If you want to know how to buy your first apartment to be able to finance a property without having to work hard, this text is for you.
We have prepared some valuable tips that can help you get organized, especially financially. So take advantage of this article to be able to analyze your current life situation and judge if you can invest in your first property.
Initial Considerations: Consider if it’s really time to buy your first home
The first step is to identify if this is the best time to buy your home.
If you have outstanding debts, such as outstanding loans, for example, it may be worth waiting a while before making this decision which could make you even more financially complicated.
But of course there are other important personal factors to consider besides the economic side. You may have problems in your current home, for example, or you may not get along with your parents if you live with them.
All of this interferes with how long you can wait or not to take the step to buy the apartment. One possibility is to leave the house, but live in rent for a while, you will also have an ideal financial stability to be able to finance a property with the certainty that you will not fail to pay the installments.
Know your numbers
At this stage of understanding your current moment, the most important thing is to really know your numbers. Many people don’t closely monitor their finances.
It is important to study your costs and revenues, also to analyze which expenses can be cut if necessary to make this type of investment.
I decided the time is right, now what?
Let’s imagine you have already decided that now is really the best time to buy the apartment. So what’s the next step?
First, know that you will have to do a lot of research. This is an investment that involves a large amount of money. Therefore, you will definitely want to stay in the place that offers the best value for money.
Given this reality, we recommend researching the different types of properties and what are the existing purchase options and conditions.
Also, already do an analysis of the different neighborhoods or even the cities that can serve you well and what is the average price of real estate in these places.
Remember that buying a home involves other costs, such as condominium fees, property tax, and other additional costs.
Start planning ahead
One action that makes a difference is planning ahead. If you decide today that you want to know how to buy your first apartment, it would be inconsistent to make that purchase tomorrow.
We recommend that you analyze your financial situation for a few months and start saving by cutting the most unnecessary expenses.
From this you will be more prepared to buy your property and you will understand if you can afford the monthly installments of a loan.
Discover the options
In this scenario, you should know the options available to identify which one is best for you. We will now take a closer look at the three main ones.
in the plant
You can opt for a property that is still on the floor plan. Most of the time this is economically attractive because a finished house is much more expensive than when it was built.
Many people use it as a form of business, for example. Therefore, they buy properties in the plant and resell them at a much higher price when it is ready and appreciates.
But, if you are planning to live in this house, you should also take other factors into consideration. The main one is the deadline set for the completion of the work.
We know this time is often long and this can be a problem if you are in a hurry to move.
In addition, you should also consider the possibility of delays, as unforeseen events happen in the construction.
Therefore, it is essential to research the company you are considering entering into a deal with to analyze its reputation for fulfilling contracts in still pending ownership cases.
Ramp
Another alternative is to build your own property. This usually happens when buying a ground floor and building a house.
This is an interesting strategy for those who know the jobs, such as architects or engineers.
However, it can be quite labor-intensive and expensive for other people, who will still have to hire specialists to take care of all the construction of the house.
Even so, it’s a way to personalize your home and make it more comfortable by becoming your home.
Already ready
Finally, you can buy a ready-made property. This is the option most people are looking for, especially for real estate financing.
Although the initial cost is apparently higher, you know that you are unlikely to have extra expenses that you weren’t considering when buying a home under this scheme.
Also, seeing the house ready helps to imagine if this is a really good place to live or not, which is not possible when you view the house only in floor plan or in some 3D model.
Prepare for additional expenses
We also advise you not to forget about the additional expenses. They can be a surprise factor responsible for your indebted demise. That is why it is very important to always leave extra money saved, to cover those cases where you have costs that you did not expect.
In addition to those expenses common to all cases in which you buy a property, such as the payment of the IPTU, you may also have to incur other expenses.
As we have already mentioned, if you intend to build the house, you will have to pay, in addition to the land, an architect, a bricklayer, all the pieces of the work. That is, the costs are much more unpredictable in this type of transaction.
Documentation
But what does it take to finance real estate? A very important factor is the documentation necessary to finance the property and to be able to register a home.
We recommend that you check your situation in advance to avoid negative surprises.
If you have your name on Serasa or any other problem with the Revenue Agency, for example, that you need to regularize, we recommend that you do so before checking in to your apartment.
Terms of payment
We know that it is difficult for a person to afford a property without having to ask for some type of financing.
On the one hand, paying in cash can offer very attractive discounts. However, financing is primarily responsible for making the dream of home ownership come true.
you can ask loan with vehicle guarantee, For instance. This option is attractive because it releases a large amount depending on your car and offers very low interest rates compared to the rest of the market.
There are still other types of personal loans that you can check to understand the best alternative for you. with the simulator Low interestCompare different alternatives to find the one that offers the best value for money.
Source: Terra
Benjamin Smith is a fashion journalist and author at Gossipify, known for his coverage of the latest fashion trends and industry insights. He writes about clothing, shoes, accessories, and runway shows, providing in-depth analysis and unique perspectives. He’s respected for his ability to spot emerging designers and trends, and for providing practical fashion advice to readers.
