Thursday, November 26

Mission: save to buy a house (smartly) | Save now

It is true that the economic outlook is uncertain, but that does not remove the illusion of thousands (or perhaps millions) of Mexicans to buy a house or apartment.

“In times of uncertainty, people like to have their money backed by a property, that their money is in an accessible property and that they feel protected. This sense of ownership has always been fundamental for the continuous development of the industry, ”says Cristiano Tateshita, CEO of Ubenty, a real estate company with more than 10 years of experience in financial matters and market analysis.

However, buying a home is a financial challenge, as it is an investment that requires discipline, knowledge of the market and time to make the right decision.

The first step in buying a home is the down payment, which is usually around 20% to 30% of the property’s value. “About 10% of the people who give up buying a house do so due to problems related to the down payment or the financing of the total value of the property,” says Sergio Rojas, country manager at La Haus México, a proptech company that advises and accompanies people in the purchase of their house.

The experts at La Haus share with you some financial tips to save efficiently and not be part of that 10% who give up on their dream:

Get your finances in order. You need clarity about your financial status to make responsible and effective savings. The comparison between your income and your monthly expenses will give you a clear balance to know how much to allocate to save the down payment without entering into debt.

Define the monthly amount to save. To begin, financial institutions recommend allocating a minimum of 10% of income (30% if possible) for savings, which you should increase little by little.

Recognize the difference between a want and a need. This way you can avoid unnecessary purchases and use those resources to increase your savings.

Save as a family or as a couple. It is an option that makes it easier to collect an amount of money in a shorter time. Saving as a whole must consider the income of all participants and, above all, be consistent with contributions.

Have an emergency fund. So that you avoid touching the savings destined to the down payment of your house.

Put your money to work. Invest your savings in something that generates an extra. If you don’t want to take a risk, you can do it in CETES so that you don’t stay below inflation.

Find a deferred hitch. It is one of the tools recently used by construction companies to boost their developments. It is about the possibility of making an agreement of 1 to 2 years to pay the down payment of an apartment, with a pre-sale price, which helps you to commit yourself directly to the property and helps you to do so at a more suitable rate for you .

Consider additional expenses. As deed costs and notarial expenses. If you do not have money to cover them, you must deduct them from the available savings and have less money for your down payment.

Don’t lose your goal. Being clear about your goal and thinking that all your effort is directed to building your wealth will help you stay focused and not be distracted.

Since you have reached your savings goal, making good decisions when choosing your new home is also a fundamental part of protecting your wealth. These are some keys that could help you:

Consider the option of acquiring your home in places with a less expensive real estate market compared to the large cities of the country. Cities like Mérida, Querétaro or Aguascalientes are just part of the possibilities.

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