ARE YOU UNDECIDED ABOUT BUYING A HOME? HERE ARE SOME POINTS TO CONSIDER TO KNOW IF YOU ARE READY TO INVEST IN REAL ESTATE.
Buying a house in smart city is a difficult decision, because it represents many important changes in different areas of your life. Here we tell you some aspects that will help you define if it is time to buy a house.
When to buy a home?
- When you will be in the same minimum place for the next five years
- When you can save 30% of your salary
- When you have savings and want to invest
- When your credit history is in order
When you will be in the same minimum place for the next five years
Before deciding to buy a home, review your life plan for the next five years. Be honest with yourself and answer if you plan to stay in your job, and in your city. We know that some things can change and not be in your hands, however, try to foresee as much as possible, at least make sure that you have no plans to go anywhere in the coming years.
In the event that you buy a house using a mortgage, the term of five years is basic since experts recommend paying larger amounts of credit during this period to reduce your debt.
When you can save 30% of your salary
The maximum monthly payment of a mortgage loan corresponds to 30% of your salary, a tip that some professionals give is to save 30% of your income for at least 6 months, in this way you will ensure that you can cover the monthly payment of your mortgage without major problem. Something that can help you meet this goal is to reduce your level of indebtedness to achieve a looser budget. In addition, credit institutions prefer clients with little or no debt.
Also, if you have just received a raise it can be a great time to consider buying a home, since the amount they lend you increases according to the salary you receive.
When you have savings and want to invest
If you have accumulated a good amount of money over the years and are thinking of using it, it is surely time to enjoy the multiple benefits of investing in real estate . This saving will facilitate the purchase of your house, since you will be able to cover the initial expenses such as the down payment and the notary or deed expenses. In addition, depending on the amount you have saved, there could be the possibility of reducing the amount of the loan that you request, which would help you pay smaller monthly payments or that the payment term is shorter.
When your credit history is in order
One of the factors that prevent some people from acquiring a mortgage is a bad credit history and, therefore, a negative rating in the credit bureau. Therefore, if at the moment you have everything in order or have made your debts current, you will be an attractive client when applying for financing, in addition to which you could access better benefits as a higher amount.
Likewise, if your debt level is low, it can be a good sign for institutions about your financial responsibility. So, before you buy a car or use your credit card, think twice and wait until your mortgage is approved.
Having your own home can be very satisfying if you buy it at the right time. According to the previous points, are you ready to buy a house? Get to know our real estate offer here in buyproperty!