But as much as you might think you want it, it's important to weigh all the financial and emotional factors that go into buying a huge. While it sounds impossible, considering the size of the commitment, it's surprisingly easy to get so focused on the anxiety of never being able to find the right house that you buy the wrong house for the wrong reasons. If you don’t want to wind up with a money pit or a house that simply doesn’t serve your needs (or your budget), it’s essential to take a step back from the brink and really examine your reasons for buying a particular property. If it’s one of the five listed below, you should reconsider.
Cost. Homes that offer attractive views almost always come at a premium, meaning you’ll spend more for the same amount of house you could buy in the same area without the spectacular view. And some views come with even more additional costs, like a house with an ocean view that comes with a flood insurance premium.
Imperfections. Amazing views can be distracting—if you focus too much on the incredible skyline, you might overlook other problems with the home or things that aren’t going to work with your lifestyle just so you have a nice view while sipping coffee in the morning.
Because “it’s time”
But buying a house before you’re financially and emotionally ready for it can be a disaster. Buying a house isn’t just about coming up with a down payment and calculating a monthly mortgage—there are a lot of financial factors you need to consider, including whether you’re ready to make hard choices if find yourself facing an unexpected repair bill. You’ll also need to think about your readiness to tackle the truly endless home maintenance tasks a home requires—or to pay someone else to do them for you.
But thanks to elevated prices and higher interest rates, the cost part isn’t true anymore, generally speaking: While you might find a specific house in a specific area that’s cheaper to buy than the local rents (particular if it's in a larger city with a hot rental market), nationwide averages show that renting is cheaper than home ownership, and will probably stay that way for the immediate future. Plus, there are those pesky insurance and maintenance costs, as well. If you’re buying a house because you think it will save you money, forget it.
You're betting on the neighborhood to improve
Relying on a neighborhood turnaround also comes with plenty of other downsides:
Taxes. If your property values go up, so do your taxes (eventually).
It’s a fixer-upper
If you’re buying a house because it’s a “fixer-upper” at a bargain price, think twice. If you have experience in home renovation and construction and you have a solid plan for renovating the place, that’s one thing. But if you’re buying a run-down place with a vague idea that you’ll fix it up over time, there are a lot of reasons to hesitate:
Living in a construction zone. Whole-house renovations can take as long as a year to complete, and that’s if you’re working nonstop and don’t encounter any soul-chilling problems once you dig into the property. If you’re going to do it piecemeal, the renovation could stretch on for years, and you’ll be dealing with dust in your cereal bowl and splinters everywhere during the entire experience.
Only you can decide if buying a house is the right move—but if your reasons appear anywhere above, you owe it toy ourself to think again.
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