When buying a house, be careful not to fall into these six mistakes

2023-04-30 09:41:29

People who want to buy a house should prepare in several ways, such as saving on the way, because proper financial planning will be the key to have a better quality of life and achieve your goal.

But sometimes, during the process, several mistakes are made that cost the buyer dearly, because everything stems from a bad decision that harms personal finances in the long term and causes you to buy a house that does not suit your needs, have hidden construction defects and simply cannot be paid for.

If you do not want that to happen to you, you can prevent it by knowing these six mistakes that are very expensive when buying a house and that Creditaria shares.

1. Neglecting finances and getting into debt. The first step to buy a home is to know your ability to pay in order to meet the commitment. One of the most common mistakes is not making a general balance of your income and expenses, to know what your real financial situation is and guarantee the payment of the house. Besides, borrowing too much is counterproductive since it is more likely to have a bad rating in the bureauwhich causes that no bank wants to give credit to buy a house.

2. Look for the house first and not the financing. When a person thinks about buying a house, they first look for the property that they like the most, the amenities they want to have and the location that is best for them, which is a mistake, since they do not know if they can really afford it. Choosing the property beforehand generates additional stress and loss of time in acquiring itbecause it is likely that when you go to a real estate agency, they will reject the purchase if you do not have enough capital.

3. Not having financial advice. Various studies reveal that a person who does not receive financial advice you end up paying 2.5 times what your home actually costs, because normally a mortgage is chosen that does not adapt to the financial situation of the person.

Currently there are institutions that can help the interested party to have clarity in this step, these are mortgage brokers, institutions that give free advice to identify the ideal credit for each person. With the advice of a broker, a person could save from 400,000 on the purchase of the house.

4. Not having a sales contract. Falling in love with a property is very easy and as long as you put it away, you can agree to pay a down payment that goes from 200,000 pesos onwards, this is very normal and is almost always requested, but Paying without a contract is a big mistake, your money could be at risk and be part of a scam or fraud.

5. Underestimating the cost of housing. Another very frequent mistake is that the additional costs of the acquisition are not considered, which are on average 10% of the value of the property. Most think that the credit covers all expenses and do not consider the down payment, the payment of the deed, appraisal, among others, This causes the credit to be more expensive, since, although there are institutions that can finance almost the total cost of housing, there will be a higher interest rate on a mortgage.

6. Not reviewing the home in detail. It is important that, during visits to the properties of your choice, carefully review the spaces, because sometimes only the exterior looks good, but the house may have deficiencies, such as cracks, poor finishesold hoses, the so-called hidden construction defects, which end up generating a higher expense than you had planned when buying the home.

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