Buying the first property is the fulfillment of a big dream, and deciding which is the best place to live is something that always generates many expectations. This is because this is the moment when the person decides he needs to have his own place or is when the couple will take the first step in their life together.
In addition, there are also those who want a property to invest in lease , for example. Whatever the case, it is always an important decision that needs to be made very carefully. After all, a property is a valuable asset and, therefore, it is necessary to study the purchase well, before making it.
Therefore, it is necessary to control the momentum in order to better visualize the opportunities and make a good deal. Anyway, there are many choices that need to be made when buying the first property. And, to help you on this journey, we have separated some precious information on how to buy a property. Check out!
1. Think about the right time to buy
The right time to buy a home is not just about the resources available. The ideal is that it is a well thought out decision, in which you evaluate your moment of life. We often rush into an important decision and then repentance comes.
When it comes to owning a home, it is a big investment and needs to be well planned. These are details that can define the size of the property, the ideal location, among other characteristics that depend on some factors, such as whether your family is formed or if you want to have more children, among others.
2. Choose between a new or used property
If you are in doubt between buying a new or used property, know that there are great options for both situations. But, if you need an apartment to live with some urgency, it is best to purchase a used property.
On the other hand, if you can wait a little while, the ideal is to buy a property in the plant, because then, you can get a better value. In addition, a new property is always more modern and is a place where no one has lived yet. Therefore, many people prefer this option.
See the main advantages of buying a new property!
There is no denying that the newer condominiums have more resources and have a better infrastructure. They are often cheaper than the older ones because they do not require much maintenance, as they do not require repairs and improvements. This does not happen with the ancients, who always have something to do.
The configurations of new properties are more modern. Although they are often smaller, they follow the open concept that makes the most of spaces. Another advantage is that the construction company often adapts the space to the resident’s style, meeting some of their needs, even before handing over the keys.
Technologies that ensure greater security for residents are always evolving. Thus, the new ventures are launched with everything from the most modern related to the sector.
3. Define which details are important
When buying the first property, it is essential to evaluate all the details. If it is used, it is very important to pay attention to the entire finish, and also if there is any leakage, for example. At this point, many people take a professional, such as an engineer or architect, to analyze the location. With that, you can be sure that no item will be forgotten.
Another relevant point is to notice if the region is noisy during the day or at night. For this, it pays to visit the place on several days and times to observe the movement and talk with the neighbours.
In addition, it is interesting to know what the streets near the property you intend to buy are and to find out about the neighbourhood’s security indexes. It is also essential to know if the traffic in the region is very intense, for example.
4. Determine which location is best for you
Choosing a well located property, with a nearby subway, bus lines available and shops close by, among other issues, is something very interesting, as you can value the property if you want to sell it later. Give preference to properties that are close to your workplace or that have easy access to other regions of the city.
In addition to contributing to the appreciation of the property, buying a house in a well-located region greatly improves the quality of life of residents. And, if you need to use public transport, living near the subway makes it a lot easier, right?
5. Consider family needs
Before venturing out to find your own home , write down your family’s needs. After all, this is the investment of your life and seeking the best option that meets the needs of those you love is essential, isn’t it?
So, don’t care so much about how long it will take. Look for a place that has everything your family needs, such as good transportation infrastructure, schools, markets, and everything else to lead a peaceful life.
6. Review the property documentation
Before buying the new homes in Abbotsford BC, it is very important to do a research to find out if the development is within the law. For this, it is very worthwhile to consult a real estate agent or a lawyer, who will do a good analysis of the property. It is something that will require a certain investment, but it is essential to do this before the purchase, so as not to fall into a trap.
Know the used property documents that should be checked:
- copy of the updated registration number: this document contains the property dossier. Your request must be made at the Property Registry Office in the region. The seller himself indicates the correct location, as well as providing the registration number;
- certificates: the buyer must consult some documents, such as Negative Debt Certificate at the Commercial Registry, Birth Certificate, Civil Distribution Certificate, Federal Individual Debt Certificate, Negative Labor Debt Certificate;
7. Understand how buying a property works
As already mentioned, acquiring a property is a unique moment that requires a lot of financial investment. Because of this, it is essential to surround yourself with certainties on all sides, to avoid unpleasant surprises. So, in addition to searching the internet, talk to friends and family who have already gone through this experience.
Ask these people about the choices they made at the time and what they would do differently, if they could. That way, you can hear practical situations from the information you absorb during your searches.
8. Review payment methods
There are several options for paying a property. The most advantageous alternative is to pay in cash, since it is thus possible to negotiate more easily and obtain discounts. However, most people do not have as much money saved to accomplish the feat and need to use other means.
Financing with the construction company, bank financing and the consortium are the main ones. We will talk a little more about the functioning of each one of them, below.
Financing with the construction company
Many construction companies offer their customers the possibility to finance the properties they sell with their own resources. The company is totally interested in selling quickly and, because of this, in general, this alternative is more flexible than applying for bank credit. The disadvantage is that the payment period is usually shorter.
This is the most popular option and happens when a financial institution provides the necessary credit for the interested party to pay part of the property. There are several ways to pay this financing, and each one has its own rules, terms, and interest rates.
Most banks that offer mortgage loans provide an online simulation on the company’s website. It is worth taking advantage of this feature to calculate the term, the amount of the installments and the down payment.
Consortia can also be an interesting way for those who want to buy a property, but are not in a hurry to move. The great advantage of this option is that it is possible to pay in installments of 100% of the property value.
Consortia are also paid in monthly installments, but interest is not charged – only an administration fee is charged. The disadvantage is that contemplation, that is, the delivery of the letter of credit can take years.
9. Do financial planning
Whatever the payment method you choose, it is essential to have financial planning and start saving. In addition to the value of the house or apartment, you will need to have money to cover other expenses. Therefore, it is always good to plan the payment of transfer fees and documents, moving expenses and, in some cases, the purchase of furniture and appliances.
If you opt for a loan, you also need to set aside an amount to give as a down payment. The amount requested varies, but is generally 30% of the final price of the property. The greater the input, the less the financing debt and the greater the negotiating power with the seller.
Therefore, it is essential to organize your expenses and income to find out if it is possible to save on an item, or if it will be necessary to do extra work to earn more money.
10. Have a reservation
It is common for people to get excited at this important moment in life and to hurry to decide things, including the value of the entry, often putting the reserve at risk. This mistake may cost you peace of mind for years to come. After all, who can live without a reservation?
The tip is to do everything calmly and remember to leave an amount for the moments of difficulties – since the expenses with moving and decorating are many and you can get into the red for that. It is important to give as much cash as possible, but to guarantee the necessary resources for emergencies.
11. Study the market situation
The real estate market is extremely dynamic and is influenced by several issues, such as the country’s politics and economy. Thus, it is interesting to follow the news to understand if it is the best time to buying the first property.
Thus, it is possible to know if the prices of real estate in your city are being sold at lower prices and take advantage of the moment to make a better deal. Another point that deserves your attention is the rules and interest rates that are offered in real estate financing. They also undergo constant changes and must be monitored closely.
12. Choose a trusted broker
Choosing a good realtor is essential to make the buying process smoother and safer. He is the specialist in the real estate market and is the only professional regulated to broker real estate transactions. Before closing a purchase, it is important to check, for example, if the broker is registered with Regional Council of Realtors. This means that he is able to accompany you during the acquisition.
The realtor will be able to answer all your questions about how to buy a new property and will also assist you with the necessary documentation for the acquisition, ensuring that you will make a good deal.
Now that you know how to buy a property, the next step is to find a real estate portal that helps, with all its technology, to find the property the way you want it. Today, portals have images and videos that help a lot in the search for a property.