Real Estate /
Poland's apartment prices continue to fall [1844]
Why?, they would still be too expensive.
Well, Mr developer, I only want to know how far they went down in comparison to the last few months. Too expensive:
In The Complete Idiot's Guide to Buying and Selling A Home, Shelley O'Hara and Nancy D. Warner estimate that a buyer should plan to borrow "roughly 2 to 2-1/2 times your annual gross salary. If you and your partner make $50,000, you might be able to buy a home in the $100,000 to $125,000 range.
The cost of your home -- including taxes, maintenance and other costs -- should not exceed 28% of your monthly income.
In the UK
Generally speaking, a mortgage lender will lend you between three and four times your gross salary, although some lenders will offer you more if you're willing to pay a higher interest rate. If you're buying with a partner then they'll probably throw in the equivalent of his or her annual salary in addition to the amount they're prepared to lend you. So, if you're on £25,000 a year and he or she is on £20,000, you should be able to borrow around £120,000. Alternatively, they may lend you three times your joint income. This usually means you can raise a slightly bigger
mortgage. Using the same salary figures, you could borrow £135,000 on this basis. If you get any additional income from bonuses or commission these may be taken into account as well.
So in Poland paying 10 times your salary for a one bedroom flat, or 15 times your yearly salary for a house; could easily be described as TOO expensive.
SO
Anyone got a link for houses prices in Poland for the month of January, 2012 ??