When you fall in love with a house, it’s easy to let emotion cloud your judgment. Before you commit to buying, look at things objectively and figure out if this is really the right home for you. These are some signs that you might be about to make a mistake.
You Would Struggle to Cover Costs
Even if you can afford the monthly mortgage payments, you have to consider all the expenses associated with owning a house. That includes utilities, property taxes, homeowners insurance, maintenance, repairs, and possibly homeowners association fees.
Estimate those expenses to the best of your ability, and be realistic. If you can’t fit all those costs into your budget, plus have money left over to save for retirement, an emergency, a new car, a vacation, or your kids’ college tuition, that means this isn’t the right home for you.
The House Is Too Big for Your Family
If you’re planning to expand your family or you might have an elderly parent move in with you in the coming years, it can make sense to buy a home with extra square footage. Usually, though, when people buy a house that’s larger than they need, they do it for the wrong reasons.
Many people succumb to peer pressure and buy a large house to impress other people or to avoid criticism or unfavorable comparisons. Then they struggle to make ends meet and regret their decision.
A house is probably the most expensive purchase you’ll ever make. Don’t make an unwise financial decision because you’re worried about what other people will think. Make the decision that’s in your long-term best interest.
You Would Have a Long and Stressful Commute
If you commute to work several days per week, that should play a role in your homebuying decision. If you own your dream house, but you spend a good chunk of your day driving to and from work or sitting in gridlock, you’ll soon wish you had bought a home closer to work.
The Schools or Neighborhood Don’t Fit Your Family’s Needs
If you have or plan to have children, the quality of the local schools should heavily influence your decision on where to live. If you have concerns about the schools in the area, look for a house in a different district.
Your family will spend a lot of time in the area around your new home, so it should be a good fit. If you have kids, look for a neighborhood with children around their ages and family-friendly activities nearby.
Think about the types of places you visit frequently and the kinds of services you’ll need. Being close to stores, restaurants, a gym, a park, a pharmacy, or a place of worship might be important to you. If a house that you’re thinking about buying doesn’t have what you need within a reasonable distance, you’ll be better off looking elsewhere.
