How to buy houses and land?

Nathan Law

One of the biggest challenges you can find when buying a property, especially if it is the first time you acquire a property, is a question that, although it may not seem like it, has its complexity: How to buy houses and land in agro farm houses ? If you are very interested in […]

One of the biggest challenges you can find when buying a property, especially if it is the first time you acquire a property, is a question that, although it may not seem like it, has its complexity: How to buy houses and land in agro farm houses ?

If you are very interested in buying a house or land, but wondering what aspects to take into account when making this important decision, this article is for you.

After reading the following points, you will have much clearer what you should consider when buying houses and land.

Let’s get started!

Define your needs and interests well

Important to consider this in both cases:

The starting point for this new experience, which will be to buy houses and land, is to establish, in a very conscious way, what your needs are and what interests you when buying one of these.

Think about the following if you particularly want to buy a house: Does your family feel comfortable where they live? Do you think it is a good time to stop paying rents and think about having your own assets?

Here we will mention some aspects that are important if you want to buy houses or land:

If you want to buy a house:

Buying a house is the most conventional way of acquiring an estate, since acquiring a property that is already built can be more comfortable for many people. If you choose this option, you will only have to carry out the transaction and make the move.

This could be the main point in favor of houses, if you are undecided whether to buy houses or land, but it is not the only positive factor that you should take into account.

Think about the fact that many of the houses, unlike a good part of the land, are in areas with greater urban development, and for that reason, they are in places much closer to places of interest or downtown.

Before making this decision, consider the needs of your family; If they want to stop paying rent and move in together in their new home as soon as possible, buying a home will be the best option.

If you are interested in a plot:

Unlike buying a house, land is generally lots where there is no structure, so you will have to start building your new home from scratch.

Also, on some occasions, the land for sale may be somewhat neglected, which will require an extra investment to be able to enable it and, later, begin to build your new home.

The sale of land without construction is more common in delegations such as Tláhuac or Xochimilco, than in the Cuauhtémoc or Miguel Hidalgo delegations, which are much more central.

It may seem like an impossible task, but don’t despair. One of the great advantages of buying land is that they are much cheaper than a house; In addition, you will have the possibility to choose what you want your new home to look like.

According to the Vivanuncios.com portal, a house in the Azcapotzalco delegation can cost up to 4 million pesos, while a land has a price of just under 1.5 million pesos. As you can see, the difference in value is moderate.

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If you choose a piece of land, building your house will take time, but if neither you nor your family urge you to leave where you are living, you can take it easy and start what will probably be your most important project.

Be it a house or a piece of land, don’t forget this:

Take into account how the purchase of a house or land will influence your personal and family finances, since you will acquire a very great responsibility, but it will surely bring you and yours an enormous satisfaction.

Factors such as capital gains and real estate market conditions will make the purchase of houses and land an investment rather than an expense.

With a mortgage loan at ION financial, this type of situation can stop being complicated, since it will be much easier to access the property you want, even without the need to verify income in the traditional way.

Be very clear about your financial situation

Once you have in mind the houses and land in taj residencia , critically, do an analysis of your current economic situation and how it will evolve in a period of 5 to 10 years.

You can do an analysis of your financial habits at home, so that you can detect both strengths and weaknesses, regarding expenses at home and the administration of goods and services. Consider all possible aspects, for example:

It may be the case that at home there is good management of your money in maintenance aspects and the payment of services such as electricity and water, but that you spend much more on street food consumption.

Do an introspection on your purchasing power and the money that you have destined to make the purchase of all the options of houses and land that interest you; It can help you to talk with your partner to make the best decision.

If you consider that your fixed expenses may affect the acquisition of houses and land, you can opt for the option of a mortgage loan; Without a doubt, this can be of great help to make the purchase.

Investigate in depth about the houses and land of your interest

One of the things that must be taken into account when buying houses and land is that they are duly regularized; you should pay attention, for example, to the subject of the scriptures.

The presence of unregulated houses

In CDMX, a large number of houses are not regularized. In a note published by El Universa l it is indicated that in the CDMX alone there are more than 46 thousand houses and properties that do not have the necessary permits and are considered irregular.

The main reason for concern about the lack of regularization is the fact that many of these properties can be found in legitimate possession of other owners, giving rise to legal disputes, in the best of cases.

The most common cases, and also the most complicated, occur when a house is “auctioned” with discounts ranging from 30% to 50% of the original estimated value of the property; however, that “saving” can later become a pain in the portfolio.

According to a note from Expansión, houses that are not regularized are auctioned because they are not up to date with payments such as property, mortgages, or are even “in the name” of other people.

In this same note, Ulises Beltrán, lawyer of the Bou law firm, warns that if the house is not in a clean legal situation, the processes and trials to regularize it can take up to 7 years and may involve a cost of 10% to 15 % of the price of the property.

In the case of unregulated land

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Unregulated land can bring problems very similar to those of houses; therefore, you must also be very careful when purchasing one. Among the most common practices is that of “skydiving.”

According to a note from El Economista and El Colegio Nacional de Notariado Mexicano, skydiving is when a person or a group makes use of land or inhabits a home without being legitimate owners.

The legal disputes that can arise, in the case of land, also tend to last for years. Everything will depend on the legal situation of said land.

But that’s not all, the main risk of buying unregulated land is that it is in an area that endangers you and your family. There have been cases in which some people have been in difficult situations, such as floods, for this reason.

Take this into account before buying a house or land

As you can see, acquiring a property is a serious matter, so it is important that, before buying a house or land, you investigate its legal situation in institutions such as the Public Property Registry (RPP).

Likewise, it is recommended that you visit the house or land that seemed most attractive to you, and verify that there is no person living in it or occupying it for another purpose.

The aforementioned points are important, because imagine that you have found, among several houses or land , one that interests you; You started the buying process or even, you already bought it, and you realize that the land or house is not properly regularized.

Choose which is the house or land of your interest

Once you are certain that the houses and lots that have been most interesting to you are in a clean legal situation, you can go and begin to recognize the characteristics of what may be your new home.

If it’s a house …

Investigate issues such as the security of the area where you are; a very good way to do it is to go and meet the neighbors, who will surely have much more experience.

In addition, this can help you start to have a good relationship with your potential new neighbors and acquaintances.

If it is a land …

If it is a piece of land, you can go and verify that it is in optimal conditions to be able to build your house;

These must be, very quickly, that the land is not near or above gas connections, the proximity to places of interest to you such as schools if you have children or the same job and that the land does not have a surplus of water or lack, as this can affect the work itself.

In case it has been without maintenance for a long time, the best thing to do is to go and start cleaning it.

The experience, in addition to being unique and enriching, will help you better recognize your new terrain. This way you will know if it is suitable to build the property you have in mind; Call a trusted specialist, inspect the land and make the best decision.

How to buy a house or land with the help of a mortgage loan?

Once you have considered the above points, you can make the best decision when it comes to buying houses and land. The next and expected step would be to make the purchase.

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If you have doubts about how to get the money you need to acquire your new house or land, one of the best options is to apply for a mortgage loan at ION Financiera.

At ION Financiera you will be able to meet the goals you set for yourself and, with it, give your family the comforts it deserves. Prequalify yourself just by clicking here, and start reaching your goals.

Unlike traditional banking, at ION Financiera you can check income in a non-traditional way, and you can even co-credit the payment of your new house.

Now that you know some of the points that you should consider to get a house or land, it only remains that you put them into practice with the property that interests you. And you, are you ready to acquire the house or land you want?

 

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