MEXICO CITY.- In some situations, such as in the case of pre-sale real estate or if a property is purchased in a city other than the workplace, it is necessary to cover the payment of a mortgage loan and the rent of a property at the Same time.
Paying rent and a mortgage loan at the same time sounds like an almost impossible feat, so Vivanuncios, eBay’s real estate portal, shares these tips to better manage money and manage to easily solve both expenses without having to generate short or medium debt term.
Make a general budget
Creating a general budget that considers all your income and the fixed expenses that you must cover on a monthly basis will help you better understand and manage your finances more precisely.
Having a general budget is also useful to know how to pay your mortgage credit and rent without modifying your personal finances, and it helps you eliminate unnecessary expenses or define if your financial situation allows you to create a savings fund or acquire an investment vehicle.
Cut unnecessary expenses
Covering the payment of rent and a mortgage loan at the same time is an extremely heavy financial burden, so it is very important to eliminate unnecessary expenses and avoid acquiring new debt. In other words, avoid purchases in department stores or purchases for months without interest until you can better manage your finances.
Even if your income allows you to comfortably cover the rent and mortgage payment, by eliminating unnecessary expenses you can direct your capital to more profitable investments such as savings vehicles or advance mortgage payments.
Generate additional income
Another tip to manage money and pay rent and a mortgage loan at the same time is to generate additional income that complements the income you calculated in your general budget.
In case the property that you are paying with your mortgage loan is uninhabited, you can rent it and use this extra income to cover part of the bank loan. Even if you live in this property a few days or weeks a month, you can rent it the rest of the time as a vacation property.
Before offering your house for rent, it is important to carefully read the mortgage loan agreement that is associated with the property, since in the case of some institutions, such as the Infonavit, it is necessary to have the authorization of the financial institution before leasing the property.
Rent an affordable property
Finally, one step you can take if you are looking to easily pay off a mortgage while renting a home is to move to a cheaper property than the one you currently live in.
For this you can take advantage of real estate sites that allow you to find cheaper houses with characteristics similar to the home you live in or a smaller property or a different location, but that continue to meet your housing needs.
Now that you know how to pay a mortgage loan and pay for the rent of a property at the same time, following these tips to manage your finances more efficiently, you can encourage yourself to invest in a property, either through a pre-sale real estate development or a property located in another city with higher capital gain real estate.
If you are ready to invest, in Vivanuncios You can find thousands of houses, apartments and real estate developments throughout Mexico according to your preferences and budget.
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