Today I want to go over five important lessons learned from financial mistakes made during the last housing crisis.Selling your Naperville home? Get a free home value reportBuying a Naperville home? Search all homes for saleDuring the last housing crisis, we learned a few lessons about financial mistakes. I’ll go over five of the most important ones today.1. Your home is not always an investment. It’s true that a lot of people have made a lot of money in real estate over the years, and in the long run, a lot of a family's financial assets are tied up in their home.However, if you’re not planning on staying in a home for three to five years, if you’re in a situation where you pay top dollar for a home in the neighborhood, or if you’re not willing to put forth time, energy, and effort to spruce up an area of the home that needs work, owning a home for a short period of time isn’t necessarily going to give you the return on your investment that you’re hoping for.2. Every homeowner should have an emergency fund. The real estate market gives and takes away, the economy give and takes away, and jobs come and go. Having an emergency fund will help make sure your family has what it needs to survive.“Owning a home for a short period of time might not get you the return you want. ”3. Beware of risky mortgages. There are good, quality lenders out there, but there are also lenders who will try to stretch your limits and talk you into a financing program that isn’t in your best interest. Take a look at your finances and make sure that whatever you buy is financially comfortable for you and your family.4. Buy what you’re comfortable with. Buying what you are comfortable with is not always the same as buying the most you can afford. It’s important to be able to have a life beyond your mortgage payment, so consider scaling back. Think about what you really need in a home versus what you really want.5. Homeownership isn’t for everyone. Some people know they’re not going to be in the same place for an extended period of time. There are a lot of creative options available to people who need housing but won’t necessarily benefit from buying.If you have any further questions about this topic or if you have any other questions about real estate, please give me a call or send me an email. I look forward to hearing from you!