years from now. It could be, you may have to relocate as your career progresses.

If that is clearly the case, then what would be the ramifications of having a home saddled on your back? It would be a huge disappointment to pass on career advancement in another city because you're tied to your house.

With fewer companies paying relocation expenses, disposing of your house in a timely manner may prove difficult.