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New conditions, new opportunities

After 2 turbulent years in the mortgage and real estate market, people have gotten used to higher interest rates. The wheels are starting to turn again. With every new drop in interest rates, the demand for mortgage loans increases, leading to a surge in mortgage applications at banks. Due to the volume of refinancing applications, new applicants often have to wait. So take action ahead of time! 

Real estate will become more expensive

As demand for mortgage loans and home ownership grows, it's clear that property prices will rise again. There are, of course, many factors influencing the development of real estate prices – the economy, inflation, or unemployment. We therefore can't fully predict the rate of growth. 

Every mortgage is a burden on the family budget. Before making a decision, carefully review your income and expenses, and determine what percentage your loan repayment would be. If you want to have peace of mind and avoid stress, your housing costs (including utilities + mortgage payments) should ideally be no more than 30% of your total monthly expenses.

How much do I need to have saved to be able to get a mortgage?

If you're completely new to mortgages and what they entail, here's some basic information on how much you need for a down payment in order to qualify for a mortgage. 

Generally, you need to put down 20% of the property price. This means that if the property costs CZK 5,000,000, you should have CZK 1,000,000 available as a down payment. However, if you're under 36 years old, banks reduce the required down payment to 10%. In this case, you would only need CZK 500,000. 

What to do if you have no savings and saving half a million crowns is a pipe dream for you? Don't worry, we have a solution for you too. The amount can actually be replaced by mortgaging another property. You can take advantage of this option if, for example, your parents own a house, apartment, or plot of land. The value of this property is then considered to be your down payment. Simply put, if a flat is valued at CZK 2.5 million and it's used as collateral, the bank sees it as you having saved CZK 2.5 million for the mortgage, which in this example amounts to 50% of the purchase price. However, you can't sell the property until it's released from the mortgage.

Why Modulos?

It's no surprise that many people are looking for the most economical housing options. Mortgage interest rates are not as low as they used to be and home prices are climbing rapidly. For many Czechs, finding a home they can afford is a challenge. 

Our company is here to show that modern and healthy living is affordable for the general public. Because our wooden homes are built modularly in our production hall, many of the costs associated with on-site construction are eliminated. 

Wood is a great material for home living. It has a long service life, provides a healthy climate for living and, last but not least, it's sustainable. Our wooden buildings are manufactured with premium certified materials, which ensure low operating costs. They're designed with minimal energy consumption in mind. You can read a whole article about the other benefits here! 

Come and see

If you're new to the process of taking out a mortgage and owning your own home and you have no idea where to start, don't worry. We'll gladly explain the entire process to you at no obligation and help you with all the steps if needed. Your dream home may be closer than you think! Come visit us in Skaštice and see how easy and affordable it is to buy a home with Modulos.