For many people, owning their own home is the fulfillment of many years of hard work and dedication. Indeed, one could even argue that home ownership is an essential part of the American dream. Yet, just because you want to buy a home, it doesn't necessarily mean that you should -- at least right now. To that end, today we'll speak directly to prospective buyers on the market and explain when they should pass up the chance to purchase a home. Here are four reasons NOT to purchase a home:
It's a Seller's Market
Property prices and values fluctuate all the time. As such, patience can be essential for individuals looking to purchase a home. Trying to buy a home in a seller's market can be extremely stressful and frustrating. What's more, you may not even be able to afford any houses you want because of inflated prices during a period friendly to sellers. If you can, wait until the market becomes more equitable to purchase a home.
Fundamental Issues with a Property
There's no such thing as a "perfect" home. Yet, there's a big difference between a house that needs a fresh coat of paint and building that requires extensive foundation repairs. Inspect every property closely before you make any financial commitments and pay attention to any big red flags that you may notice. Unless you're willing to spend extra money fixing up a damaged property, avoid purchasing a house with major issues attached to it.
You May Move Again Shortly
Some people relocate frequently. They may need to move for a new job, or to be closer to their family, or simply to start over in a new city. Whatever the reason, you shouldn't purchase a home if you're not certain you'll be living there in a few years. Selling a home isn't always easy -- and that's particularly true for individuals who may need to sell quickly. Only buy a home if you're reasonably certain you won't have to relocate in the near future.
It's Not in the Budget
Buying a home is expensive! Though this might sound obvious, the truth is that many individuals who want to buy a home should consider waiting until they have a greater degree of financial stability first. Look to clear other issues before you begin shopping seriously for a home. Starting a budget now might not be straightforward, but it can help you address some key issues in your life. Remember, minor expenses like bunion surgery cost pale in comparison to buying a home. So be patient and start saving up now. You'll be glad you did later!