Read how you can organize yourself financially to buy a house

Buying a house is a personal goal for manythat without adequate planning it could seem far, For this reason, it is necessary to consider what steps need to be taken first in order to achieve this original goal.

In Colombia, at the end of 2022, according to the georeferenced information system Camacol, Urban Coordination, 234,592 new homes were sold, of which 72% were in the VIS category; However, 64,000 were sold in the first five months of 2023 households less compared to the same period in 2022, according to Camacol.

Despite this panorama at the beginning of the year, there is a lot of interest in buying a house in the country, and with the fall in inflation and the adoption of the new VIS housing subsidy system Numbers are expected to rise again.

This is why it is still a good time to start financial planning and buy a house. Here we will tell you some of those steps you should take to do the hardest thing to get started.

The goal of buying a house

According to financial experts, the first step you should take is to know the purpose of purchasing a home. Is it to live there or is it meant as an investment? This also affects the type of house you get.

Likewise, you have to choose whether you want a new or a used home, as both options have different advantages. In the case of a new home, if it is purchased off-plan, you will have a longer period of time to make the down payment depending on when the home is expected to be delivered. You can generally find them between 10 and 24 months, or even a bit longer; and in the same way you will get your home in a longer time.

When it comes to the benefits of buying a project home, Laura Gallego, personal finance expert at Proyecta t, states that “the potential for capital gains is a measure that accelerates construction, it is possible that the value of the house will increase when it is ready for delivery and developers offer flexible payment terms that allow the cost of the house to be spread over the long term while it is under construction.

In the case of second-hand housing, there are advantages in the shorter time of purchase and negotiation, but also require greater availability of capital, at least 30% of the total value of the house, if you plan to complete the purchase through financing.

At this point, it is good to remember that second-hand housing is a good option to buy for investment, as this type of property can be bought and sold more quickly; Furthermore, according to the real estate portal Metro Cuadrado, Cali is the fastest moving real estate market in the country. “In Bogotá and Medellin, a house sells in an average of seven and a half months, and in Cali in seven months, because it is the city with the highest housing turnover. This means that it becomes possible to buy and sell in a more agile way”, they said.

Have credit experience

Credit experience that is beginning to be gained using credit cards, It is a necessary requirement when thinking about your own housing through a mortgage loan, This is because this experience is the history that will support the way you manage money and debt.

The credit history of financial institutions is always consulted when studying a loan application, and a positive or negative answer to the application largely depends on it. Also remember that when financing housing, banking entities give 70% of the value of the house, and in some specific cases there are entities that might give you a little more.

At this point, it is important to know that when applying for a loan, you must carefully evaluate the offers in order to get the best one, not only in banking entities, but also options such as the National Savings Fund or loans from the co-operative where you work, in case you have it. Furthermore, options between a mortgage loan and housing leasing.

Plan for savings

Before you can start planning your savings, you must first assess your financial situation. Create a budget that includes your income and expenses, so you know how much money you can start saving and how long it will take to meet your savings goal.

Following that, choose a savings option that generates profitability for the money you’ll be contributing each month because, according to Laura Gallego, personal finance expert at Proyecta t, “It’s no use if the money isn’t profitable because it loses value over time.”

Here you should consider saving in banks, government entities such as the National Savings Fund or trade cooperatives. Also keep in mind how much money you’ve previously saved to add to this goal, whether it’s savings you’ve had for a long time or your severance pay.

What to consider when choosing a house?

When choosing housing, it is recommended to take into account aspects such as the location of the property you plan to buy, in addition to the budget. You should consider whether it has easy access routes, proximity to places you will often go to, such as work and schools. In addition, the security of the premises, the value of the services, because all this will be important when considering a purchase and in the future when negotiating and selling.

Likewise, you should think about the future when buying a house, and it is supposed to serve to cover your needs over the years.

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