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Buying your own property is one of the most important achievements for any person or family. We know that this journey requires planning, organization and patience. In order to help you make this important decision a success, we have compiled four tips to guide you through this process.
4 Steps to Buying a Property
Follow the most relevant news about the real estate market and the main scenarios outlined by experts in the economy in general
Whenever you are buying a property, evaluate the most relevant information about the real estate market at that time. Always be aware of opportunities that may arise due to these variations. There are some indexes that can help you understand how the market behaves.
Some of the key indices to keep an eye on are
- INCC (National Civil Construction Index)
- IGP-M – General Market Price Index
- FIPEZAP (index calculated by the Economic Research Institute Foundation; Updated on 19/01/2018)
- ICC (Consumer Confidence Index, calculated by FGV through the Brazilian Institute of Economics)
- Interest rate SELIC (Special Settlement and Custody System).
Taking a brief look at the current indexes, we can see that the SELIC rate (basic interest rate) began 2017 above 13%, reaching 7% at the end of 2017 and with forecasts of reaching the end of 2018 below the current level. At the end of 2017, the Consumer Confidence Index (ICC) reached its highest value since January 2015.
Along with this, the performance of savings accounts in Brazil also increased in the second half of 2017. In December 2017, savings accounts had record monthly collection with a net inflow of 17 billion after 2 years of withdrawals. This is great news for those looking to finance a property, as savings are the main source of funds for real estate financing in Brazil.
The data indicate an economic recovery in 2018 and, consequently, a heating up of the real estate market that is already being positively impacted by the increase in demand for properties since the second half of 2017, motivated by the fall in interest rates and the increase in the supply of real estate credit.
Ricardo Amorim, economist, speaker and columnist (for IstoÉ) brings his perspectives on the current market situation.
Source: https://www.youtube.com/watch?v=d9_WamhHuJs
Define the type of property and your financial limits
After understanding the current market scenario, it is important to define the type of property you intend to purchase. Define what your family needs and wants, ranking your main requirements and criteria for evaluating the property.
Once you understand this, the next step is to study how much you can spend. Generally, the smaller the financing, the better. However, we know that it is not always possible to make the purchase in cash. If you intend to finance, know your financial limit and carry out loan simulations with several banks before starting to look for your property.
Check the basic documentation you will need for financing. Although each financial institution has its own credit assessment policy, we have listed the main requirements requested by banks for real estate financing:
- Marriage or birth certificate
- ID and CPF
- Proof of current address
- Income Tax Return Receipt
- Three latest proof of income, up to the last 6 may be required
- If you are using your FGTS, you will need the statement, authorization for withdrawal, letter from your employer and also your professional card.
Search for offers, evaluate companies and VISIT developments
Once you understand what you want and what your purchasing conditions are, it’s time to research the available offers. The internet is the main research environment. Studies show that more than 90% of all property searches in Brazil are already done through online channels. Therefore, research and see which developments are available and then visit the properties in person, prioritizing those that best fit your profile. Check out some tips to support your decisions at this stage of the journey.
- Search for location and information about the neighborhood, accessibility, safety and aspects related to well-being such as parks, green areas, cycle paths, sports fields, etc.
- Carry out visits to the property site at different times.
- In the case of used properties, if possible, it is advantageous to talk to the current residents of the condominium and the building manager, always evaluating differences in terms of the quality of the development, common areas and condominium management.
- If the property is new or even if it is still under construction, research the construction and development company, its history, other projects already delivered, whether it meets deadlines, whether there is information that compromises its suitability, etc.
- Research the variations in the price per square meter of other properties in the area and, most importantly, research the reasons behind these variations. The main price variations are usually related to location and construction quality, as well as aspects related to the concept and solidity of the construction company, as well as the added value that one property offers in relation to another.
- Be sure to visit the construction site and/or the decorated ones at their sales centers.
Decided to buy an apartment? Prepare for the negotiation and closing process
You've done a lot of research and now it's time to solidify your purchasing decision. Ask the broker, manager or even the owner of the property any questions you may have and be wary of any overly-extraordinary features. Remember: price is not always the deciding factor in closing a good deal.
Before signing any contract, consolidate and formalize all the information provided verbally by the broker/real estate agent. A good tip is to send them an email confirming the information shared during the meeting and requesting their “agreement” on all issues. This reduces conflicts caused by miscommunication or poor business management, in addition to strengthening the understanding of the agreed terms. Furthermore, this can help you when it comes to involving other people in the decision-making process, such as your spouse, relatives or friends.
In the buying process, bureaucracy is a challenge. And to help you, we have put together a list of documents that must be required from the seller and regarding the property:
Seller Documentation if you are a company:
- Copy of CNPJ
- Certified copy of the articles of association/articles of association
- Documentation registered with the Commercial Board of changes to the contract/statute
- Certificate of payment of federal contributions; Negative certificates from the seller.
Property Documentation:
- Property title with registration;
- Negative certificate of real estate encumbrances (proving that the property is free of debts);
- Negative IPTU certificate;
- Registration of the construction with the Property Registry;
- Record of repossession actions and sales (proving that the property was not sold informally);
- Copy of the payment slip with the TCA (Registration and Assessment Fee) payment record;
- “Occupancy Permit” letter (license of use);
- Floor plan;
- Leasehold certificate (for buildings constructed on leasehold land);
- ART of the engineer responsible for the work;
- Purchase and sale option correctly filled out, dated and signed.
We have also separated the documentation that will be required from you, the property buyer:
- Copies of ID, CPF, marital status certificate, public deed of prenuptial agreement and updated proof of income;
- Certificate of payment of federal taxes (if you are a merchant);
- Negative certificates (Federal Justice; civil actions; tax enforcement; protest of titles; CND/INSS debts; interdiction, guardianship and curatorship; active debt of the Union if you are a merchant).
Plan your finances as well. With the offer in hand, ask the bank for a projection of the first to the last installment of the financing. If the financing is done directly with the construction company, ask for the projection of installments and a simulation in case the debt is transferred to the bank.
With proper planning and evaluating what your family needs, we believe that achieving the dream of owning your own home can be easier. We hope this content helps you on this journey. Happy shopping!
Are you interested in buying a property in the most exclusive neighborhood in Brasília?
THE Emplavi will deliver 2, 3 and 4 bedroom developments in Noroeste in 2018. The properties in the developments Orchid Park, Ipês Gardens, Flamboyant Gardens and Hibiscus Garden are in the final stages of finishing.
Founded in April 1982, Emplavi has been distinguishing itself for 40 years years in the real estate market of the Federal District as one of the largest and most well-regarded development companies. The company has already delivered more than 30,000 properties, strictly on time and with a differentiated standard in quality construction and finishing. It combines traditional technologies with avant-garde ideas.
Check out this opportunity today and make your dream come true, knowing that you have made the best deal!
Schedule a visit to our site today Emplavi Noroeste sales and decorated center – SQNW 102 and be amazed by the quality and sophistication in every detail.
Access www.emplavi.com.br to learn about our projects and visit our blog to stay up to date with everything that happens in the real estate market, tips and much more!
Talk to one of our authorized consultants through our WhatsApp (61) 3345-9400.
Sources:
https://epoca.globo.com/vida/noticia/2013/09/12-dicas-para-bcomprar-seu-imovel-b.html
https://andrebona.com.br/3-tabelas-imobiliarias-oficiais-que-voce-precisa-conhecer/
