Buying a home is often thought to be impossible if you don't have a lot of money or a lot of time to cope with the lengthy process involved. Although monetary power and a good organization are important, planning and a lot of perseverance can also lead you to get your first home.
To give you a clearer idea of what we are talking about, here are some tips that will help you buy your first home without problems:
Financial tips
Take advantage of your savings
Do you have a large sum of money saved? Using it will bring you closer to your goal of buying a home. Experts point out that you must have saved at least 20% of the value of the house you want to cover aspects such as down payment, deed and other additional payments.
If you don't have significant savings yet, it's never too late to start! Be careful with your expenses and set a monthly amount as a savings goal. In this way, you can make enough money to invest in a house.
Make a budget
The best way to know in depth what your family expenses are and how they affect your income, is by drawing up a family budget . Take a moment of the day to make a list of expenses (pantry, tuition, basic housing services, etc.) and thus you will identify your weaknesses and points where you can make cuts.
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Read more: 5 Apps to save and fulfill your dream of buying a house
List with a financial institution
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Applying for a mortgage loan in front of a financial institution (banks) or non-financial (Infonavit or Fovissste depending on your case) is a great option to complete your budget, but ... it is very important that you consider 5 things before you quote:
1) The amount that the institution could lend you. This to know if it is convenient for you to accept the amount of money along with the terms and conditions of the contract.
2) The term. So you can calculate how long it would take you to pay the debt. As a tip, the experts mention that the terms for mortgage loans should not exceed 15 years.
3) How much is the interest rate. Compare rates with other institutions and decide which one is best for you to pay less in the month.
4) Your situation in the credit bureau. There are financial institutions that take your rating into account in the bureau; Take it into account so you can analyze your credit situation.
5) As a suggestion by the experts, it is recommended not to commit more than 30% of the monthly income to the payment of a mortgage loan.
You can even take advantage of the different simulators on the net that will give you support in mortgage matters. The Condusef simulator , for example, will help you to compare mortgage loans from different financial institutions in a practical and easy way to make a better decision.
Likewise, the Grupo Promotora Residencial simulator is a tool that will allow you to know the approximate monthly payment according to the term you choose to finish paying a house.
Planning tips
Identify your priorities
Buying a new home is a time-consuming and responsible process. It is recommended that you make alist of your current family prioritiesin order to see if it really is an option for you.
Do not be discouraged if you discover that it is not your time yet, since the option to buy a new home will always be for you. Remember that it is best to be very cautious when it comes to such a large and important investment.
Read more: Is it a good time to buy a house?
Research and compare
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Once you tell yourself "it is time", it is a matter of exploring the housing offer in the place where you want to buy . There are properties of all kinds, so remember to base your decision on the needs you previously identified and on your budget.
A quick consultation on the internet can help you to discover houses and see prices; To make the process more effective, make a list of your most striking options and compare. What you do have to identify is who or what company you would be buying from, which brings us to the next section.
Identify with whom to buy
There are several ways to buy a new home. Requesting the services of Infonavit , for example, is a safe option if you are a worker with a current employment relationship, although there are also the services offered by real estate companies and developers .
Regarding these two companies, it can be noted that both have advantages: the first, for its part, gives you advice to buy a house available in its stock , while the second offers you a house within the projects it has developed, which many Sometimes they turn out to be very comfortable for the services they provide, in addition to providing you with advice and other financial services.
The main thing at this point is that you thoroughly investigate the company that sells the house you want: how long it has been in the market, what its clients say, what projects it has developed, etc., this to avoid later problems, mainly fraud.
Read more: Why is Promotora an excellent option to buy a house?
To finish, it is worth reminding you that with good planning, managing your expenses, constancy in your savings and with the extra help of a loan , you and your partner can enjoy a new home to grow and develop.
In the end, the important thing is to be patient and organized, because a very hasty decision could lead to your family finances in disaster or end up mired in debt and legal problems. So don't give up and motivate yourself to make your dream come true.
Resources:
WHAT BASIC ITEMS DO I NEED FOR MY FIRST HOME?
TIPS FOR WORKING FROM HOME DURING THE COVID-19 HEALTH CONTINGENCY
THE AREAS OF CDMX WITH THE HIGHEST DEMAND FOR HOUSING IN 2020
MYTHS AND TRUTHS OF HAVING A MORTGAGE LOAN INFONAVIT
DOES A FOREIGNER PAY MORE TAXES WHEN BUYING, SELLING OR RENTING IN MEXICO?