REAL ESTATE FINANCING: HOW TO PLAN TO TAKE ON THE DEBT WITH PEACE OF MIND
For most Brazilians, buying a property in cash is still quite complicated. The causes are diverse, ranging from the need to move as quickly as possible to the simple difficulty of having enough discipline to save money. Faced with this scenario, many people end up resorting to financing to realize this dream.
Write it down! But this is also a step that must be taken with some care since taking on a debt of this size requires a certain amount of commitment. To help you get organized, here are some tips for you to know how to plan for financing.
Have full control of your finances
Controlling spending and income only on the head is the most common financial mistake people make. Lose this habit once and for all and adopt a financial spreadsheet to have full control over all the money entering and leaving your account, if there are debts and the incidence of interest and/or fines on them and even any amount that you already have saved. At the end of the month, that unpleasant surprise of running out of money will be replaced by the wonderful feeling of seeing that you may even be left.
Know the values and schedule an entry
Once you know your income and expenses with good control of finances, you can see which is the best monthly amount that can be used to pay off the financing installments. However, remember to include in the accounts all the amount that will be spent on new furniture, lighting, or finishes, for example, which, on average, revolves around 50% of the value of the property. You also need to be aware of how much will be spent on taxes and registration.
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It is important to remember that it is very difficult to finance 100% of the property and that the value of the installments must be equivalent to, at most, 30% of the value of your net income. Therefore, add to your financial control an amount that must be saved to serve as input at the time of purchase. The greater your discipline and the money saved, the lower the installments, interest rates, and financing terms.
It may not be necessary to pay off all your debts before financing starts, but those who are the biggest villains with high-interest rates, such as overdraft or credit card, for example, must be paid not only before starting the loan. Financing, but as quickly as possible, before you even start saving.
Be prepared for unforeseen events.
It is necessary to prepare for possible eventualities during the entire financing period since they can compromise the portion of your income that should be destined to the installments. It is not uncommon to find cases where people opt for financing between 25 or 30 years. Even those smaller ones, which last from 10 to 15 years, and these are significantly longer periods, that is, there is a lot of time available to happen an unforeseen event. . Therefore, some small precautions can be taken to make it easier and easier to deal with eventualities, such as, for example, hiring a health plan, which will give you great savings in the event of an accident or the discovery of a more serious problem.