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

  • Rimu@piefed.social
    141·
    2 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·
      2 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.

    • Dieguito 🦝@feddit.it
      11·
      2 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·
        2 months ago

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