One of the problems that young people face when buying a home is having enough money saved to pay for the property that is not covered by the mortgage, which is usually 20%, or the expenses that it entails. processing, which could reach 10% of the value of the property. Next, he has a series of formulas that would allow him to achieve that goal.
How to buy a house without savings
1. Mediate with a broker: the HelpMyCash comparator explains that one formula is to contract the services of a financial intermediary or broker, who would obtain the best financing conditions for the purchase. However, it should be remembered that the professional’s fees usually range between 1% and 5% of the amount obtained. That amount is paid when the mortgage is signed.
2. Buying a house from a bank: the Idealista portal says that another good alternative is to buy a house from a bank, since they tend to have more affordable prices and the entities offer more advantageous conditions because they are interested in ‘getting rid’ of that property. Currently, the real estate portal has more than 30,000 bank homes for sale.
3. Rent with the option to buy: the Housage platform, for its part, puts on the table the alternative of rent with the option to buy, which allows you to pay part of that dwelling while renting in it (a part of the rent monthly is used to pay the final price of the property). To access this system, a purchase option premium of 10% of the property price is usually paid and the rental price is a little higher. In addition, during the rental period, the money that will have to be disbursed at the end of the lease must be saved.
4. Guarantor: another alternative is to have a guarantor, who will be responsible for the debt contracted with the bank in the event that the contracting party does not pay. This figure, which in many cases is a family member, must be solvent, have financial stability and sufficient income. In addition, you must present a guarantee that gives security to the bank.
5. Free loan from a relative: a similar solution is the one proposed by Housage and consists of the parents making a free loan to buy the house. For this solution, the portal recommends signing a written contract, because if the free nature is not specified, the Treasury may consider that the legal interest of the money is applied and tax the lender for the profit obtained with the loan.
6. Get almost 100% mortgage: HelpMyCash platform explains that there is a certain type of comparison profile that can acquire almost full financing. These are young people with a good job, high income and in a rising or stable sector. There are also career officials, which is one of the safest and most solvent profiles for banking.
7. Personal loan: the last strategy to buy a house without having savings puts it on the Idealistic table: request a personal loan to get enough money to put down the entrance. This solution involves quite a few risks, the buyer has to calculate if he will have enough income to pay both the loan and the mortgage.
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