An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think “that’s 15 years I’ll spend paying back, at absolute minimum. Probably more like 25 years” - how can I possibly plan that far in advance?
So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I’m mainly talking about the emotional side of things rather than financial
It was terrifying. So much more so than buying a car.
I thought of it as “locking in my rent”. For me that helped as my rent kept going up.
Additionally, if you eventually want to move, you’ll usually come out ahead a little bit. I was in a popular market, but I think we bought at 220k and sold at 320k. After all was said and done, I think we had a nice 60k profit, and we did not take the highest offer, we took one from a buyer that we knew was a family that would move in. Not a bad consolation prize for a break up, and I think we were only in it for…3 years?
Selling is stressful, but not nearly as much as buying.
Yeah I thought of it as locking in my rent too! But then I found out that my housing payments have gone up each year like rent has. And it’s basically the same cost as renting. Oh well.
