Consórcio Imobiliário: Which is the best in 2021
Buying a spot or financed property is not a reality for most. After all, it is not simple to have such a large amount and it may be even worse to have to pay interest. If that is your case, know that there are alternatives and one of them is the real estate consortium.
Nowadays, there are several companies that manage the real estate consortium. And the types of coverages included in the contract also vary widely. Therefore, in this article, we will show you how to choose the best real estate insurance according to your conditions and needs.
First, the most important
- The real estate consortium is a way to guarantee your own home without having to go into debt, pay down, pay in cash or pay high interest rates.
- However, you need to be patient, as it may take a long time before you can use your credit to buy the property.
- Attention is also needed when choosing the real estate consortium administrator and the most suitable services for your budget.
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The best real estate consortia: Our recommendations
- The most popular real estate consortium
- Offering up to 200 months to pay
- For those who want to pay with FGTS
Hiring Guide: What you need to know about the real estate consortium
When buying or building your property, acquiring land or carrying out a renovation, the big obstacle is always the budget. After all, we are dealing with procedures that are very expensive.
In any case, however, there are at least three possibilities to bear the costs: the payment in cash, the financing or the real estate consortium.
To have the full amount and pay off the house or apartment in sight, discipline and saving are required. But, considering the current circumstances of the economic scenario, this can be very difficult.
Taking a loan may be an alternative, but it is necessary to take into account that it is a debt and often with high interest rates. Then there remains the real estate consortium. This, among all, is the most versatile, secure and cheap payment method.
What is the real estate consortium and how does it work?
The real estate consortium is a form of purchase in which you make a kind of savings to acquire your own home.
And it works like this: You join a group of people who are interested in buying a property of the same value. The formation of these groups is carried out by a consortium administrator, authorized and supervised by the Central Bank( 1 ) .
Each member of the group contributes monthly a portion of money, for a certain period of time. And, every month, one or more participants are drawn and awarded the letter of credit.
The letter of credit is the amount agreed in the contract and which corresponds to the cost of the property you want to buy. In other words, the real estate consortium is self-saving. And with the credit you receive when contemplated, it is possible to buy the property, in cash.
By the end of the real estate consortium period, all members of the group will be covered. That is, even if you have to wait, you will be awarded the credit to buy your home.
To summarize, check below the main characteristics of the real estate consortium:
- You pay a monthly installment.
- Every month there are sweepstakes or bids , in which one or more members of the group are awarded the letter of credit.
- You can use credit to buy property , build or renovate.
What can I buy at the real estate consortium?
This is another characteristic present in the largest home consortium: Versatility. That’s because, in the real estate consortium, you can buy a new, used, urban or rural house, an apartment or even the land.
In addition, depending on the type of consortium you choose, it is possible to use the letter of credit to build your own house or carry out renovations to the residence.
And if you intend to buy a property to start a business, for example, this is also possible. Depending on the administrator, you may be able to use the real estate consortium to buy commercial premises, and even settle real estate financing.
In any case, the only rule of all consortia is that the property must be legalized and with the documentation up to date to be purchased.
In any case, we recommend that, before closing the purchase of your property, you check with the administrator of your real estate consortium if there are any restrictions regarding the type of property and / or service to be carried out with the letter of credit.
Do the installments of the real estate consortium have interest?
The real estate consortium has no interest, which can already be a great relief. After all, interest is the great villain of any financial transaction, since it always increases the final amount you will pay.
The real estate consortium is not exempt from fees.
However, the property consortium is not exempt from fees, reserve fund and insurance, which can also greatly increase the final price you will pay for your home.
In general, you pay the administration fee, which is included in the consortium’s installments, and is between 18% and 20% of the credit amount. Which can represent a huge increase in your budget.
In addition to the administration fee, it is important to know that the parcels also undergo annual adjustments, due to several factors, among them the change in the prices of construction materials regulated by the National Construction Cost Index (INCC).
And there are other indices that can contribute to the increase in the real estate consortium’s shares, such as the General Market Price Index (IGP-M) and the National Consumer Price Index (INPC).
Who is the real estate consortium recommended for?
The real estate consortium is suitable for those who are going to buy their own home, but do not mind waiting for that to happen. After all, in general, this type of consortium lasts between 10 and 15 years.
And the fact is that you can be awarded the letter of credit at the beginning of that period or at the end. There is no way to predict.
In addition, the real estate consortium is the best alternative for those who cannot collect money alone, either to pay the property in cash, or to make an entry, and still want to escape the interest on a loan or financing.
Can I use FGTS to pay for the property consortium?
In general, it is possible to use the Guarantee Fund (FGTS) to bid, amortize, settle and pay the installments of the real estate consortium.
However, in general, this criterion is defined by each consortium administrator. In addition, it is common that there are also some rules that need to be met so that you can use FGTS in the consortium.
Therefore, if you intend to use the FGTS to pay the consortium, check the rules with the administrator before closing the contract.
How does the house purchase with the real estate consortium?
When the letter of credit is released to the consortium member, the amount is deposited in a separate account and is paid directly by the administrator to whom the property is being sold.
If you want to have access to the money itself, you need to pay all installments of the consortium and wait 180 days for release.
In addition, if you have been drawn, but do not intend to use real estate credit immediately, the amount of the letter of credit is deposited in a bank account of the administrator until you decide to use it.
Did you know that if your property is hit, for example, by a flood, and you can no longer use it, you still need to continue paying the real estate consortium?
So it is important to take out home insurance along with buying the property. It is worth mentioning that consortia do not include insurance in the plans.
What happens if I delay the payment of the real estate consortium?
In this case, interest and fine are charged. But if you delay many installments you may suffer more serious consequences, such as being excluded from the group or having the property seized.
But if, for some reason, you are no longer able to pay the installments of the real estate consortium you can:
- Sell your group quota to someone else.
- Look for another well drawn by the same administrator, to try to make the parcels cheaper.
- Request exclusion from the group , with the payment of a fine.
What are the advantages and disadvantages of the real estate consortium
In general, the real estate consortium has more advantages than disadvantages. The main positive point is the economy. The real estate consortium has no interest and helps you save money to invest in your own home.
Another advantage is the flexibility with which you can invest this money: be it in the purchase of a house, apartment, commercial room, land, renovation or construction, or in the payment of real estate financing.
In addition, there is a wide variety of consortia that offer different types of terms and installments, to meet all types of budgets.
How to join a real estate consortium?
To join a real estate consortium, you must contact an administrator and ask to join a group. In general, the first contact with the administrator can be made through the official website, the company’s app or by phone.
But first, the administrator checks your economic and financial capacity, to make sure that you have enough income to pay the installments until the end of the consortium.
Once approved, you start receiving the slips to pay the installments and follow the bids and sweepstakes through the website or app.
Hiring Criteria: How to choose the real estate consortium
If you’ve made it this far, it’s time to know how to differentiate one real estate consortium from another and choose the best one for you. For that, we recommend that you take into account the following criteria:
- Ways of contemplation
In the following, we will explain in detail how you should analyze each of these topics.
The first step to be taken when choosing a real estate consortium is to look for a consortium administrator authorized to operate by the Central Bank.
The BC is the competent authority to regulate and supervise the consortium system in the country. To do so, consult the BC website and check the list of authorized companies. With that, you avoid falling into scams.
Another factor that you should consider is the benefits of your real estate consortium. You need to ensure that you will be able to afford the payment without compromising your budget.
For this, we suggest that before closing the contract, you make a simulation on the administrator’s website, to find out how much you can pay per month with the fees already included.
It is worth noting that, in the consortium, the lower the installment, the longer the payment time of the consortium.
Ways of contemplation
Also note how you will receive the letter of credit to invest in your property. In a consortium, this can happen through sweepstakes or bids, both monthly.
The bid is a way to advance the payment of the installments, as if it were an auction. It is also worth checking how many draws occur per month.
As we have seen, the duration of the real estate consortium can last up to 15 years. But it is important that you evaluate what is the best term for you.
After all, you have to consider that you can be contemplated only at the end of that period, which can be too long. In addition, each year benefits will be more expensive due to readjustments.
The real estate consortium is a way for you to invest in the purchase or renovation of a property or land without having to pay for entry or interest. When participating in a group, participants pay a monthly installment.
With this, also monthly, raffles are held in which one or more people are contemplated and can use the value of the letter of credit to invest in the property. But, there are rates and adjustments built into the installments.
Therefore, it is important to carefully analyze the conditions and rules of the contract before closing the deal with an administrator. Also, check the term of the consortium, the number of shareholders, the amount of the letter of credit.
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