Homeownership isn’t for everyone. You may be at a point in your life where it simply doesn’t make sense to invest in a piece of real estate, whether due to financial complications or simple lifestyle decisions. Certainly, there are many credible reasons to resist the lure of homebuying.
Then again, there are also some pretty lame excuses; reasons that don’t necessarily make much sense, once you really start to unpack them.
That’s what we’re going to get into today: Bad reasons to put off homebuying. Again, we’re not saying homeownership is the right move for everyone! But if you’ve been delaying it due to any of the factors listed below, we’d humbly advise that you reconsider.
Bad Reasons to Put Off Buying a Home
- You’re afraid you’ll be stuck. What happens if the market takes a turn and, when you’re ready to sell, you’re not able to land any buyers? That’s a reasonable concern, and it’s true that the market could shift on you. With that said, a little market fluctuation is always part of the deal, and it’s unlikely you’ll be straddled with your home forever. Also note that there are many ways of getting a home sold. You can learn more about them in your SOLD.com report, which will offer you some individualized tips for selling your own property. You always have options!
- The process is daunting. The actual process of buying a home may seem scary… but it can actually be a lot of fun, too! House hunting is always a blast, and there’s a real thrill in looking for a place you can call your own. As for the legalities, the home inspection, etc., a good real estate agent will walk you through all of it and help you from becoming overwhelmed.
- You don’t want to deal with home maintenance. It’s true that home maintenance is never-ending. Then again, you may eventually find that you get frustrated waiting for the maintenance guy to come fix the issues in your apartment or your rental house. And with home maintenance comes the chance to really invest some sweat equity and make the house your own!
- You don’t think you can afford it. Actually, this might be a good reason to avoid homeownership, but only if you’ve actually run the numbers. If you haven’t made any calculations, you might at least develop a simple budget and get pre-approved for a budget, which can give you a better idea of how much home you can afford. You may find that it’s a dead end, but then again, you may also discover that homeownership is more attainable than you had imagined.
- You don’t think it’s a smart investment. The Great Recession soured a lot of people on homeownership, but the reality is that it’s still a big part of the American Dream, and it can still be a good financial investment. The rule of thumb is that, if you stay put for three years or more, and if you stay current with your mortgage payments, you’ll probably recoup your investment.
What About Good Reasons to Delay Homeownership?
We’ve listed some weak excuses to put off homeownership, but please note that there are some good ones, too. For example:
- If you don’t think you’ll be in the same town for at least the next three years, buying a house probably isn’t wise.
- If you don’t have any money for a down payment, you may find that homeownership isn’t an affordable option.
- If you still have a lot of other debts, such as student loans, it may be smart to take care of those before you get a mortgage.
In other words, there are good and bad reasons to delay homeownership; we recommend taking a candid self-assessment and perhaps looking into some loan possibilities before you make your decision.
Learn More About Getting Your Place Sold
One final reminder: If you’re ready for selling your own property, you’re welcome to claim your SOLD.com report today. In it, you’ll find independent advice for achieving your real estate goals. Claim your free seller’s report at your next opportunity and take the first step toward a successful real estate transaction.