There is a right time to buy the property and a time that will not be so favorable. The right time is when you have the bills in days, you will only commit 30% of the family income and other factors that we will list below. The unfavorable moment involves debts, the inclusion of the name in the SPC / Serasa, uncertainties in the market, and mainly a lack of personal finance planning.
To clarify when the time is right for purchase, you need to take into account different factors. Know more:
Discipline to buy a property
The first step is to note expenses in relation to income, an income spreadsheet is ideal to help you know how much you will need to save or invest. It is important to be clear about the money that is coming in and what is coming out. This control helps in knowing what money is being spent on and what items can be cut.
When you have the discipline it is possible to know where the money is going and how it can best be applied. It’s the best way to keep your feet on the ground and take responsibility for your expenses.
The right time is without expenses and debts
Get rid of expenses and services that you do not use or that represent an unnecessary expense. We buy things and even subscribe to services that we don’t need and in some situations, we don’t even know the real purpose. It could be the subscription to a magazine that you’re not even reading often, the gym that occasionally appears, and other expenses that can be left out.
It is important to get rid of subscriptions and other expenses that you do not usually use, even if they represent a few dollars. These can be, over the course of a year, an expense that amounts to hundreds of reais. Those expenses such as financing the vehicle can prevent the release of the financing of the property and also need to be paid off.
Analyze the market
The instability of the real estate market gives rise to negotiations on good financing conditions. Prices are falling and it is possible to adjust the interest rate according to the income and still use resources from FGTS – Guarantee Fund for Length of Service.
In some cases, it is possible to finance up to 75% of the total value of the property, if it is new. In addition, the greater offer of real estate and short money tends to decrease the values. The latest survey carried out by the Fundação Instituto de Pesquisa Económicos (Fipe) for the period from November 2014 to October 2015, shows a 7% drop in property sales across the country. It is the tenth consecutive time that the index variation has been lower than inflation on the same basis of comparison.
In real estate, the values had a decrease of around 5%, but in some extreme cases, the reduction was up to 20% in the price of properties for sale. It is important to research values, conditions, the best banks, location, and also take into account preferences, after all buying a property is laborious, but it needs to meet our needs.