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With the return to routine, September also brings a new cycle of decisions.
For those who want to buy a house in Portugal in the coming months, starting now allows you to set the budget, get to know the real estate market better and get to the moment to choose a property with greater decision-making capacity.
Are you going to buy a house? Start by setting the budget
Before you start looking for a house and visiting properties, it is important to understand how much you can invest and, if you need financing, know your debt capacity.
When assessing a mortgage application, financial institutions analyse factors such as regular income and expenses, professional status and other existing credits. The Bank of Portugal also sets limits on the granting of new credit, namely regarding the ratio between financing and the value of the property and the weight of instalments in the household's income.
Home loans: compare before you decide
If you are going to use financing to buy a house, do not just consider the value of the monthly payment. Compare different proposals and analyze the conditions presented in the European Standard Information Sheet (ESIS).
The APR, which represents the total cost of credit, the spread, commissions, insurance and the type of interest rate are some of the elements to be considered. In credit for permanent housing, institutions must present simulations for the fixed, mixed and variable rate modalities.
Analyzing the financing in advance allows you to make a more informed decision and avoids concentrating one of the most important stages of home purchase in the final phase of the process.
Define the criteria for searching for a house
With the budget defined, establish what you are really looking for in a property. Location, typology, area, parking, outdoor spaces, proximity to schools or transport and state of conservation are some of the criteria that can guide the search.
Distinguishing essential characteristics from those you would be willing to give up makes the search more efficient. In addition, it also allows you to compare properties objectively and avoid visits to properties that do not match your needs or financial capacity.
Visit and compare different properties
Photographs and virtual tours are useful for making a first selection, but they do not replace a visit to the property. Being on site allows you to evaluate aspects such as luminosity, noise, state of conservation, distribution of areas and surroundings.
If a house arouses interest, consider making a second visit. Whenever possible, choose a different time and take the opportunity to clarify any doubts that remained from the first visit.
The accompaniment of a real estate consultant can also facilitate this phase, helping to select properties suitable for the defined criteria and to compare different alternatives.
Prepare the documentation to buy a house
When you find the right property, having the financial and documentary component organized allows you to move forward with greater security.
Financial institutions need information and documentation to assess the buyer's creditworthiness. In the formalization of the purchase, several documents relating to the parties involved and the property itself are also required.
Anticipating this preparation reduces the possibility of delays at a time when buyer, seller, bank, consultants and registrars have to work together.
How to negotiate the purchase of a house
Negotiating a property does not only mean presenting a value lower than the advertised price. A proposal must consider the characteristics and condition of the property, the location, the values practiced in the market and the specific conditions of the transaction.
Having the financing in place, knowing the real estate market and defining in advance the maximum amount you are willing to invest allows you to negotiate with greater clarity and make decisions without exceeding the established limits.
Do you want to buy a house by the end of the year? Start now
Buying a house is too important a decision to be made in a hurry. If you want to make the purchase by the end of the year, September is a good time to organize the various stages of this process.
Defining the budget, studying the mortgage, establishing search criteria, visiting properties and preparing the documentation allows you to reach the decision with more information and confidence.
Are you thinking of buying a house? Talk to a Coldwell Banker consultant and find the right property for the next chapter of your life.
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