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3 Bad Reasons to Buy a Home

May 24th, 2009 at 07:49 pm

I think Liz Pulliam Weston on MSN is terrific. In her finance articles, she hits the nail right on the head and tells it like it is. My husband and I have been thinking about buying a home, because "this is the time to buy." The real estate agent has been showing us one house after another. They all seem to have good, and bad, qualities. But one overriding issue seems to always get in the way that I can't seem to get across to my dh. We have been pre-qualified for a no-down payment loan and the closing costs and inspection fees can be included in the loan. However, we need a few hundred dollars in earnest money. I keep asking him why we are even going to look at a certain house when we don't yet have it. It may take me months to save up for it, and even after that, I want to save up for moving costs and at least one month's house payment. I can almost feel the real estate agent getting a little annoyed that she has shown us at least 20 houses, any one of which could come close to meeting our needs, and 2 of which are exactly what we specified. My dh doesn't seem to think ahead about these things. Here is a link to an article on MSN about wrong reasons to buy a home.


4 Responses to “3 Bad Reasons to Buy a Home”

  1. L Saver Says:

    Thanks for posting this article. My husband and I were also wrestling with whether or not to buy a house this year, and we recently decided that we are going to wait. With everyone saying "Now's the time to buy!" we got a little carried away. But this article makes a lot of good points about reasons for buying a home!

  2. crazyliblady Says:

    It seems like we can definitely afford the projected payments, but with the house we really want, we would be increasing our gas consumption by more than 2 times in order for me to drive to work. In addition, I would have to buy a parking pass, which cost $50 per year and I have not had to do that since last year when we moved close to my work. As I also told my dh, we would be responsible for paying for the maintenance on the house. He acknowledges that, but doesn't see the financial reality, and I am the only one working since he is a disabled vet. I have already been down the bankruptcy road once, and I am not eager to go there again. I would just as soon save up some more money, like around $2000 to start, before attempting to buy something.

  3. Ima saver Says:

    You really need to save up before buying a home.

  4. baselle Says:

    I'm with Ima Saver - save. I don't think you are there yet. Heck I'm not there yet, and the housing market is definitely not there yet either. Remember that to a realtor, every time is "a good time to buy". When is there a bad time to give him 3% or 6%? Big Grin

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