This Is How To Prepare Your Fund To Buy A Condo
If you already understand all the considerations for buying a condo, you still have to prepare funds to buy the condo. You must recalculate whether the salary that you have can match the price to buy a condo located in the city center or not. If a condo in the middle of CBD is too expensive for you, we suggest you check out The Landmark.
The total percentage of average income allocated to buy housing depends on the number of funds needed. You also need to consider a down payment to offset the installation costs for the next few years. This can also change because there is no definite value for the cost of occupancy. Assuming an increase in occupancy costs per year is 15-20 percent, ideally, you must allocate 20 to 30 percent of your salary.
If you want to pay a down payment of 30 percent of the price of the condo, the time needed to collect the money can be one year and a half or two years. This will certainly benefit you in terms of installments. Usually, the down payment is not always 30 percent considering the different developer policies. If you want to buy a condo from a trustworthy developer, we suggest you take a look at The Landmark.
If you have prepared a down payment, then immediately look for a condo that suits your needs. Avoid procrastinating to have a residence, it’s because every year, property prices tend to rise.
In fact, besides condo mortgages, there are other ways to have a condo in a quick time. You can apply for inhouse credit to the developer directly. So, you still pay in installments, but not to the bank, so you pay to the developer instead.
This way, you are directly in contact with the developer without having to go through the intervention of the bank. Using the inhouse credit does not mean there is no down payment, but the down payment can be paid in installments up to several times. The advantage of this gradual cash payment is that it has no interest, so the procedure is simpler and also concise.