At first, buying a property seems to be one of those decisions during dinner, from one day to the next. But many factors weigh on that choice. First, look at yourself and assess your needs, projects, and financial condition. Only after this session of self-knowledge do you have to go to the most desired phase: choosing the property.
But no hurry! Remember that a critical phase comes before financial planning. Without it, you run a severe risk of changing your feet by hand, making a commitment that can result in a pure headache.
If buying a property is in your plans, pay close attention to the information we put together in this post to help you in the initial steps when you need to organize yourself financially. Follow the content we have prepared right now!
The ideal time to Buy the first property
Many people wait long enough to find the right time to commit to this dimension. And it must be so! After all, it is very natural to be afraid of such a delicate choice, for it touches on several important points. Among them are:
- The location of the property.
- The fine physical structure of the family.
- The lifestyle you intend to lead.
- The opinion of the other members of the family.
- The financial commitment that it will assume.
Pay attention to all this so that the dream of the first property does not turn into frustration. And do not forget that while you’re paying the installments, you may not be able to afford to buy a new home if the first one is inadequate for your needs.
So, once you realize that that property is not big enough for everyone, that you have structural problems, or that you are in a place that does not fit your standard of living, thinking about a new one may not be that simple.
As you can see, choosing the right time to buy the first property requires you to know yourself and evaluate all these factors. But how can I make this complete evaluation? Keep reading!
Be confident of the Standard of living you want
As we said, the first step is to know yourself, analyzing your perspectives and desires for the future – including about the family you intend to form. Only then can you look at the options and see the beauty and the adjustment to the standard of living that you want.
Have a previous Financial reserve
From now on, put financial security always as a priority. Only after meeting your basic needs should you chase after your dreams.
Having money saved, a reservation is essential to ensure you will not suffer suffocation at unexpected times. This extra also covers possible expenses with the change because you will not have to pay only the property’s value. Here’s what you’ll spend in addition:
- Payment of taxes, fees, and documentation.
- Possible structural adjustments and finishing improvements.
- Repair any problems, especially in the purchase of used real estate.
- Expenses with freight, disassembly, and assembly of furniture.
Saw? You should not even think about buying a property if you did not save in advance to cover it all! And that’s the cue to our next point: sometimes you must give up some things to achieve more important goals!
Be willing to Save and make concessions
To prepare for the purchase of a property, you will need to make choices. Go out twice a week, order food every Saturday, or do extra shopping often: were these expenses commonplace in your life? Maybe they must be left in the background to give way to the realization of their dream. Be ready!
Every unnecessary expense takes you away from your goal. Be willing to economize and give up (always in a balanced way) hobbies and habits that may be constant in your life.
We’re not talking about letting go and not having a few more fun times. What happens is that each expense needs to be chosen carefully, in a planned way, without departing from its financial goals. That’s right: you’ll need to set goals if you want to conquer your property and not stifle your budget.
Remember: You can always track your performance if you know where you want to go.
Clarity about what is a Priority
Aside from worrying about the financial issue, you also need to evaluate the property, comparing it to your priorities. For some people, a well-located neighborhood is more important. For others, it is better to live far away, since having a larger space.
While some prefer the more spacious living of a home, others like life more in an apartment with all the practicality and security it provides. If you do not think about these priorities, you may jeopardize your dreams for the new home.
Be aware of your Financial capacity
Have you ever heard that you should not try to hug the world with your legs? This saying also has a lot to do with the moment! Having a good, well-located, spacious, and comfortable property may be your will, but let’s face it: we are not always financially prepared to afford it.
Know your financial capacity. It is imperative not to make decisions that will overburden your budget. If you hire financing or consortium with very high installments and delayed payment, you can lose your dream real estate! So, know the limits of your pocket. It is one of the most basic tasks before deciding to buy.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.