3 ways to find an affordable house.

It's well-known that house and condo prices have risen sharply recently, including residential properties. If you want to buy a house in this situation, how can you find an affordable, high-quality house? We have three ways to find affordable houses.

First, let's understand that to buy a house, you need at least 10-15% savings equivalent to the house price (assuming you can't get a 100% loan). In addition, there are other expenses such as transfer fees, sinking fund contributions, and common area fees (paid one year in advance). This doesn't include decoration costs, furniture, or other electrical appliances.

If you want to own a good house on a limited budget, you need patience to wait for the right opportunity and timing. When that opportunity arises, you must be prepared.

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1. Buyers Unable to Obtain Bank Loans

This occurs when buyers are unable to secure loans from financial institutions during the transfer of ownership in housing projects. Currently, financial institutions are stricter in their loan approval processes, resulting in rejection rates as high as almost 30%.

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2. Buyers Unable to Make Down Payment Payments

This happens when a buyer is unable to make payments mid-term. When the time comes, it becomes necessary to resell the reservation at cost or lower.

Interestingly, sometimes this is speculative buying, selling reservation slips because there are too many, resulting in the need to sell at a lower price, which is better than abandoning the reservation altogether.

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3. Developers Reduce Prices to Accelerate Sales and Close Projects

Due to the slowdown in the housing market and decreased consumer purchasing power from high household debt, but with unchanged competition, some developers may need to accelerate sales and transfers. For projects with few remaining units, continuing marketing might be unprofitable, leading to price reductions and aggressive promotions. For example, offering 0 baht reservation deposits, discounts ranging from hundreds of thousands to millions of baht, and high-value freebies.

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However, to truly benefit from these opportunities, it's essential to be prepared to apply for a loan from a financial institution. This includes having the ability to repay the debt, supporting loan documents, financial records, avoiding excessive debt, and having a clean credit history to secure a loan and own a house at the desired price.

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Thank you for the valuable information from REIC.