There are aspects to consider beyond the fact that you liked a property; take them into account; If you take out a mortgage, take care that your monthly payments do not exceed 35% of your income.
It is common that during the purchase of a house or apartment people fall into a kind of infatuation that does not allow them to see the defects or disadvantages of the property they chose and put their savings and assets at risk.
In the choice of a property should be taken into account from the physical state of the property, to the legal and financial aspects that will allow the buyer to know if the house or apartment of your dreams meets your housing and budget needs.
Specialists suggest that the monthly gross income of the family is used from 30% to 35% to pay the mortgage, without neglecting other basic needs.
If you are looking for a house, you should not miss the following recommendations:
1.- Identify your needs: When you start the real estate search, select the one that goes according to your needs, that has the size and the number of sufficient rooms and is close to your place of work. “If you buy a property larger than what you need, the expenses on property, services and maintenance will rise and you will not enjoy the whole house,” said Flavio Franyuti, general director of Crediteka, a mortgage agency.
2.- Verify the physical structure: If you already decided which property you like, ask an architect to help you verify that the house is able to inhabit it and that it has no hidden damages. “If it is a department you can ask the nearest neighbors if the property has any leakage that affects them,” recommended ARX Patrimonium mortgage advisor, Antonio Ramírez.
3.- The location: The property must have good and sufficient communication channels, education, health, commerce, security, transport, recreation and supply services. “If the property you are going to buy has all these services, it will have a greater added value,” said Creditaria’s financial advisor, Rodolfo Zamora. Take care that it is not located in a risk zone: under high voltage lines, fuel tanks, underground pipelines, river beds, near ravines or flood areas.
And if you are also close to your place of work you can also save on transfers, especially if you live in a large city.
4.- Check that the person selling the house is the owner. If the person selling the property is married by a conjugal partnership, he must have the authorization of his partner to be able to sell it. Verify that there is no inconclusive testamentary trial and that the property has no mortgage, alerted the president of the National College of Notaries of Mexico (CNNM), Javier Pérez Almaraz.
“If he is not the sole owner of the property he must have the consent of the other owners for the sale,” he said.
5.- Verify that there are deeds: The deed of a property is the only way in which the buyer will have the legal certainty of the property before third parties, including the banks to contract credits with mortgage guarantee. This can be verified in the Public Registry of Property.
“In Mexico City, the cost of deeds including registration fees, notary fees, certificates of registration of freedom of encumbrances, proof of non-payment fluctuate between 5 and 8% of the value of the property,” said the notary Javier Pérez .
6.- Form of payment According to the Law for the Prevention and Identification of Operations with Resources of Illegal Origin (‘Antilavado Law’) the payment of the house in cash will only be allowed if it is for 8.025 times the minimum wage of the Federal District, some 540,000 pesos.
The remaining money must be paid through a financial instrument such as check or bank transfer. “The notary is obliged to attest to the way in which it was paid and will also have to keep a copy of the bank documents with which the payment was completed,” said Pérez Almaraz.
7.- Ask about the debts. As a general rule, the seller must have up-to-date property tax receipts and services such as electricity, water and gas. “The omission in any of the payments or quotas noted, will cause the new owner (buyer) to acquire all those debts and must pay them,” said Rodolfo Zamora.
8.- Choose a mortgage loan. Compare at least three mortgages with different financial institutions, take into account the CAT, the interest rate, the term, the commissions, the coverage and cost of life and damage insurance and the payment per thousand, added Rodolfo Zamora, of Creditaria .
9.- Be patient. In agreement, Antonio Ramírez, advisor of ARX Patrimonium, the average time of the purchase process can be from 20 days when the operation is cash, up to 2 months when it is with credit.
10.- To know To be able to find out about the offer of properties as well as the variety of mortgage loans available in the market, you will not be able to avoid the step of informing yourself. There are innumerable sites on the internet where new and used houses and apartments are offered, and where you can segment your search according to the price and area you want. The offer of credits is also varied in the amount, down payment, rates and facilities they offer. Compare more than one to know which one suits you.