This is a very common dilemma in the mind of those who are preparing to leave the rent. Financing a brand new property can be more advantageous from an aesthetic point of view. On the other hand, making used property financing is much more affordable, not to mention that the place will already be ready for immediate entry.
It is clear that the choice between new or used property will also depend on the situation of the buyer and the real estate market, especially considering the financing rates. Everything is a matter of opportunity. To assist in the decision, we prepared this post that explains the process and the advantages of financing a used property. Come on!
How does financing a used property work?
As in the case of new properties, financial institutions offer several options for those who want to finance a used property. In some cases, it is possible to finance even 82% of the value of the property, which greatly facilitates the acquisition, since most of the investment will be paid in soft installments.
As it is a detailed transaction, the ideal is to have a real estate financing consultancy to analyze which institution is offering the best payment terms. The consultancies are also very useful in reducing the bureaucracy of the business, since the professionals will give all the necessary guidelines for the purchase process, from the credit analysis to the preparation of the documentation.
What are the advantages of financing a used property?
Undoubtedly, the lowest price is the biggest attraction of used properties. The pricing of a property is regulated by aspects such as supply, the value of the square meter in the region and the physical condition of the house or apartment. In this last aspect, it is natural that a property that has already been used is worth less than another in the same conditions, but new.
Therefore, the calculation of financing will certainly be more attractive. In addition, investing in a used property does not mean sinning in terms of quality. Most of the time, used properties undergo renovation before being offered for sale, which leaves them completely renovated, safe and ready to receive the new resident.
A used property allows the buyer to move to the location immediately, considering that the property already has a history of use that is, it has passed the structuring or finishing phase. This can be an obstacle in the case of new properties, in which buyers often have to wait for the completion of a certain service or installation of TV and internet cabling, for example.
This benefit is all about the previous one. After all, if the property has complete facilities, nothing prevents the resident from making the move immediately after purchase. When a used property is renovated for sale, the facilities undergo a careful maintenance, which attests to the standard of safety and functionality of everything in the house.
Thus, the buyer will not have a headache to wait for the completion of some work or connection of services such as water and electricity. Therefore, financing used property is worthwhile, as long as the place is well finished and in full condition of use. Your pocket is grateful and you will be able to enjoy the new home much sooner than you think!