Investing in real estate for the first time? Follow these tips for a perfect investment

It is one of the most important and fascinating moments in your life, the purchase of your first home so we recommend you to follow these tips so you do not make the same mistakes of other people and the purchase of your home is totally exciting.

The advice we have for you can lend you a hand to eliminate all the possible inconveniences that may arise along the way so that you can make your home purchase or investment a total success.

The first activity you should do is to check your credit score since this step plays a very important role in the granting of a mortgage loan, it is very important that you try to increase your credit to have a better negotiation with the lender.

Here are some reference values so that you can have a guide:

-Bad: 300-629

-Fair: 630-689

-Good: 690-719

-Excellent: 720-850

The second tip is to have excellent reserves because buying or investing in a house is one of the most important financial transactions of your life and your finances, you must take into account that it means too much money and commitment, such as: the down payment of the house, payment of monthly installments, insurance, repairs, repairs, damages and something fundamental property taxes, that is why we recommend you to have as much savings as possible. To be able to cover the purchase and all the upcoming obligations and possible unforeseen events that the property may present.

Important fact: Keep in mind that until you finish paying the mortgage loan, the property belongs to the bank.

Another fundamental point is that you must have a prior approval from a lender, this in order to know how much money you can count on for the purchase of housing, before starting the search for real estate without having the knowledge of how you are going to structure the financing of the purchase.

Finally we recommend you to have a certified professional real estate agent, we recommend you to hire an agent for his experience, since it is very useful to overcome the difficulties that may arise, as usual in all negotiations, another of its functions is to help you find the best property according to all your needs, also helps you to negotiate on your behalf with the seller's agent, but to carry out the necessary procedures.