4 Reasons Why Personal Finance Expert Tori Dunlap Is ‘Glad’ She Didn’t Buy a Home – The Motley Fool

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It isn’t always a smart decision.

Key points

  • Tori Dunlap almost took the plunge of homeownership a few years ago, but backed out at the last minute.
  • Dunlap realized that buying a home wasn’t the right decision for her at that time, for lifestyle and money reasons.
  • Honestly evaluating your wants and needs can help you decide if you’re ready to become a homeowner.

Tori Dunlap is a financial influencer, blogger, and podcaster. She focuses on teaching women financial skills and how to create a good life through them. On a recent episode of her podcast, Financial Feminist, Dunlap noted that buying a home was (almost) her biggest financial mistake.

The notion that such a cornerstone of the much-lauded American Dream could be a bad idea may be surprising to some people, but I immediately knew where Dunlap was coming from; after all, I did buy a house in my 20s and it turned out to be my biggest financial mistake. Dunlap offered four reasons why she’s glad she didn’t buy, even though she could have afforded the home she almost bought, and in fact, she still rents. Here’s why.

1. Lifestyle

The COVID-19 pandemic changed the face of American life in many ways, including spurring many people to give up renting and buy homes instead. This rise in demand, coupled with historic low interest rates, led to rising home prices. According to Redfin data, in July 2022, the median sale price of an American home was $412,198. And in some markets, this would actually be considered very cheap.

Tori Dunlap is based in the Pacific Northwest, and as she notes in her podcast episode, her job, friends, and social life were based in the city of Seattle, a notoriously expensive metro area. She couldn’t afford to buy in Seattle, so the condo she was attempting to buy was located more than an hour outside the city, in a more affordable area. This left her with a long commute to and from work, and far away from a city with great restaurants and other opportunities to have fun.

If you’re wondering if homeownership is for you, ask yourself: will buying this property mean that I have to give up aspects of my life as a renter that I enjoy? Maybe you truly hate doing yard work, and if you buy a home, you’ll have to maintain a green space. Perhaps, like Dunlap, you …….

Source: https://www.fool.com/the-ascent/mortgages/articles/4-reasons-why-personal-finance-expert-tori-dunlap-is-glad-she-didnt-buy-a-home/

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