These Are the 2 Worst Reasons to Buy a House, According to Dave Ramsey

Don't get a mortgage for the wrong reason. 

Buying a house can change your life in profound ways. You'll be taking on the commitment of paying a mortgage bill and also committing to own the house until you sell, which can sometimes be a difficult and lengthy process.

Before you move forward with a purchase, you'll need to examine your motivations and make certain you are prepared for such a big obligation -- and excited about taking on the responsibility that homeownership entails. 

Unfortunately, not everyone is actually ready to move forward with homeownership -- and you don't want to end up buying and regretting it. To help ensure that doesn't happen, it can be helpful to look at Dave Ramsey's advice about the worst reasons to purchase a house. 

Ramsey says don't buy a house for these reasons 

Ramsey provides financial advice to many readers and listeners, and he indicated that many people who reach out to him regret purchasing a home because they did it for the wrong reasons. 

He urges would-be buyers not to become one of these regretful homeowners. The good news is, it's possible to avoid that fate if you consider his advice on bad reasons for purchasing a property. 

Bad Reason No. 1: It's priced at a discount 

One of the worst reasons to purchase a home, according to Ramsey, is because the house seems like a great deal. Although it may seem like a smart choice to purchase when you can get property at a great price, this could be a choice that backfires on you. 

"With real estate, you’re way better off buying the right home at the right time -- not buying a house based solely on the market," Ramsey said. "When you do that, you run the risk of getting in over your head with a house you can’t truly afford." Rather than jumping to buy at a bargain price, he urges patience and suggests waiting until you're really in a good financial position to move forward with a purchase. 

As far as missing out on getting a steal on a property, he has an answer for that too. "Remember, good deals are like buses: Another one will come along soon."

Bad Reason No. 2: You feel pressured

Ramsey also pointed out another bad reason to purchase a home: Because of societal or familial pressure. "Many home buyers in their 20s and 30s feel a ton of pressure to buy a house because they think it’s the 'grown-up' thing to do," he said. 

Unfortunately, even if outsiders are urging you to buy or if you feel like it's a milestone you need to check off, you could still end up regretting your purchase if you haven't made sure you're really ready. And this could leave you struggling to afford the costs for a long time to come. 

"Don’t rush into a big purchase just because your broke friends (or broke family) keep telling you that you should," Ramsey said. "Real grown-ups know homeownership isn’t the money-smart choice in every situation." 

He suggests getting your financial house in order before buying a physical house. This means paying off debt, saving up an emergency fund, saving up a down payment, and making sure housing costs won't exceed 25% of your take-home pay.

Should you listen to Ramsey? 

Ramsey is right that buying a house because it's what you should do isn't a good move, and he's also correct that you shouldn't buy a property when you aren't financially ready, even if it's a bargain.

Would-be buyers should follow his advice and ensure they only move forward with purchasing if they are in good financial shape and have thought through the long-term implications of their choice.