If you have made the decision to buy a condominium or even a house, you should prepare yourself sufficiently for the coming mortgage. If you are not a high earner, you should not shy away from buying a property, but you should still secure yourself financially in advance.
Here are some tips before buying your first home:
- Start with a small property. Your first home doesn't have to be the purchase of a lifetime. Find a small condo that you can comfortably afford.
- Equity. It is much easier to get a mortgage if you have enough equity. Instead of saving for years, you can ask your family members to lend you some money.
- Look for a bank where you can pay off the mortgage over the longest period of time so that the monthly payments remain small. However, beware of loans where you only pay back interest but do not pay off the loan amount. Go to several banks and get a quote from all of them so you can compare which one is best for you.
- It may be better for you to buy a larger property and then rent it out until you can afford to live there yourself.
- Buy a flat with an extra living space that you can sublet for a while to make it easier to pay the instalments.
- Buy a property with a family member or friend. It is easier to get and pay a mortgage with two people than alone. However, it must be contractually agreed how much each person has to pay so that there are no problems later.
- Ask your parents or grandparents to vouch for you.
