Buying a property is not an easy task. The work that you have goes from choosing the location to thinking about the smallest details of the renovation, which brings you to the big point of every property purchase, the planning.
Thinking about these points even before buying the property can relieve you of major headaches. So, check out 5 important steps when you plan to buy your property.
Assess Your Budget – The First Step Always Starts With Savings
As stated in the title, the first step to buy any property is to assess your budget. To do this, start by creating lists of everything you do and what financial impact these activities, purchases or debt have on your life.
This list might start, for example, with your core accounts. Everyone needs water, electricity, gas and internet nowadays. But isn’t it possible to control expenses with the rest of the items on the list, such as the market, weekend trips and the like?
The great point is that you don’t have to go crazy counting all and any expenses you have in your day to day. Just notice the items on the list that you are overspending on.
“Whenever you can, cut unnecessary expenses and save as much money as possible. Small actions can make a big difference in the future”
So, be strong-willed and don’t give in to temptations. Don’t buy that fashionable jacket, or eat at that expensive restaurant, if you really don’t have the need.
Get Your Debts Right – Remove the Obstacles Before You Begin
Everyone knows that today, to buy a property, it is necessary to think about the possibility of a loan. If you have enough capital to pay off your apartment or house in cash, you don’t have to worry about it.
However, for those who don’t have that capital, borrowing is a real possibility. Therefore, having accumulated debts can prevent you from getting it and, consequently, not allow you to buy the property.
The outstanding balance must be paid as soon as possible. That’s because the longer this debt accumulates, the higher the interest on it. Thus, these expenses, if added to those of a property, can take you out of the game even before it starts.
Think that the property purchased carries with it the promise of investment and equity for future generations. But that also brings numerous installments of constant payments and for long periods of time. Think about it very carefully.
Our advice is: Try to remove your name from defaulters as soon as possible. If your debts are too high, negotiate with your creditors for possible installment payments.
Assess your Needs – Thinking about your moment in life is essential when planning
So far we’ve been talking about money. Another step in your planning to buy the ideal property is to quote your needs when purchasing it. Factors such as family, professional perspective, security and property infrastructure are the key to the success of your planning.
This is because, as mentioned before, it is a long-term investment. And the installments of your application should bear fruit in all these areas, for your full satisfaction when acquiring your equity.
Having the ideal number of rooms for leisure and the good experience of your family can make you achieve a very good quality of life. If you achieve this quality combined with professional security in your industry, this quality doubles.
That’s because, in addition to being able to be comfortable and enjoy the family when you get home from work, you also won’t have to worry about having to sell the property for a future transfer or dismissal.
The security of being in a neighborhood with many businesses and a low level of violence, in addition to a property with infrastructure for all tastes, can complete the package and make you stay for a lifetime.
Cost X Benefit – Research will always be one of the steps for an ideal planning, don’t underestimate it
Since school days, we are taught to do research, whether before a group work or a test. In your planning to buy property it is the same thing. Searching can give you good market visibility.
This visibility, in turn, can open up a range of options when choosing the ideal property. In addition, you will be able to analyze the cost versus benefit, and decide what is best for you.
This step aggregates the first item on our list (evaluate the budget) with the third item (realize your needs). Which, consequently, will make you even more satisfied when purchasing the property of your dreams.
The perceived value of the property you are looking at may change depending on the research you do. For example, your thinking will change if you find a property similar to the one you have your eye on – in almost every feature – but which has a higher or lower monetary value than the first one you saw.
Construction and Documentation – See who is building your home so there are no surprises in the future
Some builders have concept properties and plan the experience that exists within their investment before offering the product. Whereas other builders apply strategies based almost entirely on cost.
Also find out if the construction company has all the documentation in order for the construction of the property. Properties with work stopped due to lack of contractual regulations can delay the delivery of the property and your dream.