The first property is the dream of many people, but it is essential to plan well to achieve this goal.
This acquisition requires a high investment and a commitment from the buyer, which requires important care not to have problems making the necessary payments or regret the choice.
However, it is natural that questions arise about how to do this. Do you also have these doubts?
To help at this very important moment, we have separated 5 essential tips for you to get your purchase right and not run into difficulties after closing the deal. Follow up!
1. Define the property type:
When looking for the first property to buy, you will find several options: houses or apartments, penthouses or Garden apartments, on-plan, new or used, condominium or individual, etc.
All of this influences the cost, availability and payment method, so this decision must be made to ensure error-free financial planning.
When hiring a real estate agency, informing the characteristics you want, the professionals will be able to search for the available options that best suit your profile, facilitating your search for the ideal property.
2. Choose a good Location:
The location of the property will influence your routine, so it should be calmly evaluated. Consider issues such as safety, distance from points of interest and access roads to define your preferred neighborhoods.
This factor also influences the costs and valuation of the property. If you have doubts about the best option to invest, always talk to an accredited broker.
3. Consider the down payment for the purchase of the first property:
Financing is the most common option for a purchase, but it requires a down payment, which varies by credit line and property type, and usually starts at 10% of the total amount.
However, the amount required is also influenced by your income. The value of the installments are limited to 30% of your gross income, and this can modify the amount you will disburse with the down payment.
The tip is to simulate with several financial institutions to check the required down payment for your credit profile. In this way, you also already analyze the value of the installments and other conditions offered.
4. Plan the rest of the Payment:
It is not enough to plan the down payment: you need to consider the value of the installments to have peace of mind with the payment of the property. It’s no use assuming very high installments, which will compromise your standard of living and may become unfeasible in the face of unforeseen circumstances.
Analyze the budget carefully to set the limit on the amount of the installment and always keep a financial reserve in case of unforeseen events. Another important precaution is to consider the other expenses involved in the acquisition, such as notary fees, property inspection, taxes and moving.
Check the applicable regulations to see if you and the property meet legal requirements.
After evaluating these items, be sure to visit the property or check the design (if it’s on the floor plan) to ensure it has all the features you want.
Also, evaluate all the documentation and read the contract carefully, so you will have all the security you need to buy your first property.
6. Choosing a real estate agent to buy your first property in London:
When looking for the ideal property to help you buy property in London, you should look for an institution that has market consolidation and offers full support for the process. Also, you should check:
- if the real estate agency is registered.
- The company’s work history with other clients;
- The properties negotiated by the real estate agency;
- The quality of support offered.
When buying real estate in London, the right real estate agency for you is Bridge. We work with real estate in all areas of the state capital, offering personalized support according to your profile and needs. We also offer partnerships with solid developers and excellent homes in the best neighborhoods.