We assume you already know why you want to buy a house. There are entire books covering the many reasons to buy a house. We’ll assume you’re moving forward with the decision to buy your first house.

There are a few reasons why you shouldn’t buy a house.  At least, not NOW. Purchasing a home is not an impulse buy. Under certain circumstances, buying a house might be the worst mistake of your life. There are very few situations in which you should wait to finalize that home purchase. Read the list to make sure you’re not making a huge mistake.

Low income – Check with a local realtor to determine what the bank’s minimum earnings ratio is in your area. Some banks are more lenient than others. For example, a bank might require that your total monthly housing costs (including mortgage payment, homeowner’s insurance, and property taxes) be less than 20% of your gross monthly income. If the total monthly housing cost will be $850, your gross monthly income will need to be five times that, or $4,250.

Insufficient Down Payment – Don’t waste your time or a realtor’s if you don’t have enough for a decent down payment on a home. Ask a local realtor what the bank’s minimum down payment is. If a home is $189.999 and the minimum down payment is 10%, you’ll need a minimum of $19,000 for the down payment. Your credit will also determine the minimum down payment required by the bank. If your credit is fair or average, the bank will most likely require a larger down payment. Beware of banks and realtors that offer mortgages with little or no money down. The less money you put down upfront, the higher your mortgage note will be, and the more interest you’ll end up paying. Purchasing a home with no money down sounds like a dream come true. It isn’t. The more money you put down upfront, the less you’ll pay in overall cost.

Moving in the Next Few Years – If you plan on moving in the foreseeable future, don’t buy a home unless you have a ton of cash for the down payment and plan on renting the home after you move. Reselling a home within a few years will be extremely expensive. Unless you bought the house to fix up and “flip,” you’ll end up losing quite a bit of money. Between the realtor’s fees and the closing costs, chances are you will not be able to recoup the money you invested in the home. Wait until you move, then purchase a house in the area to which you’ve relocated.

Uncertain Job Future – This goes without saying. Are you positive your job is secure? If there’s any talk about your company being in financial trouble or downsizing, don’t assume you should run out and buy a home before the bottom falls out. If you lose your job, you might lose your house!