Home Bemoan: Why Sometimes Buying House Isn't Always Smart Decision

Remember when you rented (or now if you are currently doing so), and the subsequent advice you'd receive from everyone who thought they knew better?

Most of the feedback you received was negative, and that centered on the idea that renting was essentially throwing your money away, because you didn't own anything when it was all said and done.

Every parent gave that lesson to their child, but perhaps mom and dad should have thought a little longer and harder and viewed each situation individually or considered other factors when offering advice about buying a home.

And those "factors" include the unexpected expenses you don't consider when you decide to buy, something that could derail not only saving money but wiping away what money you do have kept.

Someone who has rented for most of their adult life will tell you that they like two facts about not owning: low monthly payment and not being responsible for the what ifs of the world in relation to owning a home.

The low monthly payment, for renters, allows them to save money and further pad their wallets for things such as retirement or being able to do that earlier than they'd initially thought.

But often the responsibility part weighs more heavily on the prospective buyer, and there are plenty of surprise expenses that renters see, expenses that are highly visible and keep them squarely planted on solid ground in their townhouse, apartment or house they rent.

Renters, for starters, often aren't privy to the full affects of what you can pay for on a monthly basis, such as utilities. Some landlords pay for those in full or partially so owning a home means that they are now fully your responsibility.

Of course, you can't overlook the elephants in the room, either. Houses are filled with expenses, from leaky roofs to landscaping, and everything in between. If your toilet is on the fritz, your water heater explodes, that isn't on anyone else's to do list besides yours.

Would be buyers need to consider that before they opt for the "solid investment" talk they constantly hear from individuals, friends or family members who already own their home.

This all isn't to suggest that buying a home isn't a good investment because it is. But before you make that huge step consider your savings account (or lack of it) and that you must be prepared to fix, manage and maintain this structure on your shoulders alone.