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
Terrifying. I did mine nearly 30 years ago with nothing more than a couple of years of decent salary and the belief I’d be able to get a similar salary elsewhere if needed.
It worked out in the end. I’m in IT, and ended up working for a startup that floated and the
monopoly moneyoptions became actual money, so was able to pay off my mortgage the year before COVID hit. It’s made things immeasurably easier.Not sure how things would be in the current situation of gigs, near-zero job security, etc. Really feel for those of you in that boat. It suuucks.
But life goes on. Roll the dice and trust that you can make the best of it, I think?
Edit: Ask yourself if you want to keep paying off someone else’s mortgage and own nothing, or pay off your own.
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.
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.
Taxes and insurance increase but you have to consider that taxes and insurance is increasing at the same rate for the individuals who own rental properties, which then get passed on to the renters.
