What to know when buying an apartment

Define your budget and assess your financial capacity

Before starting the search for the ideal apartment, it’s crucial to know how much you can afford. Assess your financial capacity by considering available savings for the down payment, monthly income, fixed expenses, and the possibility of obtaining a bank loan. Remember that the costs of acquiring a property go beyond the apartment’s price, including expenses such as taxes, notary fees, and registration costs.

Choose the right location

Location is one of the most important factors when buying an apartment. It’s essential to evaluate aspects such as proximity to public transport, schools, and services, the safety of the neighborhood, and the area’s potential for appreciation. Spending time on this analysis will help ensure that the chosen apartment meets your needs and lifestyle.

Understand the type of property you are looking for

Identifying your selection criteria is key to optimizing your search. Consider the number of bedrooms you need, whether you want balconies, a garage, or shared amenities, as well as the condition of the property—whether new, pre-owned, or in need of renovation. Knowing exactly what you’re looking for will make it easier to filter through available options.

Conduct thorough market research

A good market analysis is crucial to understanding what to know when buying an apartment. Compare prices of similar properties in the same area and research appreciation trends. This analysis will help you identify good opportunities and avoid overpaying.

Check the apartment

Before making an offer, carefully inspect the apartment. Check the condition of electrical and plumbing systems, the quality of finishes, and any potential structural issues such as dampness or cracks. If necessary, hire a specialist for a technical assessment.

Verify the legal status of the property

It’s essential to ensure that the apartment is free of debts or legal issues. Check the property registration certificate, urban property tax documentation, and the energy performance certificate. These documents are indispensable for avoiding future problems.

Evaluate the condominium

When buying an apartment, you’re also purchasing a share of the building, which involves shared costs and responsibilities. Find out about the condominium fee, the condition of common areas, and any planned maintenance or future projects. This often-overlooked factor can significantly impact your expenses and quality of life.

Negotiate the purchase terms

Once you find the ideal apartment, don’t hesitate to negotiate the terms. Discuss the final price, the possibility of including furniture or appliances, and the dates for signing the deed and receiving the keys. Negotiation can lead to significant savings and more favorable terms.

Prepare for bank financing

If you need a mortgage, start the process with the bank as early as possible. Compare offers from different financial institutions and choose the one with the best terms. Ensure you understand the interest rate, associated costs, and loan duration. Good financial planning is key to avoiding future surprises.

Rely on expert support

Buying an apartment involves several complex steps. Having the support of experienced professionals, such as Engel & Völkers real estate consultants, can make all the difference. These experts understand the market and can help you find the perfect property while guiding you through every stage of the process.

Pay attention to final documents

In the final phase, make sure all documents are in order before signing the deed. Review the draft sale agreement, proof of condominium fee clearance, and proof of IMT (Municipal Property Transfer Tax) payment. Any inconsistencies must be resolved before completing the transaction.

Think about the future

Buying an apartment is a long-term investment. Before making the final decision, consider whether the property meets your future needs, represents a good appreciation opportunity, and has potential for resale or rental. Thinking about the medium and long term will help ensure your choice is a sound one.

Knowing what to consider when buying an apartment is essential to avoid mistakes and ensure the process is smooth and successful. Setting priorities, researching the market, and relying on expert support are fundamental steps. At Engel & Völkers, we have the experience and knowledge to help you find the ideal apartment and make your dream come true safely.

If you’re thinking about buying an apartment, contact our team for personalized advice. We’re ready to help you take the next step on your real estate journey.