Money Matters: How to Prevent Top 5 Financial Regrets, NOT Buying a House #4
This post is from our friends at Learnvest.com and offers a great deal of information on how to avoid the top 5 Financial Regrets. This week, We focus on NOT Buying a House. The past three weeks, we examined Habitually Overspending, Inadequately Saving, and Buying a House. Next week, we will take a close look at the final of the Top 5 Financial Regrets.
- Habitually Overspending
- Inadequately saving
- Buying a house
- Not buying a house
- Not saving enough for retirement
When reading through these regrets and solutions, make sure to keep in mind what’s right for you in your situation. People are different.
3. Not Buying a House
There are a lot of reasons we might not buy a house. Maybe you don’t know where you want to settle down. Maybe you want to wait until you have a family. Maybe you just don’t have that kind of cash on hand. But here’s the tricky thing about this particular regret: Unlike saving inadequately, which everyone would regret, not buying a home is actually the right move for many people.
How to Keep It From Happening: To keep from regretting not buying a house, you need to buy only when it makes sense for you. If you can say yes to the following questions, then it could be the right move:
- Do you have enough saved up to not only make a down payment but also leave your emergency fund and retirement savings intact?
- Do you plan to live in the house for at least five years, so you’ll be able to recoup your moving investment?
- In the area where you want to buy, is your price-to-rent ratio more in favor of buying?
For more information on buying a home, see the loans and mortgages section of The Knowledge Center.
- Consumers regret not saving (bankrate.com)