The acquisition of the first property is, without a doubt, the most important financial responsibility of a couple. Although this unprecedented step in the life of a newlywed is somewhat frightening, it is possible to do so without much trouble – as long as there is planning, of course.
To help you, today we separated 5 tips for those who want to buy the first property without complications. If this is your case, keep reading this post!
Set goals and control your costs
From the moment the couple decides to unite in marriage, he is already behind in planning the purchase of the house! Setting financial goals, reducing costs, and doing a lot of research is the first step on this journey.
If necessary, open a savings account for the couple and set a fixed amount to deposit monthly. Also, make spreadsheets or download financial organization apps. Thus it is possible to control expenses efficiently and without getting lost.
It is important to remember: The higher the amount available to give as input for the purchase of the first property, the better for the couple’s long-term financial life.
Choose a property that fits the couple’s budget
It is important to consider what budget the couple realistically has before committing to an investment as big as the first property.
Consider monthly earnings and fixed and variable expenses for both. Once you have defined the amount you can spend on a monthly basis, it’s time to look for a property that fits that budget. It is important to try not to commit more than 20% of the couple’s net income.
Think of a strategic neighborhood
Finding the ideal home or apartment requires not only a lot of research on property prices and types, but also research on the location of the new home. Giving preference to places close to the workplace, for example, helps the couple to make more savings in the future, as with gasoline.
The same is true in other aspects of the newlywed’s life. Check the commercial area, access to public transport, hospitals, and schools – in short, everything that is important, considering the main needs of the couple.
The more strategically located the residence, the more time and money savings can be made.
Find a loan to buy the first property
The profile of today’s couple has changed, which is reflected in the type of property most sought after. The same is true of the newlywed’s financial profile. In view of this, the real estate market has been adapting to the budget of young couples, which means greater flexibility in payment, both in terms of value and number of installments.
Therefore, look for the type of financing that best fits your budget, and remember: the smaller the financed portion, the lower the interest costs will be!
Consider the extra costs
When the decision to invest in the first property is made, there is something that the couple should not fail to consider: the extra costs. Documentation, renovation, decoration … and even money for emergencies. Everything must be taken into account.
Thus, the newlywed will not have any unpleasant surprises during the financing and will only live good times after buying the first property!