Main Tips and Mistakes to Avoid When Buying Your First Apartment

That's why we've gathered the main tips in this article that you should keep in mind when buying your first apartment. Follow these:

How to Buy Your First Apartment: Tips That Will Help

Determine Location and Lifestyle

If you don't know where to go — anywhere will do. This quote from Alice in Wonderland perfectly applies when buying your first apartment. You need a starting point that will guide you in searching for real estate. One of the first decisions to make is where you want to live, keeping in mind that each area has its own market price. This means the price per square meter in one district may be significantly higher or lower than in another.

It's also important to consider the type of apartment you want to buy, and first and foremost, what you need. Will you live alone or with a partner? Do you have children or plan to have them soon? Do you work from home? Do you have a pet? Is the apartment an investment or are you planning to build your life there?

Answers to all these questions will help you determine, for example, the ideal minimum apartment size, how many rooms it should have, and whether there's room for future renovations. They will also serve as your guide to understand if the infrastructure in a residential complex is sufficient or whether you need another option.

Control Expenses and Save

Before buying your first apartment, take a moment to organize your financial life. This is especially important if you're not sure how it all fits together.

A good old spreadsheet is already a great start, but you can also use special apps for personal finance control. Look at which expenses can be reduced and gradually, you'll understand that even a large portion of financing won't harm your standard of living.

Research the Region

The region where you want to buy your first apartment makes all the difference. Look for an area that offers services and structure needed by you and your family, such as schools, gyms, supermarkets, clinics, pharmacies, etc.

If you can be closer to work, that's even better. A good location of real estate will save you time and money on travel.

Explore Various Credit and Financial Options

There is no shortage of credit and financial opportunities for buying your first apartment today. These financing options range from traditional bank funding to consortium loans and also government housing assistance programs.

Before purchasing real estate, you should know which loan option suits you best. Even with traditional bank financing, it's important to check the terms of each bank since interest rates and other fees vary significantly between institutions. Another option is to check the possibility of direct financing from a developer with reduced interest rates.

To ease your first apartment purchase, remember that you can also use FGTS (if you've worked for more than three years under a formal employment contract) and combine income with another family member (spouse or parents, for example).

Make a Good Down Payment

The higher the down payment on your first apartment, the better. This deposit guarantees a reduction in monthly payments and loan repayment terms.

Realistic and Unexpected Expenses

Plan realistic mortgage payments for your first apartment. They should align with your current budget, consuming no more than 30% of your income.

However, you should also consider that mortgage financing is a long-term loan that can last up to 30 years in certain cases.

Common Mistakes to Avoid When Buying Your First Apartment

Not Accounting for Additional Costs

A very common mistake, but one that should be avoided at all costs — not accounting for additional expenses when buying your first apartment.

Skipping Contract Review

The sale agreement should be read and re-read very carefully, and any doubts should be clarified with a realtor or developer.

Not Inspecting the Property

You must inspect the property, whether new or used. All details should be noted and deducted from the total amount if necessary.

Not Researching the Developer

The market has serious and respected companies, as well as those that have already caused many problems for clients, especially regarding delays in occupancy.

Use social media to your advantage and thoroughly research everything before closing the deal.