One of the most important decisions we can make in our lives is the purchase of our own home. This process, which at first may seem quite cumbersome, does not have to become a source of stress, but on the contrary, a path that can be followed in the company of professionals to choose the ideal property that suits your needs.
Analyse your financial situation
Purchasing a property in most cases is one of the most important investments a person can make in a lifetime, so it is a decision that should not be taken lightly, and to a large extent the success achieved will be determined by the right decision making.
The basis of every investment is fixed in personal finances, it is important to establish the indicators that determine whether it is the right time to buy a property.
You should make sure that less than 30% of your monthly income is set aside for debt repayment, and that the money you receive is not limited to basic expenses such as housing, utilities and rent, but allows you to save some of it and continue to treat yourself to occasional indulgences.
Another important approach is to assess your financial health, structure your payment obligations so that they are not neglected or overdue, and avoid reporting risks.
Bear in mind that when buying a property under development it is likely that over a period of time you will have to make simultaneous payments and monthly contributions to the down payment on the new property, you will need to structure your finances considerably to take the step, unless you are buying a property for immediate delivery, which would be a one-off outlay.
Create a payment plan and reach an agreement with the developer.
In general, properties under construction are paid in a proportion of 30% down and 70% in instalments or monthly payments until the property is delivered. The 30% represents the separation fee and would range from 1% to 3% of the total price of the property, it is important to emphasise that these payments must be paid with own resources, in a period from the purchase agreement until the delivery of the property, everything will depend on the phases of delivery, regularly there are 40 months of development.
The remaining 70% is validated as a percentage of financing, which will be covered by a loan from a financial institution, in the form of a mortgage loan, in this sense it is ideal to implement it when the property is new.
The right thing to do is to reach an agreement with the development or sales manager to establish how the process for the disbursement phases will work, and from there determine a payment plan. It is now feasible to negotiate to structure a customised way of meeting the total value of the purchase within a set timeframe.
Finishes, Furnishings and Additional Expenses
It is common that when investing in a new property developers manage the delivery in black or grey work, which means that you must consider the installation of the finishes as an additional investment once the property is delivered. It is extremely important to take this aspect into account so that it does not take you by surprise, it is advisable that while you make your down payments in parallel save the money you need to customize the home.
At the same time it is important that you evaluate the furniture, the common thing is that you want to invest in new objectives such as sofas, beds, chairs, etc. This represents another payment that is not included in the home start payment.
The ideal is to invest in projects that include all these requirements, with delivery with finished ready, even with furniture included, and although the value of the home may be a little higher, you avoid cumbersome processes.
