We know that buying a house is a very important investment, that’s why we recommend you read these tips before you take the big step.
Joy, fear, satisfaction, stress, and emotion. We know that being encouraged to buy a home can become a roller coaster of sensations, so we leave you with a couple of tips to make the process easier.
1. Calculate your budget
Being aware of your finances is paramount so you don’t overspend or go into debt for a property you can’t afford. Analyze how much money you earn, how much you spend, and how much you can save, some experts recommend allocating 30% of your income to savings.
Tips to grow your savings? Avoid making expensive trips and making impulse purchases, choose to use public transport, and do not waste water, energy, and gas. The small actions you take as a daily routine will make all the difference.
2. Think ahead
Most people who decide to buy a home take out a loan with a bank or financial institution, which usually finance about 70% of the property.
Although you may have saved enough money for a good down payment, you have to keep in mind that the more expensive the property, the higher the monthly payments will be. That is why you must keep accounts of the money that you can allocate from your income to the monthly payment of your credit.
To calculate the amount, take your monthly salary and subtract what you spend on public services, supermarkets, transportation, entertainment, and other expenses you may have. The result will be approximate of value that you can invest in buying a property.
3. Identify what you need
One of the most important points in the process of buying a property is knowing clearly what you need.
-If you will live alone or have no plans to start a family soon, it is advisable to opt for a one-bedroom apartment, a studio or a loft. If, on the other hand, you are looking for a family home, the ideal is an apartment or house with two or three bedrooms.
-In case you have a car, it may not be so important to live close to work, but if not, we recommend looking for a house near the office or in an area that has transport routes that facilitate mobility.
-Identify the type of area you are looking for, if you want it to be residential or close to places that your family frequents, such as schools or universities, supermarkets, hospitals, parks or shopping centers
4. It’s time to search!
The search may take time. However, we recommend that you do not stress or rush so that you can find the best option for you.
It is important that you are informed of the credits that the banks handle, the interest rates, the payment methods, the necessary documentation and some extra expenses such as deed procedures and notary expenses.
The process of buying a property can be complicated, that’s why at Yarmoloy Group we offer you the widest range of housing, advice, and support.