6 Important Things to Consider Before Buying a House

1. To purchase a house priced at 7 million baht, using the formula "Income × 60 = Loan Amount You Can Approve," your monthly income should be at least 116,000 baht to qualify for this loan amount (assuming no existing debt).

2. The estimated monthly payment for a 7 million baht house would be approximately 46,400 baht (depending on interest rate, loan term, etc.).

3. For savings before purchasing a house at this price, you should have at least 20% of the house price in reserve. Borrowing the full amount increases risk and interest rates.

4. This price range falls into the "UPPER CLASS" segment for single-family homes (detached/semi-detached houses) when considering other real estate segmentation.

5. Location: A 7 million baht house could be a detached/semi-detached house in a suburban or suburban area, or in the city, a townhome or mid-sized house or higher.

6. Choosing a suitable house: Convenient location, proximity to amenities, and house design/materials suitable for your family, etc.

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Caution:

• If your income does not meet the required criteria, or the monthly payment exceeds your manageable financial burden, • It could become a long-term burden.
• Don't forget to calculate other expenses besides the installment payment, such as transfer fees, mortgage registration fees, renovation/repair costs, etc.
• Location is a risk. If the price is high but the location is unsuitable (difficult to travel, not close to a train station, far from amenities), it may affect the resale value in the future.

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Thank you for the helpful information from DD Property.