Most people buy their first property when they are between 20 and 35 years of age. This age group is also the most typical demographic of online gamblers. Can you be an active online gambler and still be able to buy a house?
In this article, we are giving you a few tips on how to plan your first property purchase while actively gaming online. We had the opportunity to ask Boross Örs, an online gaming expert about this topic. Örs is a professional poker player and website manager. Read more about him here.
How to buy a house?
When you are planning to buy a house there are a number of factors you have to consider. You need to decide how big a house you need, whether you should buy a new or used house and you have to figure out how much money you have or how much you can borrow.
Mortgage application for gamblers
If you gamble regularly chances are you lose money regularly. If you don’t have the purchase price of the house in your back pocket you will have to borrow money from relatives or more likely, take a mortgage. When applying for a mortgage the bank will look at your last few months of bank statements. If they see daily (or multiple times daily) deposits to a betting or casino operator chances are you will not get a mortgage as you will qualify as a high-risk client.
While gambling can be addictive, compulsive gamblers only make about 1% of total gamblers. Having one or two deposits per month in a reasonable amount of money should be ok. You can then set your deposit limits on the casino’s website. Casinos such as Zet Casino, who accepts players from Hungary, will offer you the option to limit your gambling. Once you reach the limit, they will not accept further deposits from you.
Tips for buying a new house
Buying a new house has many advantages compared to buying an old one. In Hungary, buying new properties is encouraged by the government. There are several tax benefits that new property buyers can get and many banks offer a mortgage with lower interest rates for new properties. New houses are built using modern technologies. The insulation and the general construction will be better and more likely than not you will pay less for heating (and air-conditioning).
If you are buying a brand-new house, in today’s economic climate, you should choose one that is ready to move in or nearly ready. Because of the coronavirus pandemic, many investors are struggling and cannot complete ongoing constructions on time. Therefore, there can be delays of several months or even years before you can move in if the house is not completely ready.
When buying your first house from a developer, read references of the company and reviews from other house owners who have purchased their properties.
Searching for the right house
Once you have the money together and decided on what type of house to buy you can start the search. The best way to purchase a house is by contacting a real estate agent. Usually, the buyers don’t have to pay any commission and this way you are getting the expertise of a professional for free. Reputable agencies only deal with houses that they have thoroughly checked before and they will know if the price of the house is in line with the market.
If you have any architect or civil engineer friends or relatives you can also ask them about the best way to buy a house. They might know something about the plot or the construction materials used that the real estate agent wouldn’t.
Doubts after the purchase
Rest assured after you handed over the purchase price you will have doubts whether you had made the right decision. Don’t worry! This is completely normal. The truth is that we are not future tellers. Nobody can predict which way the economy is going so we can’t be sure whether acting quickly or waiting is the best decision.
Conclusion
Gamblers should be able to apply for a mortgage as long as they are in control of their gameplay. When buying a house, a set of serious decisions need to be made and these are deciding on the type of house, applying on the mortgage and looking for the ideal property.
