As much as each person has their desires and goals in life, some dreams are usually shared. An example of almost unanimous aspiration is the acquisition of homeownership. The detail is that acquiring your property to call your own, thus ensuring a home, more quality of life, and the beginning of building personal equity, is always a challenge.
But it is much more possible than you might think! Living for rent is, in many cases, much more expensive than making a mortgage or even joining a real estate consortium!
Organize Your Finances
The first step in acquiring a property is to set up your accounts and have the value of your income at the tip of the tongue, how much you can save, and how much time you will have to kick start this new step. In this phase, the basic mantras of personal finance are worth it:
- Write down what you are spending.
- Find out where you are wasting money.
- Adjust your spending habits to make your salary pay more.
Here, it is also essential to evaluate the size of your debts and set a deadline to clear them, guaranteeing a clean name to start the process of buying your apartment or the house of your dreams. Are your debts large? No desperation! Focus on paying those with the highest interest rate first, then remove the smallest ones.
Try to Save Monthly
You have organized your finances to equalize the debts, and now you can predict precisely how you will earmark your salary from then on. It is time to start saving actual money! Ideally, you should save about 30% of your earnings each month. However, it is not worth putting the money under the mattress, okay? Look for safe and profitable investments to multiply that amount.
Choose the Form of Payment
Every economist reads the book that the best way to acquire any good is to make a cash payment to get good discounts. However, being realistic, taking away the total value of any property at once is a very remote alternative for most of the population. The good news is that there are alternatives to diluting this payment in installments. There are two ways to do this:
Financing
In this process, the buyer turns to a funder. After giving the entrance value, be it with the money saved or even with the FGTS, begins to pay the monthly payments. In general, the funders make some demands to provide this service, ranging from proof of income to the cost of semiannual or annual rates higher than the conventional monthly payments (called intermediate installments) and, of course, to require a clean name of whom it intends to finance.
Consortium
Another alternative is to enter a real estate consortium. In this modality, the consortium does not need to pay entries, making only the monthly payment of the quota according to its financial conditions. He can be credited with the letter of credit as soon as he fulfills a predetermined grace period or as soon as he finishes the appropriate payment. In addition to dispensing the entry value, the consortium is also advantageous to have fixed installments without interest. In addition, the operation is guaranteed because the Central Bank supervises it. Lastly, you can direct the money saved for the entrance to other expenses of your new property!
Search for the Right Property
One of the most pleasurable steps of buying a property is the search for the ideal place. Just remember that here, the first step should be to stipulate a figure that fits in your pocket. Then, think about your needs regarding the location and size of the property. This step, however, should also be given with caution.
Therefore, do not tire of looking for alternatives, comparing prices, knowing your future neighborhood, and being aware of the property’s new or used conditions. You want to avoid problems like damaged structures. And how to correctly assess the property you are about to acquire is essential. It would be best if you considered looking for professional help.
Rate Extra Expenses
It is okay that effectively buying the property is the most challenging, but it is not all. It would be best to consider your expenses when acquiring a new property. Here are necessary expenses, such as renovations and paintings, in addition to the purchase of furniture and even what you intend to invest in making your new home with your faces – such as decoration, structural changes such as the layout of the wiring, or even entire walls and rooms. If you have opted for the consortium, you can count on that money saved by following our first tips to deal with those investments!
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