5 steps to get out of rent and finance your own home
The desire to leave the rent does not arise overnight, but it certainly comes surrounded by doubts and insecurities about payments, changes in the country’s economy, interest on financing, among others.
In a way, this is natural and very healthy, after all, real estate financing involves a few months or years of financial commitment and redoubling attention when hiring helps you to make better choices, doesn’t it?
That is why planning is so important. The actions you need to take begin well before signing a financing contract. In this post, we list 5 steps for those who want to get out of rent. Check out!
1. Save money
Saving is always very important, but saving money is even more. That’s because, by saving, you reduce costs and, by saving, you direct resources towards a specific objective. In this case, to enter the chosen property.
So, cut expenses and superfluous purchases over a period. Look for more economical alternatives to your routine, such as, for example, replacing commuting by car with the subway or bus. Taking lunch from home also helps to reduce spending on restaurants.
With the amounts saved, look for an application with good earnings performance, but without long and restricted terms for its redemption, which is what determines the liquidity of an investment.
You can also segment your investments, placing a part in applications with immediate redemption and another amount in those that yield more, even if they have less liquidity.
But be careful: don’t just analyze the yields. Also, take into account the rules for redemption. When the redemption is made too early, income tax may be charged in advance at higher rates.
Another good reason to save money is that unforeseen events can happen during the financing period and, with an emergency reserve, it is possible to honor the installments’ maturities for a while.
2. Make good personal and financial planning
In the same way that saving and saving money is important, it is also essential to plan how the values will be applied and other expenses that appear in parallel paid off.
This is the case of the bride and groom who, in addition to buying a property, also dream of a wedding and honeymoon party. If everything is planned carefully, the couple can determine how much they need to save each month, negotiate with suppliers in advance and guarantee discounts.
This care with finances also applies to personal life. The arrival of the children, a resignation from a job or any other change in the family’s logistics also needs good planning.
3. Choose the best form of payment for your property
The choice of payment method for the property is the high point of the strategy. Ensuring a good financing contract results in better interest rates, easier payment terms and other benefits.
There are different forms of interest charges, conditions for advance payment of installments and insurance, mandatory or not, that can be negotiated in this process.
A good idea is to talk to a specialized real estate agent. As he works in the market, he is able to give guidance on the best financing options and items that you really need to hire to stay protected, as is the case of death and permanent disability (MIP) insurance. Those carried out at the brokerage itself, in fact, are much more uncomplicated.
Solutions like real estate consortiums have many rules for use. If you cannot bid high, you need to wait until you are drawn to take advantage of your letter of credit. In situations like this, the dream property with a good payment condition can escape your reach and frustration take over.
Therefore, choose the payment method according to your needs and convenience, talking to a broker who is an authority in the market and can offer important tips.
4. Search for the ideal property for your needs
Start looking for your property, but first make a list of the features and benefits you would like to find. This makes it easier to compare two options and assess whether the selling price is compatible with the differentials that the house or apartment has.
Consider not only the physical characteristics of the property but also surrounding facilities, such as bakeries, gyms, bus lines, if the neighborhood has flat, paved streets with good lighting. Such characteristics will make your routine more pleasant, right?
It is also important to have an investor view when evaluating properties, considering the potential for appreciation. Neighborhoods in organized growth, with a definite view of a tourist spot, with good security levels or which have attractions, tend to increase over time.
So, in addition to choosing a property to escape rent, by rationalizing your search, determining what you want to find and what will add value for the good, you also guarantee that the invested resources bring a return in the future.
5. Consider extra expenses to get out of rent
Visiting real estate will make your heart beat faster to get out of rent as soon as possible, but in order not to rush, first, consider the extra expenses you will need to pay in this process.
In addition to the notary costs, which will be part of the purchase transaction, it is also necessary to put into account the expenses with small repairs that will be necessary before handing over the rented property, such as painting the walls, maintaining safety nets and other details provided for in the rent contract.
Expenses with removal companies, installation of new cabinets, electrical wiring, among others, must also be mapped for a safe transition and without bad surprises. And that goes for both new and used properties.
Getting out of rent is a major advance in property construction, after all, it is the chance to stop having an expense that does not bring return. With a property of your own, you have a property in constant valuation and do not run the risk of one day running out of place to live.
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