In the first quarter of the year, construction fell 1.4% and housing decreased 7.13 percent. For that reason, the Government was given the task of moving the sector and took measures such as lowering interest to activate a key industry in the country’s development. This impulse, apart from encouraging the economy, can create jobs because according to DANE this is an industry that contributes 5.7% of jobs in the country.
Housing has always been a common investment in people. Many families dream of having their own home and because it is the largest investment a family makes, it is not a simple task. With the recent government measures to boost the sector, it could be said that it is an auspicious moment to meet that goal and acquire housing. The recent decrease in the interest rate reaches up to 9% per year in some banks, so it is recommended to study each option and take the one that suits you.
In addition to lower interest rates, Colombians have the option of applying for a subsidy of 2.5%, which means that interest could remain around 6.5%, so it is a good time to take advantage of and be able to access a Own housing paying a low interest rate.
An option to have your own home
The Government has focused part of its efforts on generating infrastructure for the country and one of the ways in which it has done so has been to promote the purchase of its own home through various programs that seek to facilitate the acquisition of housing.
With the latest modifications of the My House program, households that earn from a minimum wage will already be included (previously it was only possible to access these benefits for households that earned two to four). Apart from this change, the beneficiaries of the subsidies will be able to use them until 2019, previously ending in 2018.
Another important change that Mi Casa had was the inclusion of “housing leasing”, an option that will allow families to pay rent with an option to purchase the property. It is a measure that encourages the acquisition of housing to those who do not have it. Sometimes paying rent can be more expensive than the fees to buy a new house.
This method of financing means that the bank owns the home and the family, pays a lease for a certain time to a financial institution. Subsequently, you may have the option of exercising the purchase by adhering to the My House Now Government program.
Previously, the family could only access the subsidies if they previously had a mortgage loan. With these changes, Colombians will have more options to acquire housing.
It is time to buy housing
With these modifications, people who purchase housing will be able to access this rate reduction and thus reduce the loan fees. But if you do not have all the money from the initial fee you can join the housing leasing, an excellent alternative to homeownership in the country. Check the best home rental at speedhome.
With these changes in Mi Casa Ya, the Government seeks to boost the purchase of housing to mark the growth of a sector such as construction that had a considerable fall during the first quarter of the year.
In addition to the Mi Casa Ya program, there are other options to be the owner of a home.
UVR credits: It varies according to inflation and at this time it can be an attractive option because there is a controlled inflation by the Bank of the Republic. It can be for new or used housing.
As it is a credit tied to the behavior of inflation, the fees may vary.
Credit in pesos: It is a installment and fixed rate credit during the entire period the loan is active. It can be requested for new or used housing
It is important to mention that you can request the change of weights to UVR and vice versa. The changes do not generate additional charges.
Some recommendations to buy housing
Buying housing can be an exhaustive process, but thanks to online classified platforms such as OLX it can be much more bearable, as they facilitate the search process.
Before starting the home buying process, it is vital to keep in mind what you want to buy, so it is advisable to have a list of columns with the essential aspects and those that can be negotiated. For example: the distribution, whether or not it has an elevator, if it has a balcony, among others.
Additionally, it is important to take advantage of the filters offered by these platforms; These allow you to find the one that best suits your specific needs.
Buying housing is something that cannot be taken lightly and should be made well informed, so go to the official information to take into account all aspects, since the acquisition of a property is a decision for a lifetime.