- Typically, down payments range between 20% and 30% of the total property value.
- Having a clear goal, knowing what you want to save for, and the timeframe in which you’d like to do it will help you stay focused without neglecting other important aspects.
Owning a home is the dream of many people. However, gathering the down payment to achieve it, with daily expenses and responsibilities, could become a concern. It’s not just any investment; it’s a legacy that can increase in value over the years. And although it may seem like a difficult task, achieving it isn’t as complicated as you might think.
So, before giving up on this goal, which will bring you great profitability in the future, consider the following advice to start saving and cover the down payment for the property you’ve been searching for:
- Clear your debts: This is the first step to start saving. Keep in mind that obtaining a mortgage will be easier with a clean credit history, and it will also help you avoid over-indebtedness or taking out additional loans that increase your expenses even more.
- Review the property value: You may not have found the place you want to buy yet, but you can research the price range in your area of interest to calculate the amount of the down payment to cover. Although the percentage varies depending on the institution you’re applying for credit with, keep in mind that you should save between 20% and 30% of the total property value.
- Start saving: Opening a savings account will require you to be consistent with your contributions and achieve your goal. There are also different options that can provide you with some return. If you’re still unsure at this point and want a more concrete idea of the amount required for the down payment, monthly payments, as well as knowing the term and interest rate, you can use a mortgage calculator.
- Avoid temptations: Learn to differentiate between wants and needs. Try not to fall for unnecessary offers and, above all, reduce ‘unnecessary expenses’. Remember that at first, they may seem like small payments, but when added up, they become significant amounts.
- Be patient: Remember that saving for the down payment, as well as for ongoing payments, is a process that takes time, so you need to be patient. If you have a good saving system, you may be able to reserve more money and thus require less financing from an institution, resulting in lower future debt. Don’t forget why you’re doing it. In the end, you’ll see all your efforts rewarded.
Now that you have this information, it’s just a matter of effort, commitment, and responsibility to save for that down payment and acquire your home. And above all, keep your goal clear, know what you want to save for, and the timeframe in which you’d like to do it, as it will help you stay focused without neglecting other important aspects.
Don’t forget that before starting this great process, it’s important to approach experts to guide you step by step. This is primarily to avoid putting your heritage, or that of your family, at risk and to help make the experience as enjoyable as possible.
If you want to learn more about this topic, check out our similar articles:
https://blog.coldwellbanker.com.mx/beneficios-inteligencia-artificial-inmuebles
Reference sources:
https://www.bbva.mx/educacion-financiera/creditos/enganche-de-una-casa.html
https://www.lahaus.mx/blog/comprar-vivienda/tips-para-ahorrar-enganche-de-casa