Owning your first property is a big step in anyone’s life, especially when the dream is first apartment. On the other hand, the lack of instructions when making such an important decision can turn the dream into a terrible nightmare.
Then, also see our special about change: Check out tips for renovation, organize your move and how to organize your home and still have time to take care of your beauty.
Check out 17 tips when buying your first apartment
Therefore, to help you choose the right property, and know the step-by-step guide to avoid making any mistakes when purchasing, we have put together 17 valuable tips that will help you in this mission.
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1. Define the type of apartment
This is the first step in finding the new apartment you’ve been dreaming of. The model of your first apartment must meet your expectations in terms of: size, number of rooms and cost. And speaking of cost, we come to step number two.
Next, define what benefits you want for the building, such as a swimming pool, gym or party room. These extras must be in accordance with your or your family’s lifestyle.
2. Evaluate your expenses
Assessing expenses is the second and main step in choosing your first apartment. It is by studying your monthly expenses and the percentage of money you can save that it will be possible to analyze the amount you can pay in installments.
This study will also show how many months you will have the amount needed to make a good down payment and reduce the amount of payments.
3. Be financially prepared
What many people who are going to buy their first apartment don’t know is that there are a series of “extra costs” when buying a property, such as: documentation, inspection, taxes, in addition to interest if the property is financed.
Therefore, when looking for a new home, look for those that are below your bank limit.
4. Decide between an off-plan, new or used property
Deciding between the three options is an important step before creating a research itinerary, because in addition to narrowing the search field, each of them involves a different purchase cost.
Think long term, an old building, for example, can have a larger apartment with better value for money. But what is the condition of the building? Is it very deteriorated? If you need to sell this apartment, will it appreciate in value? Or devalue, due to these conditions?
In this other example, an off-plan apartment, in a region that is developing rapidly, may be much smaller, but thinking about a future scenario, it will become a better investment.
However, in this regard, we have to take into account the buyer’s profile. If due to the person’s lifestyle, space is essential, then this issue will need to be re-evaluated.
Research property launches with new business formats
In the real estate market, there are several launches with unusual formats, within the new sharing trends. There are properties that offer the option of shared cars. Restaurant in the project, vegetable gardens for residents and many other innovations.
So take the time to research the releases. This will broaden your view of opportunities and bring new perspectives on the sector.
5. Create a research script
After completing the first four steps you will see that your search will be much more refined and that the visiting options will decrease. As a result, you won’t have to go out on the streets randomly hunting for an apartment.
6. Research the construction company
It is important to know that buying an apartment off-plan is always a risk. Despite being cheaper, it is necessary to research a lot about the construction company on reliable websites, or with people who already live in one of the company’s projects.
As a result, you will be able to know if there are complaints or any other problem during negotiations.
7. Find out about the value of the condominium
Here, we have an extremely important step, as the condominium will be a fixed, monthly expense and could put a huge strain on your budget.
Sometimes we think we’ve found the apartment of our dreams, but when we discover the value of the condominium we change our minds.
Also check with the building manager if any increases are planned for this amount, such as renovations to the building or other issues that could further increase expenses for the building’s residents.
Also evaluate whether benefits such as swimming pool, gym, party room, among others, offset the value of the condominium. And how much would you pay separately for these services, if they are not included.
8. Research the previous owner
On the other hand, if your first apartment is new, research the previous owner, see if there are any outstanding debts on the property or if he is a trustworthy person.
Don’t know how to find out all this? Search at a registry office and talk to your neighbors, they will give you all the information you need.
9. Check for any type of irregularity
This step is very important to avoid future expenses and even legal problems. In this case, the best person to help you with the investigation is an experienced real estate agent.
He will help you check all the necessary documentation and, if any irregularities occur, he will certainly alert you.
We have an example, where when buying an apartment with a garage, the new resident discovered only when storing his car that the previous owner had sold the parking space to another person in the building. However, he did not warn about this issue at the time of negotiation. So there were years of fighting, until it was decided who was the owner of the vacancy… Therefore, wear and tear like this can be avoided with simple questions and research.
- Then, also check out: Why is having a regularized property good? Do you know what it means to have a regularized property? In addition to the various benefits that this action can bring you, not having it can generate fines and unforeseen events, especially for those who intend to sell or rent the property. Find out everything about how to regularize, as well as the advantages and disadvantages!
10. Take location into account
Having a dream apartment can put several amenities at risk, such as being close to markets, pharmacies and even work.
Therefore, it’s worth putting all your expenses on the line to see if it’s worth the transportation costs or if it’s better to have an apartment that’s a little smaller but guarantees easy access to the places you need.
In addition, evaluate the traffic in the chosen region. Equally important, this aspect can save you a lot of stress in everyday life.
Therefore, take into account whether the street on which the property is located has different possibilities when arriving and leaving. What are peak times like? Are you the type who stops everything? Therefore, it is worth traveling around the region at these times before deciding to purchase.
See also: Small apartment for men – how to decorate and creative tips to maximize space.
11. Get to know the neighborhood of your first apartment
It seems insignificant, but knowing who you will live next to is a delicate and extremely relevant subject. After all, if you’re looking for a quiet place you need to know if your neighbor listens to music all day or if he has five dogs that love to play and bark, right?
A valuable tip before considering this step complete is to visit the apartment at different times.
12. Study the condominium rules
Before closing the deal and buying your first apartment, talk to the condominium manager and evaluate the rules. For example, there are businesses that do not allow animals or that hang clothes on the balcony, these details will help you avoid being punished.
13. Ask whenever there are doubts
It is common that after a long conversation with the apartment owner or the realtor, you arrive home and remember several other details that you forgot to mention. In this case, call again to ask about anything necessary.
As a result, your purchase will be safer and you will give the seller even more confidence, as you are interested in the details. This tip is also important to avoid any type of deception.
14. Know how to negotiate
Before arriving at the final value of your first apartment, it is worth negotiating to see if it is possible to make some type of value reduction, whether in the down payment, the installment or even the number of installments.
Try not to argue with the seller or use your authority to try to lower the value, in addition to not doing so, the broker or owner may withdraw from the sale because they think you are a bad payer.
On the other hand, try to expose your financial condition and try to reach a value that is pleasant and fair to both parties.
15. Study the value of the installments
It’s cliché to have to remember that buying a property is an investment that requires long-term financial stability, but it is extremely necessary.
For example, if you managed to save a good amount of money capable of making a considerable down payment on your first apartment, this does not mean that in 5 or 10 years you will have enough money to pay the installments.
To avoid this type of situation, carefully study the value of the installments and evaluate the interest added according to the years. In other words, sometimes it pays to pay higher amounts in the short term with a lower interest rate.
16. Think of the apartment as a future investment
As much as it is a dream, you need to think long term too. Therefore, purchasing a first apartment is an important financial investment. So, think about the advantages and disadvantages of your choice from this perspective. If it is, it is still a good future investment, or it will lose its value over the years.
The important thing is to try to balance quality of life, with a property that is also a good investment and that fits within your conditions. To do this, take into account the region and its development opportunities, building conditions, available transport options, and condominium value.
An example: a place with many colleges or hospitals and doctors’ offices has a high turnover of residents. This makes it easier and faster if you need to sell or rent the apartment.
17. Formalize the negotiation of your first apartment
If you spoke personally with the broker or directly with the apartment owner, it is very important to formalize the entire negotiation. So, the simplest and fastest way to resolve this is through email.
As a result, it will be safe proof for both parties in case there is any type of non-compliance with the agreement.
Finally, finalize your purchase and collect great moments in your first apartment!
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