How to buy a house? Four tips to apply during the real estate investment process

How To Buy A House: Before making a  real estate investment, such as buying a house, there are several relevant factors that you should take into consideration. We have translated them into useful tips that we recommend you follow to avoid financial setbacks and even scams.

Previously, BTL Platform had offered you five tips that you need to put into practice before investing in real estate, so this time we will give you some more to apply during the decision and purchase process.

1. Research geographic sectors

The real estate investment you make should guarantee comprehensive well-being in the short, medium, and long term for you and your family. Therefore, before falling in love with that house just because of how it looks, make sure that  all the basic services exist :

• Luz
• Telephone
• Drinking water
• Sewer and drainage systems
• Street lighting
• Solid waste collection

These are the minimum conditions for a healthy life and the geographical sector in which the house of your dreams is located must offer it to you. It’s time to think about your alternatives if not!

On the other hand, the sector in which you want to invest must also offer profitability and capital gains growth. See if the following  additional services exist around you  or if they would be easy to access:

• Institutions of higher learning, including schools, colleges, and universities.
• Health and hospital services
• Shopping centers, gas stations, supermarkets
• Green and recreational areas
• Access roads in good condition
• Public transportation service
• Government offices
• Any other service you usually require.

Pro Tip

Research the geographic sectors that interest you in digital media, references, and opinions of friends and family. Thus, you will draw your first conclusions about the site that interests you.

2. Plan, project, and make decisions

Buying a house is a change that impacts the lives of all members of the family unit; Therefore, it should be a decision for the entire family. Below, we give you some recommendations to take this crucial step.

1. Make a list of the options that the whole family liked the most and that fit well with the available budget or the debt capacity they have.
2. Plan a family meeting in a calm environment in which everyone commits time and dedication to review the options and make a decision.
3. Identify together the advantages and disadvantages of each place you visited, weigh, and reach agreements on what you can or cannot give up for your well-being.
4. With your partner, project how much the real estate loan payment will affect your daily lifestyle. They may need to make adjustments, for example, limiting vacations, the frequency of going out or eating out, or other indulgences a little more.
5. As a family, decide which house is your dream and you will be almost ready to start the purchase.

The important thing is that all family members feel happy and satisfied with the decision they have made, and agree that changes are coming that will have to be accepted.

3. Be cautious with the seller

When you are going to buy a property, such as a house, you may be faced with two types of sellers: a  construction company or a  private seller.  In both cases, before signing papers and making money disbursements, for your peace of mind and security, take these key points into account:

• Verify that the company is legally incorporated. With the RUC in hand, consult the official websites of control entities such as the SRI  and the  Superintendence of Companies.
• Confirm with the construction company that it has updated permits from regulatory entities to develop its economic activity.
• Find out about the construction materials used to build the property, the technology used, and the finishes.
• Request from the seller the updated lien certificate issued by the Property Registry. In addition, all the necessary documentation to legitimize that the property is not burdened by any type of debt or other particularity.

Pro Tip

Never spend money without first making sure it is a legal business. Scams also exist in the real estate market!

4. Formalize and begin the purchasing process

It is time to formalize the deal with the seller and begin the buying-selling process. To do this, do not forget to manage the following:

1. The application for a real estate loan with your bank, with which you have already made a prior approach to find out the requirements, financing conditions, waiting times, monthly installments, etc. Prepare all the documentation in time, so that you can soon enjoy the house of your dreams with your loved ones.
2. The payment of the down payment or the entire value of the property. To do this without running security risks, you can request a cashier’s check (also called an “emergency” check) or a certified check. But, we also highly recommend using digital channels such as Web Banking and Mobile Banking to pay through bank transfers. Much safer and faster!

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