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Top 10 Reasons NOT to Buy a Home

Posted on April 5, 2012April 5, 2012 by The Tim

We spend most of our time on here focused on home buying—prices, economics, neighborhoods, etc.—but I thought it might be nice to have a brief reminder that buying a home isn’t for everyone.

For many people, renting is simply the better choice, even if home prices are at a reasonable level supported by the local economic fundamentals. Therefore, without further ado, I present my Top 10 Reasons NOT to Buy a Home:

  1. Renters don’t have to fix leaky plumbing, pay for a new roof, or buy major appliances.
  2. The moment you sign the closing papers, you lose ~10% of your home’s value.
  3. Better job offer in another city? Hope you can afford to sell…
  4. Lousy neighbors move in next door? Too bad, you’re basically stuck!
  5. Your down payment and equity are anything but liquid.
  6. You just moved to a new city and don’t know the area yet.
  7. You don’t have the financial discipline to save up a down payment (even 5% or 10%).
  8. Home prices may keep falling, a prospect that you can’t stomach.
  9. In some neighborhoods, renting will always be a lot cheaper than buying.
  10. You just prefer the freedom, mobility, and liquidity of renting.

What did I miss?

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