Buying a home is a life-changing decision, so it’s important to consider all possibilities before making the process official.
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Author: Redaction
The decision to buy a house should be weighed and analyzed. Being a large investment and with a series of steps and associated bureaucracies, this is one of the most important changes and decisions in a person’s life, representing a milestone. Because it is an investment that requires a lot of financial effort and some patience to find the ideal home, it is recommended that you think before starting the process, in order to obtain as much information and knowledge as possible.
Being a somewhat time-consuming process, doubts may arise regarding the various stages in a purchase process, however, to help and keep you informed, SUPERCASA prepared the guide of the 10 steps to take before jumping into the purchase of a property. Write down our recommendations and make informed decisions.
1. Buy or rent? The first decision
If
you are looking for a place to live, whether it is your first home or
you need to change homes, you should think about your options, with the
possibility of buying or renting. In both situations, and as in all the decisions you will have to make throughout your life, there may be advantages and disadvantages.
When choosing to buy a house, you will be, at the outset, making a more important decision, because it
is necessary to understand that it takes several steps to effectively
have your property, and still a large capital available in order to be
able to bear the costs with the purchase, including initial entry and taxes.
On the other hand, deciding to rent a house is a lighter decision, without so much commitment, because it will be enough to find the right property for you and make a lease with the landlord, it is a much simpler process and does not require so much investment.
Weigh the powders and cons, measuring your financial capabilities for any of the situations, and consider
what can compensate you in the long run, considering that by becoming
the owner of a property, you must also ensure maintenance costs, annual
taxes, insurance and, if you need a credit, monthly installments to the bank.
2. Want to buy? Then know that you need to save
If you really want to go ahead with buying a property, you need to consider that it is not enough to enter a bank and apply for a loan. In
these institutions, their financial capacity will be analyzed, their
effort rate will be calculated and their abilities to become, or not,
the owner of a property will be validated.
The most advisable thing is that if you are thinking of buying a property, start saving as soon as possible. With
time, you’ll have room for manoeuvre to amass as much capital as
possible, gathering, if all goes well, enough for an entrance. Banks do not finance 100% credits, and the owner has to enter at least 10% to 20% of the capital. So make sure you are qualified for this expense, considering that in the long run you will always have to raise money to secure maintenance and tax expenses.
3. Analyze well the location of the property where you want to invest
This is a very important point, and on which the attention it should not so often fall. And it’s important because when
you decide that you want to buy a house, you have to make sure that you
choose the right geographical area for yourself and your professional
or family ambitions.
In addition,
taxes such as IMI vary according to the municipality where you live, so
it is important to research the values practiced, find out about the
rates and make sure that you choose an area suitable for your needs.
Calculate how much it can cost you to live in a certain area, taking
into account the accessibility, need to use or not, transport, cost of
living and offer of amenities and public services.
And finally, when analyzing well the location of the property where you want to invest, you will also have an idea of how your neighborhood will be, avoiding possible problems in the future, if you do not identify with the neighborhood or the area where you chose the property you want to buy.
4. Check that there is no burden on the property
At a stage where you have already decided to proceed with the purchase of a property,
it is important to make sure that there is no burden on it. That is, it
must confirm that there are no debts associated with that property, of former owners, in order to avoid assuming a debt that is not yours.
To confirm this situation, you can go to the Land Registry Office, online or at a service desk, requesting the Certificate of Content.
In this document, you will have access to everything that concerns the
property, including possible debts, liens or mortgages that may be
associated with it. With this document, you can also check whether or not there are associated heirs, or lease or usufruct contracts by third parties, ensuring a clean registration of the property before buying it.
If there is any registration of a mortgage, it should be canceled and may request this intervention in the Finance.
5. Find out about condominium expenses
There
are properties that, being within an urbanization or in the case of
building fractions, have themselves associated with the mandatory payment of condominium. It
is a monthly fee that will serve to ensure the maintenance of common
spaces for all residents, such as swimming pools, elevators, gardens or
parks.
Before proceeding with any contract-promise purchase and sale, inquire about the condominium values and try to understand how payments work,
whether or not there are condominium meetings, and how the dynamics of
housing in which you are interested will work, including information on
which spaces may or may not benefit.
6. Find out about insurance
In addition to the other obligations with condominiums and mortgage payments, you
will have to ensure the two types of compulsory insurance in the
purchase of home, which are life insurance for housing credit and
multi-mortgage insurance.
These two insurances are required by the financial institution as a risk guarantee and can be made through the bank with which it contracted the credit or with partner insurers or insurance companies.
It is important to try to get several proposals for insurance, as the values will certainly vary from entity to entity.
Do the calculations, inform yourself thoroughly about your duties and
obligations and make the right decision for you and your wallet.
7. Analyse the market
Whether you want to choose the ideal home or to get the best conditions in credit or insurance, it is important that you analyze the market to understand the best options at your disposal.
When looking for a home,
we recommend that you look for the services of a real estate agency to
help you find the right property for you, within what you are looking
for. These professionals have access to database platforms that can do comparative market analysis, with access to all the properties that are available in the market, and present you with the best options. Thus, you will have alternatives and options within your budget and needs, allowing you a more thoughtful and accurate decision.
8. Make sure you visit the properties and are aware of their state of conservation
Do not make impulsive decisions. Buying
a house is a decision that must be made with great caution, a lot of
information and certainty. So, visit as many properties as possible, not
just one or two options.
It is important to
pay attention to the state of conservation of the house, making sure
that it is in good condition to avoid having to do works in the future,
if you want a property ready to live. And if you want to effectively do
remodeling, make sure that they are possible, analyzing projects taking
into account the typology of the house.
9. Gather the necessary documents
If you already know exactly which house you are going to buy, we advise you to gather the necessary documents for the formalization of the contract and deed.
The amount of paperwork required in this process is still some, so it
is important to be aware of what is needed for this completion.
The main documents you will need are your identification document and last three payroll receipts, as well as the IRS statement and settlement note; updated credit statement, which you can request at the bank; a statement from the employer indicating his employment relationship and the date of expiry of the contract, as well as the amount he receives monthly; the bank statement of the last three months; the proof of the NIB; the property registration certificate and the property booklet; and finally, proof of address.
10. Ask specialized professionals for help
Buying
a house requires a lot of knowledge and experience, namely to be able
to find the right property and be able to proceed with negotiations with
the owner. So, to make sure everything goes smoothly and quickly,
you should look for an agency or real estate consultant who can help and
advise you throughout the process.
Real estate agencies
have their own property portfolios and often credit intermediaries who
can guide you through the necessary bureaucracies, facilitating the
whole process and telling you exactly what you need to do. Thus, when
hiring these services, you can rest assured that you will have a good experience and find the ideal home for you.
SUPERCASA
provides you with the list of all the agencies and consultants that
disclose on the portal, being able to search for your area of residence
and get the best services and advice. Check them out here.
And do not forget: look at the main real estate portals, such as SUPERCASA and CASASAPO,
and see the ads that appear to you with virtual visits and videos, so
you can have an immersive experience even before the visit. Only the
best agencies advertise on these portals, so you will certainly have a
good experience and ease in finding your dream home!
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