Determine the financial situation
- Review your financial situation. You’re thinking about buying a house, your finances are going well … or not? Your work situation is at least stable enough? Maybe just you just find a good job and are somewhat hooked on emotion.
- Note that purchasing a property is a commitment that can last for many years. It is difficult to speak with certainty of the future, but try to estimate the income you have secured facing the near and medium term; add the amount of your savings to the equation.
- Taking into account existing payments. Although there is different credit schemes that allow contributions of your company or the extra support of a financial institution, take into account some figures. According to the consensus among specialists to undertake the adventure of acquiring assets it is advisable to have from the start with the liquidity to pay:
- The initial deposit of between 10 and 30% of the total value of the property
- The process of deeds, that is, the cost of putting the title of a property in your name, amounting to between 6 and 7% of its value
- The commission of the relevant financial institution, which can amount to 2.7% of the amount requested, in case you think apply for credit. In addition, if so, your income should not be jeopardized by more than 30% loan repayment (20 to 25% is ideal). Especially if at all possible, avoid longer maturities to 15 years: true, fertilizers are more expensive, but you could save half a million pesos.