Unless you can buy the property in cash, a good option is financing. After all, this is the choice of most people who buy their first property. However, if you already have an apartment and are looking for another one, you can choose to refinance or give it away.
Real Estate Financing
The minimum amount to finance a property depends on variables such as the price of the place and the amount available for a down payment. But when it comes to financing, the rule is that:
- The down payment corresponds to at least 20% of the property price;
- The installments commit up to 30% of the family’s income.
Furthermore, the conditions for financing vary from bank to bank.
Real Estate Refinancing
Refinancing is a loan with a property guarantee. That is a loan on which your current property serves as a guarantee of payment. You can learn here how to refinance your property!
In this transaction, the property you own serves as a down payment for the purchase of the new one. This link has more information about payment in kind.
Among what to know before buying an apartment are the expenses involved, which go beyond the property’s value. For example, there are buy and sell fees on the
- Real Estate Transfer Tax (ITBI);
- Property registration;
- Public deed, charged for cash purchases.
These costs vary, but on average, are around 4% of the property’s value.
The simplest way to find the best bank financing is to run simulations, but understanding a little about economics helps too. This reduces the cost of funding for banks, which tend to pass this drop on to customers. Therefore, with falling interest rates, mortgage rates become super attractive.
And Now, How Do You Choose The Place To Live?
You’ve already figured out what to know before buying an apartment with Quadwalls, so now it’s up to you to find a place to live! We have already talked here on the website about choosing the right place to live, how the virtual visit facilitates the search and the criteria that should be analyzed during the face-to-face visit.
If you’ve read the texts and followed our advice, you’ve probably found the perfect neighborhood and property! However, if you haven’t read our articles yet, no problem! Let’s remember the main tips they bring:
Take your routine into consideration when choosing a place to live;
Also, consider your lifestyle and preferences;
Assess displacements in traffic;
Prefer places with a variety of services and businesses;
Find out about the neighborhood’s urban infrastructure;
Prefer properties with natural lighting and ventilation;
Check the structural conditions, electrical and hydraulic networks;
Know the rules and fees of the condominium;
Know the neighborhood, both the condominium and the neighborhood;
Talk to people and ask questions;
Visit on different days and times.