Are you thinking of buying a house or apartment in CDMX to put it up for rent?
4 min read
The opinions expressed by collaborators are personal.
Renting is a practical option for many people, especially in CDMX. Around the city you can find various options according to your budget . However, have you ever wondered how you can stop renting and buying your own home?
The real estate portal Properties.com highlights some points that you should know before deciding to buy your own house and convert your income into payments.
Identify the key moment to take the leap
Deciding to buy is a choice that you should not make lightly. It is a commitment that you will have for several years. But if you manage your money well and choose the property properly, the benefits in the long run will be many.
Leonardo González, Real Estate analyst at Propiedades.com , suggests making a list of pros and cons of the candidate home to reside.
“The key moment (to take the leap from renting to buying) is defined by paying an affordable monthly payment. The possibility of maximizing yields and enhancing your quality of life must also be taken into account. In other words, buy when prices are minimum. ”
Before buying, please choose properly
Searching for your own home can be a difficult one. To facilitate this, you should have a list of items you are looking for in a property before buying.
According to Leonardo, you must first review your needs and define if you are looking for a house or apartment. Then, do the math and analyze your financial capacity. If you plan to buy together with your partner or friends , ask yourself what the financial scope of each one is.
Once this is defined, it is necessary to prepare a list of scenarios. In them you must simulate payment routes —such as the possibility of making an early settlement of the mortgage— and contingencies —such as loss of employment.
Finally, you must establish the goals to meet. From the term of the mortgage, the amortization, the estimated time of use or the expectations of surplus value, at the time you decide to sell your property.
Choose a mortgage that benefits you
Although it is very difficult to have the total amount of a home, mortgages are a great tool to fulfill your dream. Almost all the apartments and houses are acquired through these mechanisms or Infonavit credits .
Bank mortgages have affordable interest rates and their conditions improve if you contract for a maximum term of 15 years. The analyst recommends avoiding “financial stress” and spending up to 40 percent of your income on monthly payments.
On the other hand, you can also seek support from the Institute of the National Housing Fund (Infonavit). If you do not have a good credit history, it is an affordable option to buy your home. In addition, it does not ask you to have saved the down payment on the house you want to buy.
Consider joining credits
Although market volatility and financial uncertainty is a constant today, pooling credits can help you buy your home. Both Infonavit and some banking institutions offer this modality.
According to González, joint housing is a shared project. This option is convenient for acquiring a larger or better located home in the country's metropolises.
“The extension of the family enhances this modality as a better route to a higher quality of life. It is also a contingency coverage scheme, such as the loss of employment of one of the family members ”.