With the economic uncertainties of the country, many people have hung their plans to buy a house for when the financial moment is more auspicious.
Although the real estate market suffers from economic conditions, it is precisely what opens the door to better and lower-priced real estate. Despite this, the financial difficulty and the tight budget still play an essential role.
Define How Much to Spend
Price needs to be one of the factors that you will consider before buying your property, especially considering the time of crisis. So, you need to define in advance how much you want and how much you can spend.
If you already have cash saved or will receive a large amount quickly – like the FGTS – then the property’s value can be close to that amount. If you choose to finance, you need to know how much credit you have, which is usually related to your income.
As the financing can commit a maximum of 30% of your salary, the property’s value depends on your income. To finance a deal of $200,000 in 30 years with a 10% interest rate per year, it is necessary to have an income between $5-6 thousand. Below that, you must set a lower value for the desired property.
Choose the Ideal Payment Method
By talking about financing, choosing the payment method is one of the most crucial decisions in the entire buying process. This definition needs to stem from how much you have available, your overall financial capacity, what type of property you want, and your expectations for the future.
Options include cash disbursement, funding, and the consortium. This form requires that you have a large amount to make the payment immediately. Despite this, you do not pay an interest rate and thus get a better deal.
Already the financing consists of a credit paid in monthly installments over a period that can reach 30 years. With the crisis, the credit supply falls, and interest rates increase, so you need to consider this before choosing.
The consortium, in turn, is a kind of financing in which a group of people comes together to buy the same good. Each participant pays monthly installments, and a person is compensated with the property each month.
Plan How You will give Input
When buying a home, it is pervasive that an entry is required so that the business can continue. However, it is worth remembering that this is only needed for the funding but not in the consortium.
Since you must give this deposit in cash, you must plan how to provide it. It may be the case, for example, to start joining right now to be able, in some time, to have the necessary value to make the purchase. You can also invest in the sale of goods – like the car – to raise money for an entry.
In general, the more planning, the better. Therefore, consider the value of your property and identify the required entrance – the amount can range from 10-50%. With that in mind, figure out how to raise this money and prepare to make that entry at the right time.
Do Not be too Lazy to Search
With the set amount and the correct payment method for you, it’s time to start searching. At that point, laziness must be left out, or you will not find the property perfect for your needs. Therefore, for a successful search, it is necessary that you correctly define the priorities of your property. What cannot be missing? What are the most critical factors for your satisfaction with the purchase? How is the property of your dreams?
Set this correctly and start preparing to evaluate dozens of other real estate. While it is necessary to make concessions, you will find the property that best meets your needs with proper research.