Many times, the tiredness of paying rent or the urgency to move money can lead you to make the decision to buy real estate impulsively. But it is important that you identify the reason for your purchase.
Buying an apartment is an important decision that you should not take lightly.
The first thing you should do is think about your finances:
1.- Analyze your personal finances and discover your purchasing power.
This point is very important because you must consider that in order to acquire a real estate property in Mexico Cityyou will have to cover atleast 20% of the down payment plus related payments such as moving, decoration, paperwork, among others.
Remember that acquiring real estate is a long-term commitment.
Most mortgage loans offer 15 to 20 year plans. So you should consider this when buying an apartment. This brings us to the next point.
3.- Think about your future income.
Be clear thatfor more than 15 years you will have to pay monthly the credit of your apartment. Ideally, when you set up this plan, you should allocate a maximum of 40% of your monthly income. Also consider that there will be expenses that will increase in value over the years, such as maintenance costs, utilities and taxes, among others.
For this reason, you should think about your future in a comprehensive manner.
Does it align with your life plan?
How do you see yourself in 5 years? Do you want to settle in the City? Is your marital status long term or do you see changes coming? Do you plan to have children or adopt pets? It is important that you answer these and other questions.
This way you will be able to organize your priorities at the time of purchase.
Invest in your financial education.
This point seems to be overlooked, but it is important to add it to your capabilities in order to make the best purchasing decision. This way you will not only be able to buy your apartment wisely, but also save money to be able to buy another real estate and choose wisely the next point. If you decided that it is the best time to buy an apartment.
6.- Go with the best.
Achieving your dreams is easier when you have the experts behind you.
