Tips to Buy Your Own Bungalow Safely in Gran Canaria

The purchase of bungalows Gran Canaria is one of the financial decisions that most compromise the budget and, therefore, should be well evaluated.

Anyone who is going to buy a financed property can commit up to 30% of their income for a period of up to 30 years. If a person earns $5,000 per month, for example, they can commit up to $1,500 a month, leaving $3,500 to live with their family. Think that this can last up to 30 years.

Therefore, experts recommend that the purchase decision should be made very carefully and should only be completed after the buyer takes some precautions.

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See below the guidelines to make buying and selling a great deal.

1) Decide how much you want to spend

This should include expenses with documentation and decoration. The costs of documentation mostly reach 4% and costs of the decoration usually represent 20% to 30% of the value of the property.

2) Plan how you will give input

Make regular applications, saving money every month. Experts suggest automatic applications, so that, in this way, the saver will not forget to reserve the money monthly.

3) Test your ability to pay

Before you commit money to a loan, try it out: save the money you want to pay over a period each month. Experts suggest a minimum term of three months. If you find it difficult to save this money, it means that the amount financed should be lower or the payment period should be longer.

4) Beware of income impairment

Beware of the percentage of your income that will be compromised with the benefits, because the income does not remain the same over the years. Keep in mind that unforeseen happen and you need to have a savings set aside for emergencies like unemployment or illness. The emergency reserve is to be used only in case of need.

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