With the development of the real estate market, buying a house with zero down payment has become the choice of many young people. However, when unemployment leads to mortgage defaults, the risks and difficulties hidden behind this choice also become apparent.
In recent years, marketing techniques such as "zero down payment" and "low down payment" have emerged one after another. Developers have used various means to reduce the down payment pressure of home buyers, such as setting high contract prices, providing advance payment, etc. to help home buyers finance the down payment.
It seems to provide convenience for consumers, but in fact it increases their debt costs and credit risks, and even involves false advertising and illegal loans.
This housing purchase model may be a temptation for young people, especially when facing the pressure of high housing prices, as it seems to open the door to home ownership for them.
However, when cash flow is tight, relying on a loan to buy a house means long-term monthly payment pressure.
According to the survey data of "DT Business Observation", more than 40% of home buyers will adopt a loan ratio of 30%-70%, which will undoubtedly affect their quality of life to a certain extent.
What's more serious is that once there is an interruption in their source of income, such as unemployment, these home buyers will face tremendous financial pressure.
Failure to repay on time will not only affect one’s personal credit record, but may also result in a series of chain reactions such as legal proceedings, asset depreciation, and even property repossession by the bank.
In fact, some local governments have begun to notice the problems caused by "0 down payment" home purchases and have taken measures to regulate them.
The Paper reported that regulatory authorities have taken action to crack down on such marketing activities and stopped related advertising for some real estate projects.
Experts point out that young people should fully understand the potential risks and assess their own financial strength and future income stability before choosing "0 down payment" to buy a house.
At the same time, we also need to pay attention to market conditions to avoid neglecting long-term economic affordability and life security in pursuit of short-term housing satisfaction.
In the current real estate market environment, refocusing on the residential value of a house rather than simply investing for appreciation is a form of psychological protection for home buyers.
As many young people said in the survey, buying a house is for personal use rather than speculation. As long as there is no plan to sell it in the short term, the rise and fall of housing prices should not be the main factor in deciding whether to buy a house or not.
Although “0 down payment” home purchase seems to lower the threshold for home ownership, for young people it is more like a double-edged sword.
If you make a rash choice without fully understanding the market and assessing your own conditions, you may easily fall from the paradise of your dreams to the hell of reality.
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