I got today’s real estate tip of the day from Ardell at Rain City Guide. In her post Should I Rent or Buy?  (actually it’s in the comment on the post as she is responding to someone) she suggests trying out a mortgage payment amount for 3-6 months before committing to it and actually buying a home requiring that high of a mortgage. Her example is someone who has a $800 rent, but wants to buy a home that would give them a $2000 a month mortgage payment. She tells them to put aside an extra $1200 every month for the next several months to see how it fits into their budget.

The benefits of this strategy are two fold. First, you get to see if a payment that high will fit into your budget and lifestyle. Second, if you decide to purchase a home, the extra that you have been putting aside can be added to your down payment!