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  1. Kesh says

    How would the place you’re renting compare to the house you want to buy? I’d think rent somewhere that would cost you half the mortgage and save the other half, that sound right?

    • Shelly DS says

      If that’s an option, then definitely. But I’m my case, being a foreigner, two mortgages isn’t quite an option. A lot of people getting their first homes would also have a similar issue with dual mortgages unless they are earning a lot, so in this case I’d recommend just renting a tad bit longer. Downsize the rental, but continue renting.

  2. Michelle (Boomer Eco Crusader) says

    Excellent tips Shelly. The smartest financial move we ever made was buying a house we could afford—and still have a life. The second smartest smart financial move was staying in that house after we paid off the mortgage even though we thought we needed a bigger house. Now that we’re getting closer to retirement, we’re not faced with downsizing and moving.

  3. petespringerauthor says

    We’ve only owned two homes in our 35 years of marriage. One of the things that people need to consider (especially if they’re a little older) if they plan to be in the same house for a long time, is how will going up or down stairs be as they age? We’ve been in our current home for 26 years. We’re grateful to live in a single-level unit. When we stay with someone with stairs, my wife always remarks how much she dislikes split levels.

  4. bosssybabe says

    Great, great informative article Shelly! You really did your research!

    I first bought my condo in 2012 on my own and now living in a home my husband and I bought together. Both times I/we worked hard not to be “house broke.” It’s a bit easier with a two-income-household. The way I did it when I first bought on my own was being on a very, very tight budget. And it started out when I was saving for the condo. I budgeted so hard and instead of “spending the rest,” I would “save the rest.” The only difference is I paid myself (which I think is so important). (Will be writing an article about all this soon.) And because I budgeted so hard, I was able to put down a 20% mortgage and when I did buy, my biweekly mortgage was LESS than the amount I was used to saving prior to being a homeowner.. Great article – saving/investing/budgeting is such a fascinating topic to me!!! 😀

  5. Anonymous says

    This post has made me realize how aimlessly I’ve been saving towards my goals and why I don’t always succeed – I seem to ignore the smaller underlying factors that add up towards the success of my financial decisions. As always, you’ve enlightened me, thank you!

  6. Josephine Nerissa Leão Panzo says

    This post really highlights the importance of financial literacy in our societies as we grow older and feel the need to settle down to form some sort of stability in our lives. Great content as always, kudos!

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