Buying a house is one of the moments that causes greater stress to a individual or a family not only for the complexity of the act itself but also of all the implications of moving.
Therefore, as in all processes, in order to minimise this stress, you should plan that act as you plan, for example, your holiday.
1. Set a Maximum Budget
The first thing you should do is think of a maximum budget for the purchase and what sources of capital you will turn to. That is, how much money do you have and how much you want to borrow from the bank.
To get you started, you can start by making a simulation of a purchase on one of the websites of the various national banks.
In this simulation you will get a notion of all the amounts involved but do not take these values as certain because they may vary depending on their relationship and involvement with the bank, property value, associated taxes, etc.
2. Define the Area and Typology of the Property
Once you understood the amounts involved you should define the area or areas where you want to make the acquisition as well as the typology that will be more appropriate. Then validate whether the values you have in mind fit the area. To do this, it will be enough to search the online pages of real estate sales.
That is, if your limit is 150 000 euros and the area you want is Cacilhas in the Municipality of Almada you can verify that it will be possible to buy a typology T1, T2 or even T3.
3. List aspects that you value the most in a property
List a set of aspects that values and may have influence on the purchase decision, such as being a house with a backyard, or a house overlooking the sea, or an apartment with Energy Certificate class B (minimum), or even being close to a Metro station.
Make a value scale so you can sort each of these characteristics in the properties you visit.
This may be useful in deciding rationally what the product that best serves you.
4. Don’t rush!
Plan a deadline for buying the property but don’t think about a period too short as this may precipitate a bad option of purchase. Decide which days and times you have available for scheduling visits and share that schedule with one or two people your trust so they can accompany you in that search.
We advise you not to visit more than 3 properties at a time.
Start searching but don’t rush into a first purchase.
For more information see our item: 5 aspects to consider when buying a house