But before you commit to another year of renting, it’s worth asking yourself a few key questions. Is staying put really the best choice for your lifestyle, finances, and future goals? Or is it time to consider making the leap into homeownership?

Here are seven questions you should ponder before renewing your lease with your landlord:

1) “Is my rent comparable to other rent in the area?”

Before you rented your current place, you probably had a good sense of where it stacked up against other options. But once you’ve been settled in for a while, it’s easy to lose touch with the current options and prices.

Make sure to take a peek online and see how much other places are renting for in the area before renewing your current lease. Your rent may be in line with the market, but if it’s not, perhaps you can find a better place at a better price, or at least have some negotiating power with your landlord.

2) “How much higher is my rent than it was when I first started renting?”

Even if your monthly rent is in line with other places, it’s worth thinking about how much it is compared to when you first started renting there.

If it’s only been a year, the difference may not startle you. But if you’ve been there for 10 years, you might be astonished at how much those yearly increases have added up.

The reality is, rents typically increase over time, and there’s not much you can do to stop that from happening. But it’s worth giving yourself a reality check and starting to think about how you’ll feel in another 10 years if you keep renting.

3) “Is renting getting in the way of living the way I want to?”

Pets are a huge source of joy for so many people. Unfortunately, when you rent, you need to live by the rules of the landlord, and many of them don’t allow pets… or at least the one you truly want.

Life is too short to not live the life you want. You might as well ask your landlord to reconsider the policy, and see if they’ll allow you to have the pet you want. If not, perhaps you can find another place that will. Or, maybe it’s time to start making some serious plans to buy your own home.

4) “Is there anything I want the landlord to address or improve?”

To be fair, some landlords want you to tell them about every little issue, and will get things fixed ASAP. But if your landlord isn’t one of them, it’s easy to become a little too used to living with a leaky faucet, a broken window, or disgusting carpets.

If there’s ever a time that you’ll have some leverage to demand that certain things be addressed, it’s when your landlord is looking for your signature on a lease renewal. If they continue to ignore the work that needs to be done, it may be time to look for a new place to rent, or buy a place.

5) “Can I buy my own place… and how much can I afford?”

Many people continue to rent year after year simply because they’re not even aware they could buy a place!

Rather than presume you’re not in a position to buy a home, contact a mortgage lender and ask them to pre-approve you for a mortgage. It’s free, so why not at least find out whether you can, and, if so, how much money they’ll lend you.

6) “Is renting actually more affordable than buying a place?”

If you find out that a mortgage lender will approve you for a loan, it’s also worth doing the math and figuring out if renting is more affordable than buying a home, or vice versa.

Even if renting would be a little (or even a lot) less per month, don’t forget to factor in that your mortgage payment will remain relatively the same year after year if you take out a fixed rate loan, while rents will increase year after year. In addition, you’ll be paying down the amount you owe over time, along with your home increasing in value, so you’ll be building equity.

7) “Can I get out of my lease without paying a penalty if I want to buy a house in the next year?”

One of the reasons many renters continue to rent is because it’s difficult to perfectly time buying a home right around when your lease ends.

If you decide to renew your lease, but you’re even remotely considering buying a place, try and get your landlord to agree to add in a clause that allows you to give a few months notice to get out of the lease if you find a place to buy.

The post 7 Questions to Ask Yourself Before Renewing Your Lease With Your Landlord appeared first on Lighter Side of Real Estate.

Unfortunately, many buyers do certain things that make a seller angry—often without even realizing they’re doing anything wrong—which can create unnecessary tension, or even jeopardize the deal altogether.

So, if you want to get to the closing table as smoothly and drama-free as possible, here are 6 common mistakes you want to avoid during escrow:

1) Saying “As-Is” but Bringing a Full Repair Wishlist

Many buyers say they’ll take the house “as-is” when they’re focused on getting their offer accepted because it can tip the scales in their favor if there are multiple offers, or perhaps even get them a break on the price. But once they do the home inspection, they sometimes conveniently forget that’s what they agreed to and send along a long list of things for the seller to fix.

Depending on how the contract was written, you may or may not have the right to renege on that agreement. But even if you technically have the legal right to go back on your word, it’s not going to go over well with the seller, and could cause them to look for ways to make your life miserable, or even kill the deal.

2) Turning Their House Into a Private Yard Sale

“I can’t remember what it said in the listing… is the fridge included in the sale?” is a perfectly reasonable question. But some buyers start asking the seller if they’ll throw other things into the deal for free during escrow, like a couch, their grill, or TV for instance.

That doesn’t mean you can’t ask a seller if they’d be willing to sell you things that fit perfectly in a room, or you’d like to avoid having to buy right after closing. But offer them a fair price, and be respectful if they say no to your offer.

3) Backing Out of Those Agreed-Upon Extras

What’s even more annoying than a buyer pushing a seller to leave them some free furniture patio, or sell it to them dirt cheap? Getting them to agree to it, only to tell them the day before closing that they don’t want it anymore, and they need to get rid of it before the buyer is willing to close on the house.

If the seller agrees to leave you something or sell it to you, honor the deal. Changing your mind at the last minute can create unnecessary stress and potentially delay the closing. If you’re unsure about an extra, it’s better to say so upfront than to cause a last-minute headache for the seller.

4) Turning Showings Into Family Reunions

Throughout escrow there are times when you’ll be allowed to come into the seller’s house, such as for the home inspection, to take measurements before you buy a piece of furniture, or even to show a trusted friend or family member the house. However, some buyers take it too far and bring a parade of cousins, coworkers, and some guy from their bowling team along to check out their future home.

Keep your entourage to a bare minimum when the seller allows you into their home during escrow, because it is still their home. If you must invite people over to see the house during escrow, make sure the seller is entirely cool with it before inviting anyone, and make it a quick one-time visit.

5) Missing Deadlines

Closing day is not the one and only deadline. There are plenty of other deadlines throughout the process, like when additional deposits need to be made, when the home inspection needs to be completed, and when the mortgage approval needs to be in, just to name a few. Missing a deadline can easily make the seller and their agent start to question whether you’ll even be able to get to the closing table! What’s worse is that some buyers will stop responding to emails or calls, rather than admit they’re running behind and need an extension.

Sellers and their agents rely on timely communication to keep things on track. Missing key dates and ghosting your way through escrow isn’t just frustrating—it can delay or even jeopardize your closing. Stay engaged and proactive to keep everyone happy and the deal moving forward.

6) Channeling CSI During the Final Walkthrough

Before heading to the closing table it’s not just a buyer’s right to inspect the property, it’s something they should do in order to make sure the house is in acceptable condition. But some buyers take it to another level and start nitpicking over every little thing they find wrong.

Keep in mind that the house should be in “broom clean” condition before closing. You’re looking to make sure there isn’t any major damage, and that the seller has taken everything they should have out of the house, and left everything they were supposed to leave you. So don’t go crazy over a tiny scratch or smudge here and there.

The post 6 Things Buyers Do During Escrow That Are Sure to Make Sellers Angry appeared first on Lighter Side of Real Estate.

Getting your offer accepted isn’t always about offering the highest price. Sure, money talks. But it certainly helps if the seller doesn’t have a chip on their shoulder about something you did—especially when there are other buyers in the mix.

Unfortunately, some buyers unknowingly rub sellers the wrong way during showings, which can affect how the seller feels about them—or even whether they’ll accept their offer.

To avoid accidentally sabotaging your chances, here are 4 things you should never do to a seller, just in case their house turns out to be the one you want to buy:

1) Last-Minute Showing Requests

Sellers are typically advised by their agent to be as flexible and accommodating as possible, and make their house easy for buyers to come see whenever it’s convenient for them. But that doesn’t mean they should have to be ready to race out of the house because you decided to pop in on a whim. Unfortunately, many buyers give way too little notice and ask to stop by within the next few minutes, making sellers have to rush out of the house.

Respect the seller’s time—and their sanity—by giving plenty of notice.

2) Not Showing Up at All

Whether it’s because of traffic, a scheduling conflict, or they just pulled up to the house and decided it wasn’t for them, some buyers fail to show up for a scheduled showing appointment. It’s beyond annoying to a seller when they tidy and get out of the house to accommodate a showing, only for the buyer to be a no-show.

While that may not impact you if it isn’t a house you want to buy, it’s just rude and inconsiderate. But on a selfish note, keep in mind that it could come back to haunt you if you eventually decide you want to reschedule or eventually make an offer!

3) Staying Too Long

Sellers are typically leaving the house to give you some time and space to look at the house without worrying about them breathing down your neck. While there’s usually no specific time limit given to a buyer when looking at a house, always be mindful about how long you’re lingering. A homeowner can only run errands or drive around the block so many times before they start getting annoyed that they can’t get back into their home.

4) Ignoring Showing Instructions

Whether the seller leaves instructions to not pet the cat, take your shoes off, or wear a pair of booties while walking around their house, it’s not just a suggestion—it’s an expectation. Tracking dirt across a freshly vacuumed carpet, or getting yourself bitten by their pet isn’t going to go over well with a homeowner. Honor any requests a seller makes, not only because it’s the right thing to do, but also because it could come back to bite you (just like their cat did) if you decide to make an offer on their house.

The post 4 Things Buyers (And Their Agents) Do That Drive Home Sellers Crazy During Showings appeared first on Lighter Side of Real Estate.

But there are some things they can’t do for you, or without you, and you might need to either sneak out of work a little early, or even take a few days off here and there, in order to get things done.

So if you’re planning on buying a home in the next year, here are 5 reasons you might want to save your vacation days and paid time off and use them strategically during the home buying process:

1) A Hot Listing Can Easily Sell Before the Weekend

Many buyers start out by just checking out open houses, or have their agent show them houses on the weekends as they get their feet wet. But serious buyers are not waiting for the weekend — they’re rushing out the door the moment a new listing hits the market.

The internet has made it possible for every buyer in your price range to know about a new listing the minute it hits the market. So if you want to be sure you’re in the running, having some flexible PTO up your sleeve is key for those impromptu midweek showings, or another buyer may scoop it up before you even get to see it.

2) You Should Attend Inspections

Things like your home inspection and the final walkthrough are like the doctor’s appointments of home buying. They’re essential, they’re during business hours, and no, your real estate agent can’t attend for you. They’ll likely be there with you, but your presence is still important.

Whether you’re listening to the inspector’s rundown or signing off on a critical repair, make sure you’ve got some PTO set aside to be present for these key moments to make sure everything goes smoothly, and ask any questions you may have during them.

3) So Your Lender Can’t Blame You for Delays

The mortgage process has a way of demanding your attention at the most inconvenient times. From gathering financial documents like tax returns and bank statements, to hopping on urgent calls with your lender, it’s a good idea to have some time off in reserve.

The quicker you can find a document they request and get it to them, and answer their questions, the smoother your mortgage process will be. And if they’re taking forever to get your loan through underwriting, they can’t use the fact that it took you too long to get them what they needed as an excuse!

4) Because the Boxes Won’t Pack Themselves

Savvy home buyers begin packing their belongings way ahead of moving day, leaving only the bigger items and daily essentials for the actual moving day. If you’re organized about doing this, you might not need to take much time off.

But even the most organized person can find themselves scurrying at the last minute trying to finish up packing. Then, you have to do it in reverse when you’re moving into your new place! Having time you can take off from work can really take some of the stress out of moving day.

5) So You Can Enjoy Your Closing Day!

Closing day is certainly fun and exciting, but it’s not as simple as just picking up the keys and getting your picture taken dangling them in front of your new abode!

Before that Instagram moment can occur, you’ll need to sign a stack of documents, and that usually happens during work hours. So, save an entire day to take off for this big event, and enjoy the satisfaction of walking out of the closing office with your new house keys in hand, without a time clock looming over you.

The post 5 Reasons to Save Your Vacation Days and Paid Time off If You Plan to Buy a Home in the Next Year appeared first on Lighter Side of Real Estate.

That might sound like a huge commitment to some buyers, especially if they just want to see inside a house or two. So, if you came across advice (like in this recent article) suggesting that you should only sign a one-time showing agreement, and offer to pay the agent a small fee — “perhaps $25 a house” — it might sound like a brilliant idea.

Sure, you could sign a one-time showing agreement, which seems like a no-strings-attached way to get a peek inside your dream homes.

But before you start banking on this approach, let’s take a look at 4 things you should know before expecting a real estate agent to show you houses for a small fee, and why it might not be as easy (or appealing) for them to agree to as you think:

1) It’s Not Like You Can Just Venmo Them a Few Bucks

Most real estate agents work under a broker, and any fees or commissions they earn need to go through their broker, who will process the payment no matter what form the payment comes in. So you can’t just slide an agent some cash, write them a check, or Venmo them the money.

While it might seem like an easy transaction, that “small fee” has to go through the official channels before your agent sees a dime, which could take days or even weeks.

2) Their Broker Will Keep a Portion of It

Not only does the broker have to process the payment, but they’ll also likely keep a portion of it as well!

The amount a broker keeps varies from one agent to another, but it’s not unheard of for a broker to keep 50% of whatever an agent brings in.

3) It’s Gotta Be Worth Their Time… and Expenses (And Profit!)

The true value of a great agent isn’t time-based. A skilled agent truly earns their money by being a valuable advisor and negotiator, not just someone who shows up to open a door for you and let you look around a house.

But if you are thinking about minimizing it to an hourly wage, you also have to consider that your fee isn’t just covering the minutes they’re with you, but also the gas it takes them to get there, the tools of the trade they pay for, their marketing, their licensing, their insurance… just to name a few of their business expenses.

A small fee might cover the gallon or two of gas it takes to get them there, but without a little extra incentive, it might not be enough to get them off the couch, much less cover their actual expenses or turn a profit. And hey, agents are trying to make a living, not just break even!

4) They Might Have to Prioritize Time With Other Clients

Most real estate agents are working with multiple clients at once, and the reality is, some clients are worth more of their time than others. If they have a client who has fully committed to working with them, and to pay them a larger commission, they might not have time (or be willing) to squeeze in a one-off showing for a small fee. It’s not personal — it’s just business.

The post 4 Things You Should Know Before Expecting a Real Estate Agent to Show You Houses for a Small Fee appeared first on Lighter Side of Real Estate.

Sometimes sellers are super cool and agreeable with anything the buyer of their home requests during escrow. Others, not so much.

Obviously a lot depends upon the seller you’re dealing with, and the dynamics between you. But here are 5 common requests buyers make before closing day, that even the coolest seller may not agree to:

1) Endless Visits to the House

Of course the seller will expect you to need to get into the house for the necessary home inspections, and maybe even a pop-by or two for personal reasons. But some buyers think they can just ask to come over as much as they want to, and whenever they want to, to take measurements, get estimates from contractors, or even just to show their friends and family the home they’re buying.

Try to keep your need to swing by the house down to a minimum. The owner is still living there, and living their day-to-day life, on top of getting ready to move out. They don’t need a parade of people constantly coming through their home.

2) Moving in Early…

It’s not uncommon for a buyer to be in between places to live for a period of time before closing on a home. It could be because their lease ended, or the house they were selling closed sooner than the one they’re purchasing. No matter what the reason, it can be difficult and/or costly to find a short-term place to stay, so some buyers ask the seller if they can move in before closing day, and offer to pay rent for that time period.

That’s a tough request if a seller is trying to time their own move. But even if the seller has already moved out of the home you’re buying, they may not agree to let you move in early. While you may have no bad intentions, many sellers hesitate to agree to this because they don’t want to take on the legal risks involved with having a tenant, especially if the deal ends up falling apart before closing day.

3) …Even if It’s Just Some of Your Stuff

And that also goes for your belongings. They may have plenty of space in the garage, their attic, or basement, but that doesn’t mean they want you storing your stuff in it. Again, not only is it just the inconvenience or disruption it may cause in their lives, but it can also be that they just don’t want any legal issues if things go wrong before closing day.

4) That Also Applies to Deliveries

It’s pretty common for a piece of mail to be delivered to your new house before you even live there, since you’ll likely be changing your address ahead of time with many of the important contacts and services in your life. But deliberately sending things you’re ordering on Amazon and Wayfair to the house in order to save some effort on moving day is a no-no.

5) Getting a Head Start on Renovations

Whether the house is a fixer-upper, or move-in ready, there’s usually some kind of project a buyer wants to get done before they move in. But that paint job, or floor sanding should be scheduled for after the closing date.

The post 5 Things Home Buyers Shouldn’t Expect Sellers to Be Ok With Before Closing Day appeared first on Lighter Side of Real Estate.

CNBC reported that an estimated 7.9 million renters were actually “income mortgage ready” — meaning they were qualified and could have bought a home — according to an analysis of the 2022 American Community Survey by the U.S. Census Bureau.

While some of those folks likely chose to rent instead of buying, many of them might not have been aware that they could qualify for a mortgage, and would have chosen to buy if they’d simply gotten pre-approved and knew they could.

If you’re currently renting, but would love to buy a home of your own, here are 4 things that may be keeping you from knowing that you’re “mortgage ready”:

1) Fear of Rejection

Nobody likes getting rejected, so it’s understandable if you’d rather not open yourself up to the heartbreak of being told you’re not qualified to buy a home!

But you might be underestimating your financial stability, and overestimating the strictness of mortgage requirements. Lenders certainly have requirements you’ll need to meet, but they also have various programs to accommodate different financial situations.

Look past your fear of rejection and reach out to a lender to get pre-approved!

2) Not Feeling Worthy

If you grew up in a home that was owned, you’re more likely to own a home. While there are many aspects to why this happens, a major factor is due to what is called “an intergenerational transmission of status,” according to this CNBC article.

So if you grew up as a renter, perhaps you just feel like that’s what you’re supposed to do, or that homeownership isn’t something you can aspire to. While people who grew up in a home that was owned may be more likely to buy a home, there’s nothing saying you can’t just because you grew up as a renter.

3) Thinking the Approval Process Is Too Difficult

Getting approved for a mortgage probably sounds like it’ll require a lot of paperwork and documentation, and take a lot of time.
While the actual process of applying for a mortgage, going through underwriting, and getting the final approval can require some time, documentation, and patience, getting pre-approved may only take you a few minutes! In most situations, a lender can tell you whether or not you qualify for a mortgage, and how much money they’ll approve you to spend, just by giving them a call and giving them some basic information.

4) Assuming That Renting Is Always Cheaper Than Buying

A common misconception is that renting is always the more affordable option compared to buying a home. However, depending on your area and local market conditions, buying a home can sometimes be more cost-effective than renting. In addition, homeownership allows you to grow your net worth by building equity, and can give you potential tax advantages.

Don’t just presume renting is more affordable, ask a local real estate agent to help you conduct a cost comparison between renting and buying in your area. And if you want to get the bigger picture, ask a tax professional and/or financial advisor for their thoughts on how owning a home will help you grow your net worth, and for any tax incentives it may offer.

The post Are You “Mortgage Ready” and Don’t Know It? 4 Obstacles That May Be Stopping You From Owning a Home appeared first on Lighter Side of Real Estate.

What’s even more interesting is how many of the things they say end up being things they either regret, or take a 180 degree turn on over time and change their tune about…

Here are the top five “famous last words” agents often here from buyers:

1) “I know how much I can afford…”

Some buyers get annoyed when an agent asks if they’ve been pre-approved for a mortgage, and try to brush off the inquiry by saying they know they can afford the houses they want to see.

Well, unless you work in the mortgage business, the odds of you knowing exactly how much you can afford, and whether a bank will actually lend you that amount are pretty slim. Many would-be buyers have had their hopes and hearts crushed by looking at houses they couldn’t afford, because they presumed a lender would approve them for a certain amount of money, only to be wrong.

2) “I’ll never buy a (insert style of house here)…”

Buyers often tell agents they’d never consider buying a certain type of house, so don’t even bother showing them any. But even the most adamant condo critics or bungalow bashers can find themselves charmed by the very style they swore off. Keep an open mind — your dream home might be hiding behind a style you hadn’t considered.

3) “I need to sleep on it…”

Taking a night to think things over seems like a reasonable thing to do, but in a fast-paced real estate market, hesitation can mean heartbreak. If you need to “sleep on it,” perhaps make it a quick catnap, rather than a full night of slumber and sweet dreams. Otherwise, you could wake up to find the home of your dreams has already been scooped up by someone else.

4) “I don’t want to get involved in a bidding war…”

To be fair, no buyer wants to get involved in a bidding war…

However, there are some buyers who make it a point to swear to their agent that they’ll have nothing to do with a house if there are multiple offers on it. Unfortunately, if you love a house, the odds are there will be other buyers who love it too. So more often than not, a buyer who adamantly refused to join the fray of a fight when they started looking at houses, eventually finds themselves declaring war against their competitors in order to get the house they want.

5) “We can always increase our offer, but we can’t reduce it…”

Most buyers want to get a house for the best price possible, which often involves making an offer that is less than asking price. But some buyers think coming in with an unjustifiably low offer is the ticket to getting the deal of the century.

While it makes logical sense that you can always increase your offer, coming in with an absurdly low offer can work against you, and a seller may not even give you the chance to increase it if they’re insulted by your initial offer.

The post Famous Last Words: 5 Things Home Buyers Say That They Often Regret appeared first on Lighter Side of Real Estate.

That’s not to say your agent needs to be a stand-up comedian! A sense of humor comes in many different forms, so don’t think you need an agent who can whip out puns, or have you rolling on the floor with one-liners.

Beyond just making all the time you spend together more enjoyable and memorable, here are 6 ways an agent with a sense of humor can come in handy during some pivotal moments of the home buying process:

1) When You’re Disappointed with the Houses for Sale

There’s a saying about how pictures speak a thousand words, but sometimes the words they say are more flattering than the reality when it comes to photos of a house you see online. It can be deflating when it seems like so many houses you go see in person don’t live up to what you thought they’d be, and make you wonder if you’ll ever find a house you like.

So when you have an agent who can make fun of the wall-to-wall shag carpeting in a bathroom, or the closet filled with creepy dolls, it can lift you up when the home is letting you down, and get you through those moments of doubt.

2) When Something Awkward Happens

If you look at enough houses, you’re bound to experience something awkward with a homeowner. Whether they overhear you making fun of their creepy doll collection, or you walk in on them naked in their shag-carpeted bathroom when you didn’t realize they were still home, an agent with a sense of humor can help defuse a potentially tense situation.

3) When You’re Nervous

It doesn’t matter if you’re a first-time buyer, or have bought multiple homes, it’s not only understandable if you get nervous at some point during the process of buying a home, it’s almost expected! No matter what makes you nervous, an agent with a sense of humor can calm your nerves and help you feel comfortable making the best decisions even when you’re stressed.

4) When Your Parents Want to See the House You’re Buying

Many buyers rely on their parents for financial help or just general advice and approval when it comes to buying a house, which means there comes a time when they’ll want to see the house you’ve fallen in love with. Unfortunately, they usually haven’t seen all of the other houses you saw that led to you knowing how great this one was in comparison, so they often come in with some less-than-helpful thoughts and advice, which can easily derail the purchase of your dream home.

Parents often see the agent as someone they need to protect their children from, which could lead to some insults and accusations if they feel the agent is trying to push you into a purchase. So having an agent with a sense of humor can make them feel at ease and allow your parents to have open conversation about their questions and concerns, giving you (and your agent) the ability to get them to give you their blessing on the house you want to buy.

5) When They’re Negotiating on Your Behalf

Many people picture agents having to be aggressive, using a take-it-or-leave-it approach to negotiating. While that tactic might be useful at times, an agent with a sense of humor can often tip the scales in their clients’ favor during negotiations, simply because it makes other agents want to work with them.

6) When You’re Upset

Unfortunately, there are times when you might get bad news… Things like hearing that a seller accepted another buyer’s offer, major problems were found during the home inspection, mortgage issues, or closing delays can be so upsetting and make you want to throw in the towel.

But if you’re working with an agent who has a good sense of humor, they’ll be able to help you recover from even the most devastating news quickly, so you can get back in the swing of things in no time!

The post 6 Reasons You Should Work with an Agent Who Has a Great Sense of Humor When Buying a House appeared first on Lighter Side of Real Estate.

The interesting thing is, that first sentence can pretty much apply to any year you read this…

It doesn’t really matter what decade or year it is, it almost always feels like buying a home will be forever out of reach for many potential first-time buyers.

But to be specific, it’s currently 2024, and the latest available data shows that 32% of all buyers were first-time homebuyers in 2023, which was arguably one of the most difficult markets to buy a home. And the year before that — also a historically difficult year to buy a home — 26% of buyers were first-timers. So, between a quarter and one-third of buyers show that it’s certainly possible!

This isn’t to say that it’s easy (or even possible) for everyone who wants to buy their first home. The chances are, you’ll feel stretched financially, and worried about whether the amount you pay will be too high, and you might not be able to get as nice or big of a house as you’d like.

But, here are 5 surprising feelings you’ll likely have in 20 years if you take the leap of faith and buy a house now:

1) Glad

You’ll be glad you got into the market when you did, because, regardless of how high you think real estate values are now, in 20 years the house you buy now is most likely going to be worth a lot more than it is today.

2) Wishful

It’s hard enough to afford one house at any given time in history based upon your current salary and savings. But, in the future, when you look back at how low prices used to seem, you’ll wish you actually bought more than one house when prices were lower.

3) Nostalgic

Even though your first house probably won’t be the dream house you envision, there’s a good chance it won’t even be the same house you live in 20 years from now. Many people live in their first home for some time, and as they pay down their mortgage and accrue some equity due to rising home values, they upgrade to a nicer home. But, even if that first house wasn’t the greatest, you’ll look back on it with fond memories.

4) Relieved

When you see how much more people are paying in rent than you are for your mortgage, you’ll be relieved that you have a consistent monthly mortgage payment that you locked in years before, and aren’t at the mercy of rental price increases.

5) Successful

Buying a home isn’t always easy, and there may be times that you struggle as a homeowner, especially in the early years when your budget is tight, but, yes… even 20 years from now. But no matter what it takes, you’ll get through those tough times. So, in a couple of decades, take a moment and take pride in how much you’ve accomplished, and the fact that you succeeded!

The post 5 Surprising Feelings You’ll Likely Have in 20 Years if You Stop Renting and Buy a House Now appeared first on Lighter Side of Real Estate.