First-time home buyers: how did you feel about getting a mortgage? (lemmynsfw.com)

submitted 6 months ago by Worx@lemmynsfw.com to c/asklemmy@lemmy.world

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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

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[-] rimu@piefed.social 13 points 6 months ago

It's not a 15 (or 25) year commitment - you can sell the house any time and use the money to pay off the mortgage.

[-] TheKracken@lemmy.world 2 points 6 months ago

Yup this was my thought. Either A) you locked in "Rent" for 15-20 years or you can sell it (usually at a profit) if you need to move or get rid of the property.

[-] DieguiTux8623@feddit.it 0 points 6 months ago

But the price of the property can decrease, so it's better considering an asset with a stable value over time (given the area, energetic efficiency, etc.).

[-] ABCDE@lemmy.world 6 points 6 months ago

Property is one of the most stable assets; even if there's a crash you can still live there until it recovers.

this post was submitted on 02 May 2024

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