During the purchase of a house or apartment, it is common that we fall into a kind of crush that does not allow us to see the inconveniences that the chosen property could have, or that during the process we are putting our savings and assets at risk.
When choosing a house, you must take into account the physical state of the property, to the legal aspects that will allow you to know if the house of your dreams corresponds to or is related to your housing needs and budget.
Experts recommend that of the gross mental income that you have you only allocate 30% or 35% for the payment of the mortgage, without neglecting other basic needs, and seeing yourself drowned in half the credit.
10 Things to Consider Before Buying a House in the City
If you are looking for a house, you should not ignore the following recommendations.
1. Identify your needs: Select the property that meets your daily needs, that has the size and number of sufficient rooms and, if possible, is close to your place of work.
2. Make an assessment of the physical structure: If you decided to buy a used home, ask an architect to help you verify that the house is fit for habitation. In the end, you could pay a higher cost for not taking this point into account!
3. The location: If you are going to invest in a property, look for you to have the communication channels or services you require, such as: education, health, shops, security, transport, recreation and supply. Avoid risk areas! What does it mean, that the property is not under high voltage lines, fuel tanks, underground pipelines, near ravines or areas at risk of flooding.
4. Verify the deeds: That a property has deeds is the only way in which you will have legal certainty of the property, including banks to contract loans.
5. Payment methods : Define how much of what you have saved you can use, since banks or housing support institutions only lend on average up to 80% of the value of the property, so you must have that 20% previously to give the down payment, and a 5% more to cover the initial costs (appraisal, insurance, deeds, notary, opening of credit, etc.).
6. Find out about debts: As a general rule, the seller must have current payments for services, such as: property, electricity, water and gas. You don't want to absorb one more debt!
7. Choose a mortgage loan: Comparing at least three mortgages with different institutions will give you a broader vision. Take into account the CAT, the interest rate, the term, the commissions, the cost of the insurance, etc.
8. Do not despair: Remember that the average time of the buying and selling process can be from 20 days, up to 2 months ... So breathe!
9. Maintenance: If you chose to acquire an apartment in a condominium, you will have to verify the total cost for the monthly maintenance. Some real estate companies increase this cost for the amenities that the condominium has.
10. Stay informed: Solidez Hipotecaria will be able to advise you and help you obtain the best mortgage solution on the market at each stage of your life. Take the first step and build your future with solidity!