Home buying search: Where to start?
Intends to buy a new house, and has already gone to the bank to assess your financial ability to proceed? If so, and now has pre-approved housing credit, learn how to proceed in finding the right property, in this article.
Step 1: Analyze your needs.
In the search for the right and suitable house for you and your family, it is essential to take into account everyone's needs. In terms of location, consider if you need an area near your workplace, if it is close to transportation and services, if you want a quiet and noise-free area, if you prioritize accessibility or quality of life, among others that may meet your family's needs.
Regarding the property's characteristics, you should consider how many bedrooms you need, the size of the rooms, the condition of the walls and floors, if you need a garage and/or balcony, and also your preference level, whether you want a more modern property or not. However, keep in mind that even an older property can always be renovated. If you choose a property in poor condition, usually the price is lower, so it may be worth renovating.
Step 2: Define the geographical area
Taking into account the analysis made in the previous point, start by doing a search to understand which geographic areas fully comply with the characteristics you want in your location, and which others could partially comply with those characteristics.
For example, if one of the location's characteristics is being close to the sea in the Greater Lisbon area, Oeiras would be a location that satisfies this criterion, but Porto Salvo would be a viable alternative if traveling by car is your main means of transportation.
Make a list of these areas in order of preference, so you can start scheduling visits to properties within those locations.
Step 3: Search for properties on online platforms
The next step is to start accessing online platforms for buying and selling real estate ads, so you can see if there is any that meets the requirements you have defined.
On these platforms, you should start by defining the areas you chose in the previous step, and then you can also include some needs that you defined through search filters. For example, you can choose the number of rooms, apartment or house, whether or not it has a garage or balcony, among others.
This is an important step to know what currently exists in the real estate market, aligning your expectations realistically. This is because you may not even find a property that meets all your criteria. This may happen due to the lack of supply observed in the real estate market and the consequent rise in house prices. So, it may be necessary to readjust expectations and the requirements you have set for the property you are looking for in order to find one that meets the needs of the family.
Step 4: Ensure you have financial capacity.
To ensure that you have the financing and negotiating capacity to proceed with property visits, you can consult a credit intermediary.
The intermediate credit consultants from Poupança no Minuto advance with an analysis of your financing capacity, followed by pre-approvals of the loan with banks.
From there, you can move on to the next step and start looking for your new property, with the assurance that you will be able to proceed with the purchase of it.
Step 5: Initiate contacts and schedule visits.
The next step is based on starting visits to the properties that have met the criteria you defined. For this, it is necessary to initiate contact with the property sellers.
To observe properties more accurately, it is recommended to visit during the day to see the natural light. You should also try to visit at the end of the day to observe possible noise from neighbors.
During visits, pay attention to various aspects so you're not caught off guard. Check the condition of the floor and walls, ensuring there's no visible humidity. Note if there's sunlight on the property side, which can help prevent humidity and save on electricity (you can naturally dry clothes).
After, question the owners about all the doubts you may have, such as the value of the condominium (if applicable), the services available in the vicinity, or if there is access to a garage or any terrace.
Step 6: Final selection and proposals
The final step is to make a list of the properties that meet all your family's requirements. If you are undecided between more than one, try revisiting the properties until you have no doubts about the final choice. You can take someone who can give you different perspectives to help with the decision.
Afterwards, make a financial proposal to the seller, of the amount you have available to offer for the property. If the seller is willing to negotiate the value, you can propose a lower number. Once you reach a final value accepted by the property owner, the process begins. It starts with the Purchase and Sale Promise Contract and ends with the house being notarized.
Skip steps 2 to 6 by contacting professionals
The process of finding the perfect home for your family, and its financing, can be complex. It requires research, attention and availability. That's why most Portuguese people choose to contact professionals in the field to accompany and simplify the process, such as credit intermediaries and real estate consultants.
In addition to offering a free service, the credit intermediaries Savings in Minute are quick to respond and accurate. Therefore, you can start the process almost simultaneously with the search and visit to properties. This way, you won't miss out on negotiating your future dream home.
Do a simulation and find out how much you can save on your home loan installment.