3 Reasons It May Not Be a Good Time to Buy a House

Although society has often deemed owning a home as essential in American life, it’s really not for everyone. As a 27-year-old with a wife and a desire to have kids, I understand how important it may feel to own a home. There certainly is no shame in it, but is it really right for you? I’d like to take a few moments with you to discuss some reasons why you may want to hold off on buying a home.

3 Reasons It May Not Be a Good Time to Buy a House

Reason #1: Following the crowd

As my old friend and mentor, Doc Thompson used to always say: “Just because you can doesn’t mean you should.” You’ve probably heard something similar from your own parents at one point in your life. Needless to say, this piece of advice applies to buying a home.

Because it’s one of the biggest investments you’ll ever make, you shouldn’t go into buying a home lightly. Although some friends or neighbors of yours may own a home or an expensive piece of technology, it doesn’t necessarily mean they’re doing great financially. Millions of Americans, on average, owe tens of thousands of dollars in personal debt for various reasons.

Is it really worth it to pile on more debt by owning a home if you’re not at the best point in your life to do so? Again, there’s nothing wrong with owning a home in and of itself – just make sure your motivations for doing so aren’t based on what other people are doing. Be your own person.

More: 5 Questions to Ask Yourself When Choosing a Neighborhood

Reason #2: Lack of mobility

Owning a home is a long-term commitment. Unlike renting, owning a home isn’t something you can just up and move away from; it’s a decently lengthy process to sell your home and have enough money to afford a new place to live. If you have a job that you’re not particularly satisfied in and have thought about opportunities elsewhere, owning a home can make the potential of moving to a new job much more challenging. If you’re not particularly interested in staying in one place for a long period of time, buying a home may not be for you.

Reason #3: A Costly Investment

Whenever you decide to buy a home, you’ll be faced with a number of expenses. From utility bills to unforeseen maintenance that you’ll have to pay for to provide your own appliances, there can be a mountain of bills that keep you from putting your money where you’d really like.

Perhaps you have some debt to pay off or would like to take a vacation or are thinking of starting a family with your spouse – these alone can be negatively impacted when you add a mortgage into the mix At the end of the day, what really matters is having a place to live and a job to provide for yourself and your family. Renting may seem like the easy way out, but it really does have cost-effective benefits while also providing for a good living space.

Whenever you decide owning a home is what you’d like for a long-term investment, make sure it’s at the proper time. It's a great time to buy! Rates are still low and if you plan on staying in your home a few years, start now by building equity.

Give us a call anytime or start your Ocean City real estate here for free. When you're ready to buy a house or just get started, contact our office at any time. We love to help you find the right listing agent with our team, get your home priced and marketed accordingly, and sold quickly and successfully.