Black Friday or “Black Friday” is a commercial event of the United States and Canada. Typically, it takes place on the Friday following Thanksgiving and traditionally marks the start of the holiday shopping season. In the 2010s, this event was exported to France to delight lovers of bargains. Today, most merchants organize “Black Friday week” and offer discounts to their customers.
If Black Friday has quickly become popular in France, it is increasingly controversial. According to a study by the Society and Consumption Observatory, 59% of French people do not want to take advantage of Black Friday this year, compared to 43% in 2019. The lack of interest in this week of promotions is increasing every year.
8 out of 10 French believe that Black Friday encourages excessive consumption. Faced with the awareness of the impact of excessive consumption on the environment, most French people intend to desert the shops during the Black Friday period.
If you are one of the undecided, know that if you resist Black Friday, you can increase your chances of possession! How ? Pretto’s teams explain everything you need to know about the importance of personal contribution!
You’re not dreaming: resisting Black Friday promotions is one of the ways to access the holder… but how? You already know this, but the best way to save money is not to buy half-price wireless headphones, but to do it keep your money !
Were you going to allocate a special budget to take advantage of Black Friday? Save it instead to access the property as soon as possible!
Indeed, it can be difficult to save every day, but if you decide to save the money originally planned for Black Friday, you can come and inflate the personal contribution to which you must be accustomed finance your real estate project. While most real estate experts recommend having a personal contribution of up to 10% of the borrowed principal, it is advantageous to have a larger personal contribution.
Why is personal contribution important?
Most lenders require a personal contribution up to 10% of the borrowed capital before taking out a home loan. The personal contribution must enable the borrower to pay the additional costs inherent in his real estate purchase, i.e. notary fees and guarantee fees.
Some banks offer 110% loans that allow borrowers to finance their real estate project and related costs. However, these somewhat special home loans are rarely granted. They present a higher risk of non-payment for the bank.
If your personal contribution has to allow – above all – to pay the additional costs of your real estate purchase, it is also a good indicator for the bank. Indeed, this is an element that will reassure the bank about your ability to save and maintain healthy bank accounts. The higher your personal contribution, the more the bank will be “reassured” and willing to grant you a loan at the best conditions.
the real estate rate applied to the mortgage it will depend on a multitude of factors, including the level of risk that the bank will not be repaid in full. The lower the risk, the more likely it is that the bank will issue you a home loan with a below-average interest rate.
Given the importance of personal contribution in the realization of your real estate project, are you planning to save money during Black Friday? You are sure?