Before buying a home you must calculate your budget. We tell you how!
We know how important and exciting it is for you to take the step of buying a home, that is why at La Haus we want you to make the decision when you are really ready, so you will not have to deal with complications in the future. You must be extremely careful with your finances to know which property you should buy, if you need a mortgage loan or if your pocket is simply not prepared to take the big leap. Here are some tips for you to start realizing your dream of owning your own home without getting into debt.
Long friendships clear accounts
The main thing to start the search is that you have a clear budget, so the purchase options will better fit your ability to pay.
- Control your expenses: first things first, how much money do you earn? Do you have a stable job? Are you going to buy the property on your own or together with someone else? How much money can you allocate monthly to your mortgage? And do you have to pay the down payment?
If adding your savings and income is still not enough to pay your down payment, you can look for a pre-sale project, so you will have more time to raise the money.
- Credit simulator: once you determine how much monthly money you can allocate to pay for your home, do the accounts in a credit simulator to get an idea of more or less how much money a bank can lend you and of what amount the monthly instalments will be approximate. At La Haus, we have a credit simulator and instalment simulator so you know exactly where you stand.
Having greater clarity about your ability to pay will make it much easier to find your home and get credit with a financial institution. We recommend you look for credit simulators on the banks’ web pages, also inquire about their interest rates, credit types, payment terms and other concerns so that you can choose the best mortgage loan.
- Do not rush: if you are interested in buying, fell in love with a property or dream of living in a certain area, stop before buying impulsively!
Remember that in many cases less is more, so look for a home that suits your pocket, your needs, that you do not have spaces or that services and taxes become a nightmare for your pocket.
- Calculate the cost of remodelling: if you buy a house in grey or black work, you need to have savings to adapt it before moving. In case it is a used or completely new property, you should analyze if you would like to do any remodelling.
- Extra expenses: buying a house is not a small thing, the process entails extra expenses that you probably were unaware of.
In your budget, you should make room for notarial payments, taxes and other expenses. It is important that you bear in mind that, depending on the property you are going to acquire and its condition, the extra expenses will vary.