Many young people and others not so much, remain living in the home of their parents even though they can be independent because they have their profession and a stable job. Others, who have taken the step of moving, see as the logical move, rent a property thinking that buying one is very complicated or for married couples.
Surely you have read that there has been a great economic crisis, and that one of the most affected areas is the real estate industry. All of that is real, but the other side of the coin is that interest rates have fallen to historical levels and house prices have also fallen. The crisis has begun to ease, but interest rates remain very low, allowing less to be paid for a mortgage, but house prices have begun to rise.
This means you should not wait to evaluate if you can buy your first property. Check out these tips:
- Learn about the purchase requirements
As you become better informed, you will take stronger steps to achieve your goal of owning.
Start working to meet the requirements and prepare your plan of action.
- Seek stability of employment
You must demonstrate that you are employed in a solid job and that you have at least two years employed with a stable record in the same field of work.
For recent graduates there may be mitigating factors and in some cases they may approve the loan depending on other conditions.
- Build a solid credit history
Make all your payments a day that will be part of your credit score which is essential for loan approval.
Watch out for the expense.
There are many temptations when you have a good salary and few obligations. Travel, a new car, jewelry or expenses for many outings and social commitments are some of them, but do not be seduced.
Set as a priority the purchase of your house, and make all the above that I mentioned, is secondary.
Do not acquire unnecessary debts and do not apply for loans or credit cards while in the process of purchase.
- Prepare financially to own
Saving is mandatory. Try not to waste a dime because when you buy you will have expenses that you did not have before, including maintenance, property arrangements, taxes and insurance.
Also save for closing costs or the soonest of your property. You should know that although you will not be allowed to make an additional loan to cover these expenses, it is accepted that you receive a donation for this. Your bank will inform you about the requirements of this.
- Consult with experts.
Looking orientation with a real estate agent about buying opportunities.
It is a myth to think that as a buyer you have to pay a commission to the real estate agent. Whoever pays the commission is the seller of the property, unless there is no prior agreement in the contract.
To buy is not required that you have an agent, but that is the professional that can take you step by step through the buying process, to inform you all the details. In most places they require a license to practice, make sure that you meet the requirements to do your job.