When purchasing a new homeIt is essential to take into account the tensions generated by the process and clarify some questions.
For example, how to calculate the payment of the monthly fee? What variables influence in terms of financing? And in notarial expenses? Why should we know in detail the real estate offer? And the promise to buy and sell?
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In this sense, ciencuadras.com explains some tips that should be considered when fulfilling the dream of having your own home without setbacks.
In financial matters, because there is a diverse offer of housing loans, both from banks and the National Savings Fund, a key aspect to optimize the monthly installment of housing loans and carry out portfolio purchase processes offered by entities , which in most cases offer a better interest rate than the one agreed upon when obtaining the loan.
1. Real estate offer
The starting point is to know the different options on the market and identify the attributes of the properties that best suit each person’s lifestyle and budget.
2. Promise to buy and sell
It is the instance where the buyers must commit to comply with a payment plan and then carry out the transfer of the property through the deeds (4-Writing process).
This plan implies not only obtaining the necessary resources for the initial installment, but also having a pre-approval or approval from a financial institution that allows the client to cover 70% or 80% of the debt.
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3. Tradition and freedom of the property
The buyer can count on legal support, which allows him to determine whether or not the property to be bought has property limitations to be transferred.
4. Writing process
It is the instance where the buyer will concentrate on obtaining the necessary resources for this process, such as the necessary documentation to sign the deeds and make payments.
In this sense, thanks to the digital writing process, the buyer can carry it out from anywhere, in an agile and simple way.
5. Savings for a high down payment
The payment of this fee is the first step to ensure the acquisition of the property. If the highest amount possible is delivered, the debt will be less, but it is important to exercise and project responsibly.
6. Be realistic when calculating the monthly payment
A rule of healthy finances suggests that the buyer should allocate no more than 30% of their income per month to mortgage credit after subtracting other responsibilities and basic payments (food, education and health, transportation, among others).
7. Analyze all financing options
When the purchase of a property is made through a mortgage loan, it must be taken into account that the house is in the name of the buyer and that, usually, the initial fee is 30%, although financial entities have the power to finance an amount higher.
Another option is to finance the credit in UVR (Real Value Unit) with which the installments increase or decrease depending on the country’s inflation. Finally, there is the possibility of leasing where the bank remains the owner of the property while the buyer pays monthly rental fees.
The possibility of leasing has the advantage that the buyer can finance up to 90% of the total value of the property and the notarial expenses are lower than in a mortgage loan.
After the loan has been disbursed, in a short time you can contemplate a portfolio purchase offered by the entities, which most of the time have better interest rate conditions and will help you save money in your monthly payment.
8. Notary fees are decisive!
Procedures and paperwork should be considered in the equation: they include taxes, insurance, the administration fee and decoration, for example. The notarial deed expenses correspond to 0.54% of the purchase value. This sum of money is assumed by equal parts between the buyer and the seller. Additionally, it is necessary to cancel the Withholding at Source that corresponds to the purchase of real estate.
9. Include home insurance
Buying a home through a mortgage loan or leasing includes an insurance payment contract. Reviewing the clauses and coverage will be essential.
10. Good location
It is a quality to take into account when revaluing the home. If the chosen property is close to commercial, residential, country areas, with hospitals, schools and shopping centers, the buyer will make the difference when selling it later.
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