How to choose the ideal credit, what costs do the purchase of a house include, where to find a trusted real estate agent and what type of property is best to make that first acquisition are basic aspects, but do you have the answers for everyone? YES of course the real estate in St Maartencanbe our best choice. In case you don’t, CRV Immeubles prepared this top 4 of the things you need to be clear about if you have decided to start building an estate:
1. Associated Costs
Here you have to understand that to obtain a mortgage loan you must first be a credit subject, that is, that in general terms you are a good payer of your current financing and that you meet certain requirements that the bank establishes to be willing to grant you credit without running too risky.
Take into account that banking institutions will lend up to 90% of the value of the property that someone with a very good profile from a credit point of view wants to buy. How are you doing with your debts?
Also consider that there are extra expenses that you will have to pay with your own money: the down payment (which ideally should be equivalent to 20 or 30% of what the house or apartment that you liked costs); the notarial expenses (which can reach 7% of the value of the property) that the Notarial Day allows you to pay with attractive discounts; the appraisal (whose average cost is estimated at 3,500 pesos for every million that the house is worth); and the commission for opening credit (some promotions even leave that cost at zero).
2. Choosing the Best Bank Credit
What bank or housing institution offers it to you in Mexico? The reality is that there is no star product on the market. The best mortgage loan is the one that best suits your personal conditions and the one that offers you the best long-term payment conditions.
What we do strongly recommend is that you do not choose the mortgage loan that “your lifelong bank” offers you just because you are its client. You need to research and compare at least three different options, go directly to banking institutions or companies that provide you with wealth advice.
The advantage of doing the latter is that the experts will ask you for documentation, some data and based on the analysis of that data they will tell you which credit and which are the most favorable financial conditions for you in much less time than it will take you find out.
3. The Search for the Ideal House
The perfect house is not the one with 4 bedrooms, 3 bathrooms, 2 parking spaces, a pool, a gym and a spacious garden. For specialists in personal finance, the perfect house is the one you can afford without tightening your belt too much. The process of saving prior to the purchase and the payment of monthly payments for a term that can range from 5 to 20 years involve a great effort, but to be sustainable you must preserve your ability to maintain a good lifestyle.
Hence, the recommendation is not to allocate more than 30% of your income to pay your mortgage. A higher amount will generate more stress than joy for owning a property.
4. Who Helps you if you don’t have Time
The sale of a house or apartment is a process that takes time and not all of us have it. A real estate professional is the one to advise you from start to finish. His skills range from efficient property search to reviewing the legal status of the house you want to buy to avoid being the victim of fraud.
Investing in such support is a great idea, but don’t hire just anyone.Check it out to ask your questions about this purchase and write to us on our social networks to find out what your questions are, we will gladly answer them!
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