So you’re thinking about buying a house.
Are you sure?
Homes are typically the biggest purchase a person makes in their lifetime. Big purchases can mean big headaches. Consequently, it pays to think through all of the reasons you should and shouldn’t buy a house. Let’s run through 4 reasons not to buy a house.
4 Reasons Not to Buy a House
1. Remote Work
The shift of jobs online in recent years provides opportunities not seen in the past. You can work from anywhere in the US or even in the world. You can live wherever you want, choosing to relocate whenever you desire. For those with a sense of adventure or those admiring flexibility, remote work is clutch. Do you really want to buy a house and tie yourself to a single location?
2. You Can’t Control the Market
Buying a home can be a good or bad investment. Neither is guaranteed. You cannot influence the market that determines the rise and fall of the value of your home. Understanding market trends requires effort, not just sheer luck. As a result, buying a home solely because you think it’ll be a good investment is a bad idea.
3. Things Will Go Wrong
Owning a home can be a little like playing roulette without even knowing you’re playing. Suddenly you’re dealt a bad hand and a problem appears out of nowhere. They often come at the worst times and immediately become priority #1. Homeowners need to have the mental fortitude to expect things will go wrong from time to time. Having a good emergency fund will help soften these blows. But if you can’t stomach the idea of a waterline bursting or your neighbor’s tree piercing a hole in your roof, buying a house isn’t for you.
4. Homeownership is Time Consuming
The average American homeowner spends 2 hours/week on lawn/garden and repairs/maintenance. While 2 hours may not sound like a lot, these aren’t tasks most people want to prioritize. Will you embrace allocating time to your home instead of your hobbies?
Hopefully these 4 reasons not to buy a house help you decide if homeownership is for you. If you think it is, check out how I saved a lot of money by paying off my mortgage early.