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Tori Dunlap Suggests Asking Yourself These 3 Questions Before Buying a Home – The Motley Fool

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While it’s great for some, homeownership isn’t for everyone.</…….

Image source: Getty Images

While it’s great for some, homeownership isn’t for everyone.

Key points

  • Buying a home is a huge decision that significantly impacts your finances.
  • Money expert Tori Dunlap recently shared her experience of almost buying a home.
  • She suggests asking yourself several questions to determine if homeownership is the right choice for you.

Tori Dunlap is a money expert who shares advice online. Her podcast, Financial Feminist, features conversations about important financial topics. She recently shared her experience of almost buying a house and why she’s happy she continued being a renter.

Buying a home is a big decision

Dunalp is doing very well financially. But just because someone makes good money and has savings doesn’t always mean that becoming a homeowner is the best choice. It’s a life-changing experience, and it’s not for everyone.

In episode 40 of her podcast, Dunlap shares the biggest financial mistake that she almost made. She discusses how she felt pressured to buy property because she could technically afford to do so. But as she went through the process, she realized that it wasn’t the best move for her goals — and she ended up backing out at the last minute.

Are you considering buying a home but aren’t sure if it’s the right move for you? Dunlap has some questions that may help you make the right decision for your needs.

Question 1: Why are you making this decision?

Dunlap notes that the most critical question is why you’re considering buying property. You want to do it for the right reasons.

If you’re doing it because all your friends own property or you think buying any home is a good investment, those probably aren’t the best reasons. A good reason might be that you plan to live in the area for a long time and want to settle down and stay in one place long term.

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Question 2: Do you have a financial plan to own a home?

The next thing you want to do is figure out if you have a financial plan for how to buy a home …….


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