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Automatically translated version. May contain inaccuracies compared to the original.
A mortgage may seem affordable if the monthly payment fits into the budget. However, before buying an apartment, it is worth understanding whether the family is ready for such a commitment for years and how much money will be left after purchasing the home.
When to consider buying housing on mortgage
As Taras Kozak, founder and president of the investment group UNIVER, said in an interview with RBC-Ukraine, a mortgage makes more sense if people do not plan to change the city or the apartment in the near future.
It is also important how suitable the home is for long-term living—in terms of location, area, and the family's needs. One of the expert's benchmarks is the willingness to live in the apartment for another 10 years. If it is already clear that in a few years the home will become too small or a move will be necessary, the decision to purchase should be weighed carefully.
Before taking on a mortgage, assess how stable income will be in the coming years. It matters not only whether there is enough money for the payment now, but also whether the family will be able to make regular payments in the future.
What to consider in the budget before securing a mortgage
The monthly payment is only part of future expenses. After buying an apartment, money may be needed for repairs, furniture, and setup. When calculating, include taxes and other costs that come with owning a home.
If after buying the apartment you have to take out another large loan for repairs or furniture, the burden on the family budget can rise significantly. Therefore, it is better to calculate in advance how much money will remain after the purchase itself.
According to the expert's rough guideline, no more than 30% of monthly income should be directed toward a mortgage. At the same time, the budget should not be calculated to the last kopeck. After purchasing and furnishing the apartment, the family should not deplete all savings.
The budget should also withstand a possible decrease in income. If even a small drop in income immediately makes the loan payment problematic, the risk increases that the apartment will have to be sold urgently and not at the best price.
As a reminder, after purchasing the apartment, separate payments will be needed for registering ownership and notary services. The cost of registration depends on the urgency, and private notaries set their own rates.
Document: PDF proof of the original version of the news item "Квартира в іпотеку може стати тягарем: що варто врахувати перед купівлею". It records the publication content at the moment of the first scan, the preservation date and the source: Channel 24.
