Selling car for apartment down payment: realtor explains
The main question for everyone who dreams of their own housing — where to get the money and how much to save to at least have enough for a down payment on a mortgage. In a live broadcast on E1.RU, Anna Ermakova, owner of the real estate agency Kviko, gave a clear answer.
The expert clearly answered what portion of the apartment price you need to save for a purchase.
"There are three options: if it«s a mortgage, you need a 20% down payment of the apartment»s price; if it«s an installment plan, 10%. But there are developers who offer installment plans with a down payment of just 5% — the price increase on that apartment is maximal. So you need to understand: either save up to 10% and take an installment plan without a price increase, or, if you have 20%, buy an apartment with a mortgage," the expert explained.
We also asked a specific question: if a person, for example, sold an old car and has 500,000 rubles (about $5,600 at current rates) in hand, can they count on something?
"This is, as a rule, only an installment plan. There are also programs from developers where they co-finance the down payment. Such projects exist," Anna Ermakova replied.
Also, as Anna said during the broadcast, there are options for buying an apartment without any down payment, but only with a family mortgage and only in new buildings. However, you need to understand that the apartment itself will ultimately be more expensive.
You can watch the entire broadcast using this link. Also read Anna«s recent column on E1.RU, in which she explained how families with children can get a tax cashback.
Also see which developers Yekaterinburg residents bought the most apartments from last year.
We collect all news about the real estate market situation, including mortgages, in a special section.
