House hunting to buy: Where to begin?

Step 1: Analyze your needs.

In the search for the right and suitable home for you and your family, it is essential to take into account everyone's needs. Regarding location, consider if you need an area close to your workplace, if it is near transportation and services, if you want a quiet and noise-free area, if you prioritize accessibility or quality of life, among others that may meet your family's needs.  

Regarding the property's features, you should consider how many rooms you need, the size of the rooms, the condition of the walls and floor, if you need a garage and/or balcony, and also in terms of preference, if you want a more modern property or not. However, keep in mind that even an older property can always be renovated. If you choose a property in poor condition, usually the price is lower, so it may be worth doing renovations.

Step 2: Define the geographical zone  

Taking into account the analysis made in the previous point, start by researching to understand which geographic areas fully comply with the characteristics you want in your location, and which others could partially fulfill those characteristics.  

For example, if one of the location features was to be close to the sea, in the Greater Lisbon area, Oeiras would be a location that would satisfy that criterion, but Porto Salvo would be a viable alternative if traveling by private car is your main means of transportation.

Make a list of these areas in order of preference, so you can start scheduling visits to properties within those locations.

Step 3: Search for properties on online platforms.

The next step is to start accessing online platforms for buying and selling real estate ads, so that you can see if there is any that meets the requirements you have defined.

On these platforms, you must start by delimiting the areas you chose in the previous step, and then you can still include some needs you defined through search filters. For example, you can choose the number of rooms, apartment or house, whether or not it has a garage or balcony, among others.  

This is an important step, to know what is currently available in the real estate market, aligning your expectations realistically. This is because you may not even find a property that meets all your criteria. This may happen due to the lack of supply observed in the real estate market, and the rise in house prices. Therefore, it may be necessary to readjust expectations and the requirements you have set for the property you are looking for, in order to find one that best meets the family's needs.

Step 4: Ensure you have financial capacity.

To ensure you have the financial capacity and negotiation skills to proceed with property visits, you can consult a credit intermediary.

The credit intermediaries from Poupança no Minuto move forward with an analysis of your financing capacity, followed by pre-approvals of the loans with the banks.

From there, you can move on to the next step and start looking for your new property, with the assurance that you will be able to proceed with the purchase.

Step 5: Initiate contacts and schedule visits.

The next step is to start visiting the properties that fit the criteria you have defined. To do this, it is necessary to initiate contacts with the property sellers.  

To observe the properties more accurately, it is recommended to do the visits during the day, in order to see the natural light of the property. But you should also try to do, at least, one visit later in the day, to observe possible noise from neighbors.

During visits, one must be attentive to various aspects, so as not to be caught off guard. Observe the condition of the floor, the walls, and ensure that there is no visible dampness, for instance. Note if there is direct sunlight on the property side, which can be a good factor to prevent dampness, as well as to save on electricity (you can naturally dry clothes).

Afterwards, question the owners about any doubts you may have, such as the condominium fee (if applicable), the services available in the vicinity, or if there is access to a garage or any terrace.

Step 6: Final selection and proposals

The final step is to make a list of the properties that met all requirements of your family. If you are undecided between more than one, try revisiting the properties until you are sure of your final choice. You can take someone who can provide different perspectives to help with the decision.

Afterwards, make a financial proposal to the seller, with the amount you have available to offer for the property. If the seller is willing to negotiate the price, you can propose a lower number. Once you reach a final value accepted by the property owner, the process begins. It starts with the Signing of the Purchase and Sale Promise Contract, and ends with the property deed.

Skip steps 2 to 6 by contacting professionals.

The process of finding the perfect home for your family, and its financing, can be complex. It requires research, attention, and availability. That is why most Portuguese people choose to contact professionals in the field to follow and simplify the process, such as credit intermediaries and real estate consultants.

In addition to offering a free service, the credit intermediaries Poupança no Minuto are quick in response and assertive. Therefore, you can start the process almost simultaneously with the search and visit to properties. This way, you will not miss out on negotiating your future dream home.

Make the simulation and find out how much you can save on your home installment: