Nearly 9 million workers will receive their mid-year bonus and Fedelonjas pointed out the reasons why households could consider investing it to buy housing for their own use or to rent it.
According to Mario Ramírez, the president of the Colombian Federation of Real Estate Markets, Fedelonjas, one of the main reasons is that interest rates continue to fall because inflation is subsiding.
Among the other reasons that could drive the purchase decision is that 40.25 percent of households live in rentals. So it is also the ideal time “for those seeking to maximize their savings to invest in a property that offers short-term income and appreciation over the years,” he said.
Even the high demand for rentals has increased the appetite for investing in used homes, “boosting the real estate sector, which grew 3 times more than most sectors in 2023,” he highlighted.
According to the Real Estate Market Supply Report published by Fedelonjas, it is observed that there is an 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.
In the case of 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 million pesos.
The credit applies to new or used housing.
Photo:EL TIEMPO Archive
According to the federation, the most important thing when investing is to do it well and therefore real estate experts make these recommendations when making this type of purchase.
Before investing, it is important to research 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.
It is also advisable to research mortgage loan options at various banks: interest rates, payment terms, and qualification requirements.
Property taxes, capital gains taxes, and other related expenses must be reported when making the purchase such as notary fees and registration of public instruments.
Before making the purchase, it is advisable to 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.
At the time of signing the promise of sale, all the terms and conditions of the negotiation can be ensured, which are clearly established 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.
Furthermore, experts assure that one should 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 the owner on the Certificate of Tradition and Freedom.
