Want to sell your Greensboro home? Get a free home value reportWant to buy a Greensboro home? Search all homes for sale The housing crisis was a tough time for many people.
What Did We Learn From The Housing Crisis In Greensboro
The housing crisis was a tough time for many people. Rather than focusing on the negatives, today we are going to talk about the 5 lessons that the housing crisis taught us about real estate and homeownership in general.
Your home isn’t always an investment. Real estate is a fantastic long-term investment, but that’s not always the case in the short-term. There are transaction costs, variations in prices, and every time you upgrade your home, you won’t necessarily get the same amount of money back in the sale.
Every homeowner should have an emergency fund. The last thing you want to be is living paycheck to paycheck and get stuck in a situation where you have to sell your home for less money than it’s worth in order to sell quickly.
Beware of risky mortgages. Be careful of any mortgages that include the terms “variable rate, short-term, or balloon.” Any time you don’t understand how a particular mortgage works, that should be considered a risky mortgage.
Buy what you feel comfortable with, not what you qualify for. Just because you can qualify for a certain amount on a loan, doesn’t mean that you need to take it. Stay within a range you feel comfortable with and give yourself some breathing room.
Homeownership isn’t for everybody. It can be a great investment and very rewarding, but not everyone is equipped to handle the duties of home ownership. Take a long hard look at what type of costs there are in home ownership.
I hope these tips have been helpful. If you have any questions for us, or are interested in buying or selling a home, give us a call or shoot us a quick email. We look forward to hearing from you!
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Want to sell your Greensboro home? Get a free home value reportWant to buy a Greensboro home? Search all homes for sale It's unfortunate, but many people think that they can't