How Many Pits Do You Know About Buying Houses?


The house is everyone's yearning, so every year a large number of people pour into the real estate market to try to buy their own ideal house. However, some of these people may be experienced, but more people have no experience in buying a house. After all, people with ordinary incomes can't afford to buy expensive things like houses all their lives. They have been working hard for houses all their lives, let alone buying more than one house. This is a very unrealistic thing. And these people who have no experience in buying a house tend to make some classic mistakes, just like their parents at that time. However, if you read this article and recognize and understand the classic mistakes described in the article, it may help you avoid them. The quality of a house can often have a huge impact on your life, and the high price of the house will cause great pressure on you. So I suggest that you should be cautious about the first house, otherwise, the consequences will be hard for you to bear.

The price of the house is more than you can afford

For example, if you plan to buy a house with full money, there is no need to buy a house of $400000 if you have a deposit of $200000. If you plan to make a loan to buy a house, make sure that your monthly loan is less than half your income. You don't need to buy an overpriced house because it will put unnecessary financial pressure on you. Calculate your income carefully, use some tools such as buying a house calculator, calculate your affordable price range based on your savings and income, and find the best house in this price range. But some people always think that with a little more budget, they can get a higher quality house. This idea is extremely unrealistic and harmful. Everyone should understand that the purchase of a house needs to overdraw the future money, which is already painful enough. In real life, it is true that some people walk into the 4S store with 50000 dollars and want to buy a full 50000 car, but in the end, 50000 dollars is only the down payment for the car. This approach is extremely unwise, and I also think it is just falling into the sales pit.

Ask different lending institutions

Applying for a loan is the same as buying a product. You can choose, so there is no need to identify only one lending institution. When you try to understand different lending institutions, they will often give you different loan schemes, including different loan interest rates and different service charges. According to the survey data, more than half of the borrowers are unwise to apply for loans, which wastes a lot of money. Therefore, before applying for a loan, you must consult a number of lending institutions to find the most economical solution, otherwise, you will feel frustrated and regret because of the high amount of money when you repay the loan in the future. The most painful thing is to compare. When you find that the repayment amount of your colleague is much less than that of you for the same loan amount and the same loan period, you will be psychologically unbalanced, right?

Loss of first suite benefits

Generally speaking, in order to promote the development of the real estate industry, housing concessions will be offered to first-time buyers. The buyer of the first home usually only needs to pay 30% of the house as the down payment, while the owner of the house needs to pay 50% for the second purchase, so if someone else wants to use your first suite qualification, please be sure to reject him! Not only that, but if you are in a special profession, such as a soldier, there is likely to be a greater discount, which requires you to consult your local housing authority for relevant policies. In general, the current real estate industry is not very prosperous, so local governments will introduce various preferential policies to make more people step out of the real estate industry, which not only includes the down payment ratio of the first suite mentioned above, but also reflects the interest rate of the loan. Do you know all this? The loan interest rate of the first house is always significantly lower than that of the non-first house, which is where the discount lies!

Reduce the proportion of down payment

The purpose of reducing the down payment ratio is to let more people buy a house, but there are also some hidden dangers. According to the survey, many home buyers regret buying houses too early and repay their loans every month, which brings them a lot of financial pressure. Perhaps save money and buy a house after a period of time, then the extra savings will reduce the pressure on your repayment. But reducing the down payment can help those who urgently need to buy a house.