Many times we have blown to the ear that it is better to buy than to rent, that renting a house we are throwing the money. However, during the economic crisis a lot of defaults came to the surface because many homebuyers bought above their means.
However, at the present time, everything has changed. Now there is a real estate market with much more reasonable prices, and with some banks that now lend money to much more advantageous conditions. If your dilemma is to buy or not to buy, in this article we help you to calculate if you can pay your home. Because that's the main thing. Then whatever you decide is up to you.
Investment in a home should not exceed the annual gross income of a person (or a family) corresponding to four years. That is, if you multiply your gross annual income by four, you will get the maximum price that you should pay for your home.
Another formulas commonly used in the financial system is the so-called "30% Rule". Under this unwritten rule, the total indebtedness of a person (or a family) must not exceed 33% of their income. That is, the mortgage fee must be at most 30-33% of your salary / income.
However, in this case, the concept of indebtedness does not refer exclusively to the mortgage rate, but also to the other monthly receipts that we may have for other loans and credits. That is, all of our loans must account for at most 30-33% of our income.
Experts advise saving at least 20% of the price of the home as a guarantee to know if we can afford it. If you have savings and can pay cash up to 20% of the price of the house, experts calculate that you can cope with the investment, as long as you also comply with the first two requirements of this article.
Europahus is a real estate located in the heart of the Costa Cálida, in the municipality of Los Alcázares in Murcia. We have been helping people like you find the property of your dreams in Spain for 15 years. Our close collaboration with a multitude of local real estate agents makes our catalog include all kinds of properties, both second-hand and new construction, throughout the provinces of Murcia and Alicante.
Contact us if you are looking for the home of your dreams in Spain.