When you reach adulthood, all you are looking for is independence, right? And one of the main steps at that moment is to buy your own home. The problem is that the process is not always easy. After all, there are few people who have enough money available to purchase a property in cash and, therefore, most choose to finance it, being an alternative that involves a long-term investment. With the use of my conveyancing solicitors you can now have the smartest solutions.
Therefore, it is necessary to be very cautious and make personal and financial planning so that this dream is possible. Below, we have separated essential tips for those who want to buy their own home.
Do financial planning
To start a business, buy a car, get married, have children, in short, basically all the important decisions in life must be well planned so that everything goes as expected.
- Buying your own home is no different.
- Planning that involves your habits, routine and, especially, your finances is essential.
- The first step is to analyze your financial condition.
- A good idea is to make a spreadsheet listing your monthly earnings and expenses.
- It is necessary to discriminate everything in this document so that it is possible to assess your real situation.
After that, you will be able to see that some things can be cut, as it is an unnecessary expense, for example, the gym or course that you never get to go, but pay the monthly fee every month. Plus, it’s time to check out what you can do to save even more.
Sometimes your job offers a place to eat, allowing you to take your food instead of having lunch at restaurants that are usually much more expensive compared to lunchboxes. It may also be possible to replace some paid weekend schedules with free events or locations.
With the spreadsheet ready and knowing how much is left over every month, you can get a better idea of what you can buy, how to finance, among other important issues to buy your own home. For those who have difficulty or even do not have much time to fill out and organize a spreadsheet, there are very cool applications to help make this financial organization.
Some of them even integrate with your bank account and then everything that is charged to your card is shown in the tool’s reports.
Use the FGTS
Every person hired under the CLT regime is entitled to the Guarantee Fund for Length of Service (FGTS). The benefit corresponds to 8% of the monthly salary and can only be redeemed in some situations, one of which is the purchase of a home.
However, there are conditions for it to be possible to use the benefit. In general, the requirements are:
- Not having real estate financing in operation in the Housing Finance System (SFC),
- The worker must have at least 3 years of contribution to the FGTS (it does not have to be from the same company),
- You must be the holder or co-obligor in the financing,
- You cannot have any other property in the city where you work or in nearby and metropolitan regions.
- After that, the bank or consortium will place the order and, generally, the FGTS is released quickly.
However, there are other procedures related to the financing process that may take a little longer, between 60 to 90 days.