More than 50% of the economically active population works informally.
Informal workers can also access housing loans, even through Infonavit.
Informal employment in Mexico has been an alternative for years for those facing unemployment, as well as an option for individuals who do not meet the requirements to apply for certain job openings, whether because they lack the required education or experience. According to the National Occupation and Employment Survey (ENOE), by the end of 2023, 54.8% of the economically active population was working in this sector. On the other hand, a study by BBVA Research states that 40% of people who acquire a home also work in this area.
While informality is one of the main pillars of the national economy, it could be assumed that for this population, acquiring real estate would be more complicated, as most salaries are lower and they lack social security. However, acquiring a property is still feasible, as there are various alternatives to explore, even if you’re seeking financing through a mortgage. Here are 5 tips to help you achieve your goal of owning a home if you work in this sector.
Understand the Process
If you’re planning to buy a property, it’s essential to know every step of the process. This will help you understand what documents you need, and in case you’re missing anything, you’ll have time to arrange them. Additionally, being aware of the steps will give you enough time to organize your finances and explore the best options, from financing to finding people who can assist with paperwork.
Don’t Dismiss Mortgage Loans
Mortgage financing is not exclusive to insured employees or those who have an individual savings account. Self-employed workers can also access bank mortgages or loans through Popular Financial Societies (Sofipo). Even with the National Housing Fund for Workers (Infonavit), you may qualify for a mortgage if you’ve previously contributed and are now inactive. For some of these options, you may need to meet specific requirements, so make sure to inquire about each one and evaluate them carefully.
Improve Your Credit History
As we mentioned, one way to finance your home is through mortgage loans. However, to qualify for one, you need to meet certain requirements, such as having a good credit history. You can improve this by making timely payments on previous debts, taking out installment loans, and properly managing your credit card. Additionally, this record of your financial behavior will also serve as a reference if you are looking for a rent-to-own option or other forms of property acquisition with multiple payments.
Start Saving Early
The most important factor in acquiring your own property is money. Whether you use a loan, rent-to-own, or any other method, the total cost will ultimately come from your pocket. You must also account for additional expenses such as title deed costs, notary fees, maintenance, and moving expenses, as well as the initial down payment. For this reason, it’s important to start saving before beginning the process, taking into consideration your income, savings capacity, and the cost of the property.
Choose the Property of Your Dreams
Knowing the price of the property you wish to purchase will help you better manage your budget. This doesn’t necessarily mean having the price of one specific place in mind, but rather understanding the features you want and determining how much you need to save. Having a reference based on location, seller, etc., will help you estimate market behavior and possible price increases. The clearer your needs are, the easier it will be to choose from available options.
Acquiring your own home while working in the informal sector is not impossible; it simply requires time, discipline, and sufficient information to achieve it. So, if you’re interested in becoming a property owner, explore all the options available to you, seek guidance from a specialized institution, and most importantly, don’t give up.
Guía rápida para Comprar Inmuebles en CDMX
Coldwell Banker México: coldwellbanker.com.mx
https://infonavitfacil.mx/eres-trabajador-independiente-tambien-puedes-sacar-tu-credito-infonavit
https://www.honest-home.io/blog-post-5/trabajador-independiente-comprar-casa-credito-hipotecario
https://blog.vivanuncios.com.mx/bienes-raices/creditos-para-trabajadores-informales
https://www.bbva.mx/educacion-financiera/banca-digital/cuenta-digital-que-es-una-sofipo.html
https://blog.vivanuncios.com.mx/bienes-raices/quien-compra-casas-en-mexico
https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2024/ENOE/ENOE2024_02.pdf
https://www.bbvaresearch.com/wp-content/uploads/2020/05/SitInmobiliariaMexico_1S20-1.pdf