Tori Dunlap Suggests Reviewing Your Financial Goals Before Buying a Home

Owning a home isn't the right choice for everyone -- and that's okay!

Tori Dunlap is a money expert who shares financial wisdom online. Her goal is to help more women take charge of their finances, get paid more, and set themselves up for success. She has helpful discussions on her podcast, Financial Feminist. In a recent episode, she shared why it's best to consider your financial goals before committing to buying a home.

No matter where you are on your personal financial journey, you've likely made some errors. We all have made some mistakes. And even financial experts make (or almost make) their fair share of mistakes. Tori Dunlap almost made the mistake of buying a home.

In episode 40 of Financial Feminist, she explains why she almost bought a home and why doing so would have been a big mistake. Luckily, she backed out at the last moment once she realized she wasn't making a choice that aligned with her goals.

Are you considering becoming a homeowner? While this can be a smart money move for many people, buying a home isn't a must for everyone.

Before you commit to owning a home, you want to make sure you review your financial goals.

Tori Dunlap wasn't buying a home for the right reasons

So why did Dunlap back out of buying a home? She wasn't choosing to buy property for the right reasons.

For starters, she believed the people around her who said she was throwing money away by renting. But it turns out that renting was well worth the expense for her.

She also wasn't buying in an area where she spent much of her time. Since she was looking to buy in Seattle, she could only realistically afford a home well outside the city limits.

That meant she would have a much longer commute to and from work and be far from her friends and favorite restaurants and activities. When she thought about how moving far outside the city would impact her life, the decision to buy didn't make sense.

She also looked into the HOA for the condo she was considering buying and realized the fee wasn't worth it. HOA fees can be worthwhile if the benefits included are valuable -- like yard maintenance and snow removal services.

But this HOA was lacking. Not all HOAs are created equal, and the expense can quickly add up -- significantly impacting your monthly budget.

Most importantly, Dunlap realized that she wasn't ready to buy at that point in her life and that buying property didn't match up with her money goals. It made more sense to continue being a renter -- even if she could technically afford to own property.

Review your financial goals before deciding to buy a home

Deciding to buy a home is a big deal, and it's a decision that will cost you. It will also change many aspects of your life -- so you want to ensure you're ready to be a homeowner.

Before you make this move, figure out your financial goals as well as your personal goals. Would you be able to continue working toward those coals while becoming a property owner? If not, you may want to reassess your plans.

You should also research all of the costs associated with a home. That way, you don't get into a difficult financial situation by not being able to afford the cost of homeownership. After all, there are many other costs beyond your mortgage.

If becoming a homeowner is the right choice for you -- great. But if not, that's okay, too.

If you want to learn more about lending options, check out our list of best mortgage lenders.