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How much money do you need to buy a $100,000 home with a mortgage? - Infobae
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www.infobae.com
November 28, 2024
Purchase and sale operations in Argentina show a recovery, details of the costs associated with acquiring a property with credit financing and what is necessary to successfully complete it
By Jose Luis Cieri
(Illustrative Image Infobae)
Purchasing a property financed by a bank not only requires having an income that allows you to qualify for the loan, but also having an initial sum and covering various expenses associated with the operation.
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The real estate market is showing signs of recovery in the segment of operations with mortgage credit. According to data from last October, in the city of Buenos Aires there were nearly 1,000 deeds under this modality, while in the province of Buenos Aires the figures exceeded 1,300 as reported by Infobae . These numbers reflect a return to levels of the best times of the sector, driven by more favorable conditions in loans and a context of greater economic stability.
This surge in demand is explained by a combination of factors, including the reduction in costs associated with operations and the flexibility offered by banks in accepting combined income to qualify. In addition, recent measures, such as the lowering of the Real Estate Registry fee in CABA, helped reduce initial expenses and facilitate access to credit.
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Below are the crucial aspects to take into account when purchasing a USD 100,000 home in CABA.
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Estimated total
To complete the purchase, the buyer must have USD 27,500, which includes the advance payment and all additional expenses.
Important Considerations
This breakdown helps you understand how much money is needed to cover both financing and additional expenses, a key aspect for those looking to purchase a home with a mortgage loan.
The market is active and those who have savings or the necessary down payment are trying to become owners (Illustrative Image Infobae)
In October alone, deeds reached 5,987, a record for the past six and a half years, of which almost 1,000 corresponded to mortgages, a key indicator of recovery.
Miguel Chej Muse , coordinator of the Statistical Observatory of the Real Estate Sector, which depends on the Buenos Aires Real Estate Association, highlighted that “the market is full of green lights and the next few months will be very interesting. We expect more mortgage loan transactions and we see an impact of close to 15,000 deeds in Buenos Aires during the next four months.”
He also stressed that this trend reflects a consolidation of market confidence and an increase in the taking of reserves conditional on the approval of loans.
Current prices also play an important role in this dynamism. According to Chej Muse, it is still possible to find properties at attractive prices in certain neighborhoods of the city, such as San Cristóbal, where the square meter is around USD 1,200, while in more sought-after areas such as Caballito it can reach USD 1,900 per square meter.
“Today you can buy more square meters than tomorrow. It is a good recommendation to invest now, since prices tend to increase in the medium term,” he added.
The economic impact on the sector could be significant, with thousands of operations planned until early 2025. Although months such as January and February tend to be lower in activity, experts project that the positive trend will continue.
“The market is capitalizing in dollars, and those who invest now will see benefits in the future. It is time to make decisions,” concluded Chej Muse.
www.buysellba.com
Source:
¿Cuánto dinero se necesita para poder comprar una vivienda de USD 100.000 con un crédito hipotecario?
Las operaciones de compra venta en Argentina muestran una recuperación, detalle de los costos asociados para adquirir una propiedad con financiación crediticia y lo necesario para concretarla de manera exitosa
www.infobae.com
November 28, 2024
Purchase and sale operations in Argentina show a recovery, details of the costs associated with acquiring a property with credit financing and what is necessary to successfully complete it
By Jose Luis Cieri
(Illustrative Image Infobae)
Purchasing a property financed by a bank not only requires having an income that allows you to qualify for the loan, but also having an initial sum and covering various expenses associated with the operation.
The real estate market is showing signs of recovery in the segment of operations with mortgage credit. According to data from last October, in the city of Buenos Aires there were nearly 1,000 deeds under this modality, while in the province of Buenos Aires the figures exceeded 1,300 as reported by Infobae . These numbers reflect a return to levels of the best times of the sector, driven by more favorable conditions in loans and a context of greater economic stability.
This surge in demand is explained by a combination of factors, including the reduction in costs associated with operations and the flexibility offered by banks in accepting combined income to qualify. In addition, recent measures, such as the lowering of the Real Estate Registry fee in CABA, helped reduce initial expenses and facilitate access to credit.
Below are the crucial aspects to take into account when purchasing a USD 100,000 home in CABA.
Step by step
Initial expenses- Down payment: At least 20% of the value of the property is required, which is equivalent to USD 20,000. This percentage may vary depending on the bank and the credit conditions.
- Notary fees (mortgage): Represent 1% of the value of the property (USD 1,000 for the example).
- Registration, certification and paperwork fees: approximately USD 500.
- Notary fees (purchase): Estimated at 2% of the property value, i.e. USD 2,000.
- Real estate fees: They are equivalent to 4% of the price of the property, which amounts to USD 4,000.
Estimated total
To complete the purchase, the buyer must have USD 27,500, which includes the advance payment and all additional expenses.
Important Considerations
- The loan is settled in pesos at the exchange rate on the day of the transaction. If there are variations in the exchange rate, the buyer must have funds to cover any difference.
- The property registry fee in the City of Buenos Aires was reduced from 2 per thousand to 1 per thousand as of October 29, 2024, which reduces costs.
- Stamp tax does not apply if the buyer does not own another home registered for residential use in CABA.
This breakdown helps you understand how much money is needed to cover both financing and additional expenses, a key aspect for those looking to purchase a home with a mortgage loan.
The real estate market is on the rise
The real estate sector is experiencing a boom driven by a significant increase in the number of deeds, especially in CABA. According to recent data, in the last six months, an average of more than 5,000 transactions were registered per month in Buenos Aires, a level that has not been seen for more than 6 years.
The market is active and those who have savings or the necessary down payment are trying to become owners (Illustrative Image Infobae)
In October alone, deeds reached 5,987, a record for the past six and a half years, of which almost 1,000 corresponded to mortgages, a key indicator of recovery.
Miguel Chej Muse , coordinator of the Statistical Observatory of the Real Estate Sector, which depends on the Buenos Aires Real Estate Association, highlighted that “the market is full of green lights and the next few months will be very interesting. We expect more mortgage loan transactions and we see an impact of close to 15,000 deeds in Buenos Aires during the next four months.”
He also stressed that this trend reflects a consolidation of market confidence and an increase in the taking of reserves conditional on the approval of loans.
Current prices also play an important role in this dynamism. According to Chej Muse, it is still possible to find properties at attractive prices in certain neighborhoods of the city, such as San Cristóbal, where the square meter is around USD 1,200, while in more sought-after areas such as Caballito it can reach USD 1,900 per square meter.
“Today you can buy more square meters than tomorrow. It is a good recommendation to invest now, since prices tend to increase in the medium term,” he added.
The economic impact on the sector could be significant, with thousands of operations planned until early 2025. Although months such as January and February tend to be lower in activity, experts project that the positive trend will continue.
“The market is capitalizing in dollars, and those who invest now will see benefits in the future. It is time to make decisions,” concluded Chej Muse.
www.buysellba.com
