Finance new or used property: is there a difference?

new/old house

Who doesn’t dream of buying their own home? For many, this is the only reason for years of savings combined with a lot of sweat. And, when people already have the money collected to provide the financing, it is common for the question to arise: is it better to buy a used or new property?

Both options bring their conveniences and disadvantages. But, for most, the main criterion is what will influence the financing that will be contracted. After all, is there any difference between financing new or used property?

If you were interested, check here everything you need to know about the subject!

Interest rates

As a rule, the initial protocol of banks is not to differentiate between the financing of apartments, whether new or used, as long as the property is in good condition for use. Regarding interest rates, the same pattern is followed: in general, there is no distinction between the two types of properties.

However, although this is the measure, there are always exceptions. If you are in doubt between an old or new apartment, the ideal is to do a simulation on the CrediPronto website to compare the existing proposals. In some situations, the interest rate on new properties is slightly lower.

The necessary documentation

For both types of financing, new or used, the financial entity requires the same documentation: a proof of income, identity, and evaluation of the property by a bank engineer and proof of regularity of those who sell the apartment. At this stage, the institution’s focus is to assess both the seller and the buyer and the state of the property.

The financing values

Some financial institutions provide different subsidies for the purchase of old or newly built apartments. While the most recent apartments can have a financing of up to 100% of their value, the most common is that this percentage, for the oldest, does not exceed 80%.

However, here is a tip: by CrediPronto, there is a way to be able to finance almost the entire value of the used property. The financing can be up to 90% of the value of the property. Find out more advantages on the website.

Approval of the order

Although the bank finances the purchase of both new and used properties, you need to be aware: in some situations, the transaction for the old apartment is not approved.

This is because, many times, the apartment is not in good physical condition for moving. For this reason, properties with a structural problem or in need of very large and drastic renovations may not have their financing approved.

As the financing is based on the useful life of the apartment, if the entity estimates that that amount is not compatible with the expected time of use, it will not approve the financing.

Buying a property is a big step to be taken. With due planning, this desire is not far from reality. Today, financing is available to help make that dream come true. Be it an old or new property, the ideal is to search and search for the one that best suits you and your expectations. Then, it’s time to find a financial institution to finance the purchase. Find out what are the terms that make this financing possible.


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