So, are you thinking about buying a nice little place of your own? But, you’re not quite sure how the payments will hit you? Or, even better, you’ve gotten into this religious cult of “Buy, buy buy!” when it comes to property?
Here’s a simple way to find out what’s going to happen when you start getting hit with those mortgage payments. One month out of the blue, try paying your rent twice during that month.
I had to do this recently, because I’ll be out of town when its due and I have to tell you, it took out a large chunk of my income. A chunk so large that it left me with little money left over.
Doing this as a one time thing worked out all right and I’ll be able to cover it by not having to pay rent next month, but if I had to do this on a monthly basis for 30 years, I’d be in bad shape. I’d be in even worse shape if something came up (like needing a new roof or a water heater.) I’d basically have to charge that and spiral deeper in to debt.
It all makes me wonder has people pay the average (as of this writing) $2,660 each month for a mortage. I smell bad things on the wind.