You’ve traveled to Rio de Janeiro, loved your vacation holiday, intending to come back often so you are now thinking of purchasing real-estate for both a good investment and a family home. Your approach can’t be any better since Rio’s real-estate has been unstoppable and most likely will continue on through 2016.
For an individual not really accustomed to the region, the language or the culture, it is highly advisable that you make use of a real estate property dealer. It won’t cost you anything simply because the home owner will pay the commission on the sale. In Brazil, property brokers are part of a professional organization and ought to be able to supply an identification card that consists of their CRECI license number. In addition, it is a good idea that you likewise utilize a real-estate lawyer to authenticate the legal proprietor of the apartment and that there are no outstanding liens.
To no surprise, acquiring a penthouse apartment in Rio de Janeiro’s most affluent suburbs such as Leblon, Ipanema and Copacabana will probably be quite pricey. Throughout the previous five years, their values have considerably appreciated. Usually, apartments in these locations go for R$6,000 to R$10,000 (R$=Reais) per sq meter (M2). The greater of the rates belonging to flats around the beaches. A 90 M2 unit which is around 1,000 sq ft can average R$720,000.
For those who have 100% of the cash, there are deals to be discovered. From auctions on foreclosed residences to apartments that are locked up because they are in the progression of being willed (inventario), you could bargain for reduced prices of as much as 25 to 30%. However these situations are few and they have a tendency to have more red tape. Though if you can locate them, you are able to get a great penthouse price in Copacabana or Ipanema.
If you need a mortgage, Brazil can be a fairly effortless place to qualify. Firstly you will require a CPF number. This would be the equivalent to a social security number in the United States. You can aquire this at your nearby Brazilian consulate or in the post office in Brazil. Second, you need to have a minimum down payment of 20%. The more you put down, the better since the rate of interest in Brazil is 12%. The final component is a Brazilian bank account together with evidence of revenue. The lender will normally need to look at six months of deposits equaling your stated income. With all these elements in place, you are prepared to purchase your dream vacation home in Rio de Janeiro.
Tags: apartment rentals, vacation rentals, Vacations
June 29 2011 01:31 am | Vacations