Every once in a while, a journalist asks me to make the “case” for homebuying. That shouldn’t surprise me: I write books about homebuying, I own a home, and I love walking neighborhoods and looking at homes. I even have a little collection of tin houses sitting on my office shelf.
But let’s get one thing straight: Loving houses doesn’t mean I’m an “advocate” for buying one. It’s a lifestyle choice, and the financial outcome is anything but guaranteed. Some people can (with the right landlord) be perfectly happy renting their whole lives. They’re mobile, they can enjoy weekends free of home repair obligations, and if the place gets seriously damaged, they won’t be the one calling the insurance company.
Why am I bringing this up now? Because panic levels seem to be rising right along with interest rates, additionally fueled by headlines like, “Families Blocked by Investors From Buying U.S. Homes.” (This article makes the point that, with rising demand for rentals, investors are moving in with all-cash offers that individual buyers can’t match.)
So let’s refocus on other voices in the media, such as that of Kelly Phillips Erb, in Forbes, with “11 Reasons Why I Never Want To Own A House Again” and Carl Richards for The New York Times, in, “It’s Not Everyone’s Time to Buy a Home.” They discuss varied reasons not to buy, from the amount of interest you’ll plunk down to the fact that you are the only true expert when it comes to your own life.
If you decide to keep renting (and I’m not advocating for that, either!), the most important thing to do is understand your rights as a tenant.