FINANCE THE PURCHASE OF A HOME CORRECTLY

 Financing the property is a critical issue. If you compare the offers and pick out the best loan terms, you can achieve high savings. Therefore, it would be best if you took sufficient time to find the right financing and use the services of a financing advisor.



Step-by-step instructions: finance a condominium

Clarify budget:

Get an overview of how much equity you have available. In addition to savings, financial investments such as fund investments, gifts from parents, or a property that has been paid off can also be used as equity. At the bank, you will receive an initial statement on how much property you can afford based on your equity and income situation.

Choosing the

Type of financing: Decide which kind of financing suits you and your situation best. Often buyers finance their condominium with a traditional mortgage loan or a building society loan. With these two financing options, you can benefit from the low-interest rates.

Determine the details of the financing:

Think about the maximum monthly loan installments. Also, think about whether a fixed rate or a floating rate is better for you. Get advice on interest rate caps, unique repayment options, and other options.

Loan comparison:

Even if the financing through your house bank seems convenient, you should compare the offers. This saves a lot of money.

Concluding a loan agreement:

When you have decided on a specific loan and receive positive loan approval, sign the contracts. It is common for the lender to register a lien in the land register with a mortgage.

Live in the property or buy and rent?

When buying a condominium, the buyer asks himself whether he should use his property himself or rent it out. The following table gives you an overview of the respective advantages and disadvantages of self-use and rental.

Advantages & disadvantage

Self-use

  • except for the loan, the rate falls no rent to
  • when the loan is paid off, only the operating costs and maintenance costs have to be paid
  • Since there is no risk of rent default or vacancy, loan repayment is easier to plan and safer
  • the tax concessions are relatively low for personal use
  • no additional income can be achieved through rental income

Rental

  • Real estate is considered a solid investment that can be used to generate regular income
  • Some of the property costs can be deducted from tax
  • Rent default and vacancy risk
  • Rented property may not sell as well as a ready-to-move property
  • worse credit terms than for personal use

What do I need to know about the condominium contract?

The condominium contract defines the rights and obligations of the individual co-owners and regulates their legal relationships with one another. If you need a condominium, then you should visit luxury apartments in Lahore. The contract defines who is allowed to use which rooms. This primarily includes the sole right to use a specific apartment or a parking space and the shared use of shared parts. In addition, the contract can determine how the cost of the property is to be apportioned.

If you buy a condominium, you must adhere to the regulations in the condominium contract. It is, therefore, crucial that you take a close look at the rules and regulations before buying and that you contact your lawyer if you have any questions. Changes to the original made provisions are possible, but the consent of all co-owners is required.

Tip: Above all, check the condominium contract to see which obligations and restrictions you have to observe as a co-owner. For example

  • who is responsible for cleaning the stairwell
  • who has to clear the snow
  • which rest periods apply in the house
  • which uses are not allowed

The apartment purchase agreement is to be distinguished from the condominium contract. This is the purchase contract between the seller and the purchaser, which regulates points such as the purchase price and the handover.

 

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