The first apartment is synonymous with freedom and independence. But the purchase of the first property is also usually surrounded by doubts, insecurities, and some mistakes that could be easily avoided with some basic information.
Therefore, we have listed in this post the main tips you need to keep in mind when buying your first apartment. Follow:
Decide where and how you want to live
“If you don’t know where to go, anywhere will do.” This phrase from Alice in Wonderland’s cat makes perfect sense when buying your first apartment. You need to have a starting point that guides you in your search for the property. And one of the first decisions you need to make is where you want to live, taking into account that each neighborhood has value in the real estate market. This means that the price per square meter in one region can be much higher or lower than in another.
It is also important to pay attention to the type of apartment you want and, above all, what you need. Will you live alone or with a partner? Do you have children or do you plan on having them soon? Work from home? Have a pet? Is the apartment more for investment or do you intend to build your life there?
The answer to all these questions will help you find out, for example, what is the ideal minimum size of the apartment, how many rooms it needs to have, and if it offers the possibility of renovations in the future. They will also be your guide to understand if the condominium infrastructure is sufficient or if you need something more.
Control your spending and save
Before buying the first apartment, stop a little and organize your financial life. This is even more important if you have no idea how she’s been doing lately.
The good old spreadsheet is already a good start, but you can still count on specific applications that help you control personal finances. See what can be cut from the budget and little by little you will realize that you can even fit in a larger portion of the financing without compromising your standard of living.
Search the region
The region where you want to buy the first apartment makes all the difference. Look for a neighborhood that offers the services and structure you and your family need, such as schools, gyms, supermarkets, medical clinics, pharmacy, among others.
If you can be closer to work, even better. A good location of the property helps you to save time and money with displacements.
Look for different credit and financing options
Nowadays, there is no shortage of credit and financing options to acquire the first apartment. These lines of credit range from traditional bank financing to consortium letters of credit, as well as government housing incentives.
Before buying the property, you must know which line of credit is best for you. And even in the case of conventional bank financing, it is always very important to check the conditions of each bank, since interest rates and other charges vary significantly between institutions. Another option is to check with the construction company for the possibility of direct financing, with reduced interest rates.
To facilitate the purchase of your first apartment, remember that you can also use the FGTS (if you have worked for more than three years with a formal contract) and combine the income with another family member (spouse or parents, for example).
Offer good entry value
The higher the down payment for the purchase of the first apartment, the better. This entry will guarantee the reduction of the installments and the time to settle the financing.
Realistic and unforeseen plots
Plan realistic installments for the financing of the first apartment. They need to fit within your current budget, consuming no more than 30% of your income.
However, it is also necessary to take into account that real estate financing is a debt that is carried for a long time, reaching about 30 years in some cases.
Not considering extra expenses
A very common mistake, but one that should be avoided at all costs, is not considering the extra costs when buying the first apartment.
Not reading the contract carefully
The contract for the purchase and sale of the apartment needs to be read and reread very carefully and any doubts you may have should be resolved with the broker or builder.
Not inspecting the property
It is essential that the property is inspected, whether new or used. All details must be observed and, if applicable, deducted from the total amount.
Not researching the builder
There are serious and reputable companies on the market, while there are companies that have already given customers a lot of headaches, especially concerning delays in entering the property.
Use social media to your advantage and research a lot before closing the purchase.
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