How to plan the down payment for the purchase of a home in 2023 |  housing |  my finances

One of the most frequent resolutions among Colombians each beginning of the year has to do with the purchase of a home.

(Alternatives to pay the down payment of a house).

The first big step to achieving this goal is collecting the down payment, which can also become the first big hurdle if you don’t have a plan that will allow you to carry out this plan.

Usually, the only resources that people believe they have for a down payment on a home are their severance pay and, of course, their savings, which can be in CDT or in a 12-month periodic reserve plan: the common ‘natilleras’ or ‘cadenas’.

According to Dane, more than 77% of Colombian households do not have the ability to save. The why can have several functions, but the main one, and according to the Bank of the Republic, is due to the planning that families carry out based on two types of expenses: one, those of the future, which refers to housing and education superior; and, two, those of the present, which are: food, public services and clothing. The latter are the ones that limit the saving capacity of families, because, according to Dane, Colombians allocate more than 50% of their salary to these.

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When purchasing a home, other reserves or savings that can be used to collect the down payment become important; This process is similar to putting together a puzzle with amounts of money that the regulatory families do not have in view and that are scattered among: savings accounts, collective investment funds, trust accounts, severance funds, voluntary pension funds, employees, programmed savings plans, AFC accounts and contributions to compensation funds.

In fact, according to Home Capital Outlet, based on data collected from its clients, only 10% of buyers do not need a down payment because they have all the resources to purchase their property in cash, while the remaining 90%, it does require savings of between 20% and 30% of the value of the home to enable its access to financing through mortgage credit or housing leasing.

«The current scenario represents a challenge for Colombian families who want to buy a home, since the current rates of the financial system reduce the indebtedness capacity of Colombians, so people who want to buy a home must have a higher percentage of own resources additional to the initial fee. Family savings will largely determine the value of the home that can be accessed in the short and medium term, that is, the higher the contributions they have, the greater the purchasing power and the lower the financing requirements. says Diana Restrepo, Fintech manager at Home Capital, Housing Outlet.

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Around 43% of the Colombian population receives income below the minimum wage, according to figures from Dane, a number that is worrying compared to a calculation made by Home Capital Outlet in whichIf a person saves $30,000 a month, it would take 125 years to save just for a down payment on an apartment of $150 million.

For this reason, when planning the purchase of a property, the company recommends reviewing the savings in layoffs that have accumulated throughout the working life, taking into account that they are recorded every year and are equivalent to one month’s salary. plus the income generated.

Restrepo states that: «Buying a home requires organization of family finances as a medium and long-term project, in which current expenses must be taken into account in order to optimize borrowing capacity and facilitate access to credit» .

In this sense, the company is aware of the current restrictions of Colombians, and being an Outlet, it maintains its prices at a discount, while offering personalized advice on the best financing products according to the profile and capacity of the buyer. This in order to centralize and meet in one place all the needs of people when it comes to fulfilling their dream of having their own home..