Assemble the down payment for your home with these simple steps for 2020

With saving and patience it is possible to raise the capital for the down payment of your home.

We are already in the month number 9 of 2020 and for those who planned to buy a house this year, it seems that the dream is becoming more and more distant from reality. But do not despair, there is still time to meet this goal, because in this article we present the best tips to help you get a down payment on your next home.

Nothing is overnight

One of the things that makes buying a property almost impossible is the prospect of never having enough money. Remember that buying a house is a process of building an equity, therefore it requires time and perseverance.

The first thing is to do an act of saving, that is, to allocate a part of our income to collect the down payment and pay the deed expenses, because precisely the latter we always forget. We think about the price of the house but we forget that in our country a tax is paid for the purchase of real estate, notary public fees, registration fees to the public registry and certifications that can be up to 8% of the value of the house .

Ideally, a person saves at least 20% or 30% down payment for a house. That is, if you are going to buy an apartment for a million pesos, you will have to save 200 thousand pesos for the down payment and 80 thousand pesos for additional expenses. Well, the fewer credits you request, the mortgage conditions will be better.

For the beneficiaries of infonavit or Fovissste

Also for those listed in Imss and Issste, saving in this way can bring you benefits if you are thinking of applying for a co-financed loan, since the capital you have in your housing subaccount can be used to pay the down payment on your house, the expenses of deed or the cost of the house itself.

Taking into account the previous example, if in your subaccount you have 200 thousand pesos and you save the same amount, then you will have 400 thousand pesos and with that, you can request less credit, buy a larger house or even in a better area.

The 3 strategies to save the down payment

• Be patient: if you are renting, that's fine, many of us have to do it at the beginning. But if you must leave, raising the objective of collecting the money for the down payment of your new assets so that it does not interfere with your economy, through savings.
• Reduce your superfluous expenses: Those ant expenses that can add up to tens of thousands of pesos annually, you must reduce them as soon as possible. So you can reach your final goal in the shortest time possible.
• Save part of your additional income: Bonuses, Christmas bonus and the earnings you have from extra jobs are essential to achieve your goal. You can save half, a third or a quarter of this income to have a greater capital. You just have to be prudent with your family, personal and work commitments.

Collect the down payment of a house or it is something that you can do from one day to the next; This is a process that can take years to achieve, what matters is not to despair. The first house you buy will be small, but it will be adequate for the level of life you lead, then, with the capital gain that you can accumulate, you can sell it, and get a better one.

Increasing our purchasing power depends on a greater possibility of saving, and when you manage to increase this possibility, you will be able to get the property that meets your needs.