• Home
  • Blog
    • Resources
    • Business Partner Magazine Archive
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

When Is The Best Time To Buy A House?

July 22, 2021 by BPM Team

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address
Wooden toy house on top of the green grass

Acquiring a property is not an easy decision; learn what you must consider.

Buying a house or purchasing your first condo is a common dream. Around the world, men and women desire to have their property to live, have children and build a solid heritage. In Mexico, the situation is no different: a survey by Vivanuncios indicates that 94% of Mexicans want to buy a house, even though 45% do not have the conditions to purchase it yet.

The reasons are many: have their own home and build heritage (33%); stop paying rent (19%); find a bigger or more comfortable place to live with family (17%), and take advantage of good financing conditions.

However, it is not easy to know when is the right time to acquire a new house or apartment. There is not a correct answer for everyone: each person has to evaluate their situation and conditions. So, before making your decision, it is necessary to analyze financial and personal factors.

Financial factors

Since acquiring a house is one of the most expensive purchases you might ever make, it is fundamental to analyze all the factors involving money; like your financial stability and monthly income, real estate market conditions, and financing opportunities. Working with a broker such as certifiedmortgagebroker.com is highly recommended as they can negotiate the best interest rates on your behalf and ensure that the purchase is affordable for you.

Financial or labor stability

This is possibly the most important financial factor to consider before buying a house. The purchase usually costs hundreds of thousands of pesos, maybe even millions of pesos. This fact means that most people will not be able to pay all the amount of money at once, and, therefore, will buy it in installments.

Considering this fact, one of the best moments to buy a house is once you have financial or labor stability. And, if possible, for the next few years. You will probably spend the next years paying installments every month until you finish paying the house, so it is necessary to have that monthly amount. Otherwise, interest rates are high and can lead to debt.

Money available

Having an amount of money saved is also fundamental to the moment you decide to buy a house. It is common for the home buyer to have to offer a down payment, that is, an amount greater than the future installments, right at the time of purchase.

So, if you already have an expressive amount of money saved that could be used as a down payment, the moment is possibly appropriate for buying a house. Keep looking for all the villas for sale that fit into your budget.

Also, it is important to have an emergency reserve, in case you lose your monthly income. Remember that the interest taxes are high and it is not a good idea to assume debt for the installments.

Economic context

Indices such as inflation and interest rates, both bank and government, are needed to understand the best time to buy a house. Are they changing and increasing frequently? Bad sign. If the country is facing a political or economical crisis, it might be safer to wait and acquire the property when things get more promising.

Interesting payment conditions

Government agencies or financial institutions offer good payment conditions, with low taxes, Interesting deadlines, and progressive discounts on installments over time? It may be the right time to buy a house, once you have considered other financial and personal factors.

Personal factors

Individual and personal needs also have to be considered to know the right time to buy a house. These are the main ones:

Intention to have children

Most couples or single parents consider buying a house when planning to have children. The acquisition helps to make life more stable since there is no need to pay rent and unforeseen events, such as moving from a rented house, are practically null.

In addition, a property you have bought tends to be more comfortable, fulfilling the family’s requirements, and remains an inheritance for the children. So, if it’s part of your plans to raise a family, this may be the time to buy a house.

Stop paying rent

Are you tired of spending your money on rent and would like to direct that monthly amount to installments? So it is probably a good time to buy a house. Remember to compare the loan and rent installments and analyze the other variants, such as the possibility of taking on long-term debt.

You may also like: What To Know When You’re Buying a House

Filed Under: Property Tagged With: mortgage, property, Real estate

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • How do Hard Money Loans Work?
  • Fixed roof modules vs. portable solar systems
  • Impact of cloud computing in health care: Explained
  • How to Earn a GSA contract
  • Using Tesler AI for Trading: Unlocking New Opportunities in the Markets

Categories

Archives

Digital Marketing Agency

ReachMore Banner

Tags

Accounting apps bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal services legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

Disclosure

We earn commissions if you shop through the links on this page.

Digital Marketing Agency

ReachMore Banner

Business Partner Magazine

Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

Have a look around the site to discover a wealth of business-focused content.

Here’s to your business success!

Copyright © 2023 - Business Partner Magazine·