Acquiring a property is always a decision of bigger words, so the best thing to do is to make sure you are in the best moment to invest.
When is the ideal time to invest in a house? It is not a decision that can be taken lightly, because besides that in it you will share the day to day with your loved ones, being very realistic, it is also a major and long-term economic investment. At least 20 years, at least.
You must be sure that it is the right time in your life to take this step, as well as the economic cost, you will invest a lot of time to find the one that best suits your needs. Next, we give you some tips that will allow you to analyze if you are in a good time to acquire your new property.
The best time to invest in the long term
The purchase of a house is a long-term contract, because you have to pay a monthly payment, taxes, and the different services and, if you want to keep it in good condition, maintenance. Also, be certain that the neighborhood where you chose it is to your liking and have the comforts that you and your family need.
You need some stability to be able to commit to that financial responsibility. Take into account that when it is yours, you cannot leave it so easily, so you must be sure that you will be in the place you decided for more years than if you were to rent.
Something important is that you have an economic security, that is, a job that is not interesting and in which there is the possibility of staying enough time. But that’s not all, well, even if it’s an excellent job and with a very good pay, it will not help if you do not save. Remember that you have to give a down payment, and the higher it is, the easier it will be to pay your mortgage in the years that follow.
Ask yourself: do I have a safe job? Is my salary enough to live properly and save? How much can I give down? What are the characteristics of the house I am looking for? These types of questions will help you to know if you are really at the time of investing, or if you should wait a little longer.
In addition to all the above, do not forget to take into account the following:
These will depend on the current mortgage market, the institution with which you contract the loan, the type of service you hire and, the points you have accumulated. What you can do is to periodically check the fluctuations in interest rates so that you can get an idea of when is the best time to buy your house, as this way you can choose the lowest ones and reduce the monthly payments. It is not a rule, but certain companies offer lower rates to users with good credit history.
Engagement and extra expenses. In most cases, financial institutions will ask you for up to 20% down on the value of the house. This expense will come out of your pocket immediately when you take out the credit. In addition, you will have to pay the expenses of deed, the payment of the notary and the taxes generated by the change of owner before the Public Registry of Property.
Remember that the important thing is to make an informed decision and to be clear about what you want for yourself and your family. Do not despair, the house of your dreams is waiting for you out there, it’s a matter of patience.