This month the payment of the service premium is made, an income derived from labor law that gives additional resources to Colombian families paid proportional to the days worked. This money, which is mostly equivalent to half the worker’s salary, can be a useful tool when investing, for this reason, If you are thinking of buying a home, this would be the best time.
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“There are just a few days left until nearly nine million workers receive their mid-year bonus, an income that families can invest in purchasing their own roof now that interest rates and inflation continue to fall,” advises Mario Ramírez, president of Fedelonjas.
He adds that with interest rates dropping from 13% to 7%, and with investor confidence rising thanks to the improving macroeconomic context, “This more positive scenario indicates that it is a good time for families to invest in buying their home,” added the leader of the union that brings together more than 10,500 real estate agents in the country.
This would then be a good time to invest as much 40.25% of households living in rentso that those who seek Maximize your savings by investing in a property that offers them income in the short term and appreciation over the years.
Also read: Bogotá will allocate 75,000 housing subsidies for purchase, improvements and rent payment
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Precisely, Ramírez recognizes that due to the high demand for leases, The appetite to invest in used homes has increased boosting the real estate sector that grew three times more than most sectors in 2023.
According to the Real Estate Market Supply Report published by Fedelonjas, there is a increasing demand to buy a home in areas such as the Coffee Region, Bogotá and Antioquia. There it is evident that properties with areas between 40 and 80 square meters located in strata 3 and 4 are those with the greatest supply.
For example in Bogotá, the offer prices of a home between 60 and 80 square meters in stratum 4 have an average value of 5.3 million pesos; while in the Coffee Axis they are offered at an average value of 4,200,000. The Report indicates that there are positive variations compared to the values that were presented in March 2023, this tells us that in the segment, where the desire to buy exists, homes are being valued and it is a good time to invest.
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Tips when buying:
The most important thing about investing is doing it well, which is why the real estate experts at Fedelonjas make these recommendations when buying:
1. Before investing, it is important investigate the real estate market: prices of similar properties, market trends and the risks and benefits of investing in real estate. Now, if you are just starting out and know little about this topic, it is advisable to look for a real estate expert with experience and advanced knowledge.
2. Investigate the mortgage loan options in various banks: interest rates, payment terms and the requirements to qualify.
3. Find out about the property taxes, capital gains taxes, and other expenses related to making the purchase such as notarial expenses and registration of public instruments.
Also read: Harsh prognosis: In 10 years, Colombia will not have even 30% of the housing it will need
4. Request a certificate of tradition and freedom to verify the ownership and history of the property, as well as any liens or legal problems that may affect it. This can be issued virtually or in person at the offices of the Superintendency of Notaries and Registry.
5. Sign the promise of sale, ensuring that all terms and conditions of the negotiation are clearly set out in writing in a legal contract. To do this, it is advisable to seek legal advice from a lawyer who is an expert in real estate law.
6. Do not forget that it is not enough to sign the public deed, the most important thing is to register it in the Public Instruments Registry Office of the municipality where the property is located so that the buyer appears as owner in the Certificate of Tradition and Freedom.
PAULA GALEANO BALAGUERA
Portfolio Journalist
