The day has come when you decided to buy an apartment to call your own. And even before choosing the region where you want to live and how you will acquire this property, you are already drawing in your mind the types of properties and the colors of the walls. It’s like that even when we’re about to fulfill a dream. But you need to be grounded, plan and research.
You will notice that the real estate market offers several forms of payment for those who do not have financial reserves, such as consortia, bank loans and direct financing with the construction company. The latter has become attractive due to the ease of negotiation and the final valuation of the property.
In this post we are going to give tips for you who are thinking of buying an apartment directly from the construction company. Check out!
Construction Company’s choice
There are some peculiarities of this type of loan, starting with what you are negotiating. When you buy a property on the plan, directly with the construction company, it does not exist yet. Right?! It can give that feeling of insecurity. Therefore, it is essential to choose projects from construction companies that are well evaluated in the market. After all, they are responsible for carrying out the construction of the work.
Before closing the deal, research the construction company’s history, its solidity. Time to market is one of the best factors in determining whether a company is trustworthy. See if it is reputable, certified, and has recognized awards from industry rating institutions.
Another tip is to get to know the quality of the properties offered by the construction company, visiting an already completed unit.
Be clear about the contract
This part may seem boring, but it requires a lot of attention. It is essential to have a good knowledge of the purchase contract. In it, all information about the business will be specified.
Check all fees that will be charged, including the adjustment by the National Construction Cost Index (INCC), used in most contracts. Understand well how the correction of the installments will be made, before and after the construction phase, and have prior knowledge of the rules and fines in case of cancellation, in addition to the delays provided for in the contract.
Another important document is the construction’s descriptive memorial. It is mandatory by law and must be delivered to you already registered, even before the launch of the project and the beginning of the works. It contains fundamental information about the property: footage, materials used, structures, project specifications (such as parking spaces), electrical installations, chinaware, coatings, among other details.
Advantages and disadvantages of direct financing with the construction company
To begin with, the construction company does not charge interest on the amount financed during the construction period of the project, while most banks only finance the acquisition of the property after the work is completed.
As you are negotiating something that does not yet exist, builders usually offer more flexible terms, in addition to setting a lower value than would be charged for the same finished unit, to offset the risks.
Banks are more bureaucratic in approving credit and, therefore, the construction company sees it as a competitive advantage to facilitate granting.
Thus, in addition to the ease in closing the deal, there is a high probability of the apartment’s appreciation. Perhaps here is the main reason for making the decision: whoever buys the same apartment after it is built can pay more for it.
There is also the advantage of customizing the apartment. We’ve already talked here about customizing properties in the plant. It is possible to adapt the unit according to your tastes and needs – from the finishing to the kitchen, bathroom and even bedroom installations.
At the other end is the current economic situation, which must be taken into account. This type of transaction is linked to variable interest, with installments adjusted by inflation indices. Make a comparison with other financing rates to assess whether this point might be a disadvantage.
How it works
During the period of execution of the works, you will pay the down payment and the first installments of the property.
When the property is purchased directly with the construction company, you can dilute the down payment – which varies from 10% to 20% of the property’s value – in installments. In the case of ready-made properties, the entrance must be in sight.
It is worth noting that, before the date of delivery of the keys, the construction company cannot charge interest due to the payment in installments. In these installments, only monetary correction based on the National Civil Construction Index (INCC) is applied.
Once the apartment is ready, you can still opt for cash payment of the remaining balance or bank financing. This choice can also be made when purchasing and signing the contract, before handing over the keys.
Oh, and don’t forget to compare it with other forms of acquisition. Here is the basic rule of life: research, put the cost on paper, your financial planning and calculate the advantages that each option has in the long run.