Before taking the step towards purchasing an apartment, it is essential to be clear about the necessary requirements and the steps to follow in the purchase process. This guarantees a safe and successful investment in a property that fits your needs and financial possibilities.
What should I know before investing in an apartment?
Before investing in an apartment, it is crucial to understand the requirements necessary to complete the purchase. From the required documentation to the evaluation of your financial and employment situation, each step is essential to ensure a successful and smooth transaction.
What are the requirements to buy an apartment?
Required age range:
Although there is no absolute age restriction for purchasing an apartment, some financial institutions may have specific policies regarding the age of the applicant for granting a mortgage loan.
Identity document and current status:
It is essential to have a valid and up-to-date identification document. In addition, updated information on your civil, employment and financial status will be required.
Savings potential and current employment situation:
Having the ability to save and maintaining a stable employment situation are determining factors for obtaining a mortgage loan and ensuring compliance with monthly payments.
Have the initial down payment for the purchase:
Generally, a down payment is required that corresponds to a percentage of the total value of the apartment. This amount may vary depending on the policies of each financial institution.
Ability to make payments (History):
A solid credit history and punctual fulfilment of financial obligations are essential to obtain a favourable mortgage loan.
Credit history:
Credit history, including current debts and payment behaviour, is evaluated by financial institutions to determine the viability of the loan.
Declared health status:
Some financial institutions may request information about your health status, especially if you are opting for mortgage-related insurance.
Reservation or purchase-sale commitment:
Formalizing the reservation or commitment to buy or sell the apartment is a crucial step to ensure the availability of the property and advance the acquisition process.
8 Key Steps to Buying the Apartment
Buying a home is an exciting decision, but it can be overwhelming without proper guidance. Here are 8 essential steps to purchasing your new home in an efficient and organized manner.
Select the department you wish to quote.
Research and select the department that fits your needs and budget.
Get pre-approval for a mortgage loan to purchase an apartment.
Consult with different financial institutions to obtain the best financing option and ensure loan pre-approval.
Make the reservation of the property.
Formalize the reservation of the selected apartment through an agreement with the seller or real estate agency.
Formalizes the signing of the promise of the sale contract.
Once the reservation has been made, sign the contract of promise of sale, which establishes the conditions and terms of the transaction.
Awaiting final credit approval.
After signing the contract, wait for the final approval of the loan from the financial institution.
Complete the process of signing the deed of sale.
Once the credit has been approved, proceed to complete the process of signing the sale with the help of a notary public.
Register the property in your name.
Register the property in your name in the corresponding public registry.
Receive delivery of the apartment.
Finally, once all the legal formalities have been completed, proceed to receive delivery of the apartment and enjoy your new property.
Buy your apartment with Parque Avellano Real Estate!
Investing in an apartment is a significant decision that requires careful planning and an understanding of the requirements and steps necessary to complete the purchase. By following these steps and having the support of professionals in the real estate field, you can ensure a solid and successful investment in your new home.
