Acquiring your own home is one of the most significant goals for many people, but its high cost makes an effective action plan essential to turn this dream into a reality.
DataCrédito offers a series of essential recommendations for those seeking to make purchasing a home an achievable goal.
1. Learn about the process of purchasing a home
The down payment usually represents 30 percent of the total value and must be made before receiving the property. This fee can be covered through personal savings, severance pay, bonuses, and various state subsidies or compensation funds. For the remaining 70 percent, bank financing options or, if you have the resources, a single payment can be considered.
It is important to recognize what the income and fixed expenses are and evaluate the capacity to assume the financial obligation.
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2. Evaluate the financial situation
Before embarking on this project, it is essential to do an analysis of income and fixed expenses to determine debt capacity. The greater the previous savings, the lower the amount to be financed and, therefore, the lower the installments to pay.
3. Choose the right home for your budget
Determine how much you can allocate monthly to the purchase of the home. It is vital to only commit to what you can pay for without affecting other responsibilities. financial, thus avoiding over-indebtedness.
The State has support for those citizens who are interested in purchasing their first home or improving the one they already have.
Photo:iStock
4. Research subsidies and other benefits
The State and various entities offer support programs such as Mi casa ya and Cambia mi casa, among others, which can facilitate the acquisition of housing through subsidies or benefits such as reduced interest rates.
5. Establish a down payment savings plan
A good savings plan is crucial. For example, if the goal is to save 30 percent of a home valued at $130,000,000, you would need to accumulate $39,000,000. If the plan is to purchase in four years, this would require monthly savings of approximately $812,500. Explore different savings vehicles such as savings accounts, AFCs, CDTs and FICs.
6. Determine the leverage method for paying the remaining 70%
Additionally, reviewing the savings and financing plan monthly can help make necessary adjustments. and ensure that the strategy remains appropriate for the current circumstances.
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*This content was made with the assistance of artificial intelligence, based on information from DataCrédito, and was reviewed by the journalist and an editor.
