How to buy a house with a minimum wage in Colombia? Expert explains a method
With the rising cost of housing and the difficulty of obtaining credit, people who barely earn a minimum wage in the country see their dream of buying their own home as unattainable.
However, according to Leo Ramírez, a real estate professional who makes videos on the TikTok platform to help people buy, invest and save on housing, this goal is possible.
Account of Leo Ramírez, real estate professional. Photo: TikTok: leoramirez_bienesraices
In the video, Ramírez demonstrates that, with proper planning and with some subsidies offered by the National Government, local administrations and compensation funds, acquiring one's own home is an achievable goal.
In the simulator he presented, the expert started from three basic conditions that must be taken into account:
- Have a minimum wage.
- Pay rent.
- Be an employee with a permanent contract.
In the explanation, Leo uses an example of compensation fund subsidies and rental subsidies ; although it is important to clarify that the case must be tailored to the profile of each person.
If you earn a minimum wage, with proper planning and subsidies, you can buy a house. Photo: iStock
However, based on the professional's example, the data included in the simulator were:
- Compensation fund subsidy: $42,705,000 pesos.
- Severance pay: $3,156,000 pesos.
- Bonus: $2,847,000 pesos.
- Monthly savings (housing project): $250,000 pesos for 24 months for a total savings of $6,000,000 pesos.
- Lease subsidy: 20,498,000 Colombian pesos.
According to the expert, adding these amounts together, the person would have a total of $75,206,000 million pesos available for the initial installment.
Data from Leo Ramírez's simulator for buying your own home with minimum wage. Photo: TikTok: leoramirez_bienesraices
If you imagine an apartment worth $128 million pesos, with a down payment of 75 million, the loan to be requested should be approximately 53 million pesos .
In that case, if an average rate of 10.5% is managed for a period of 20 years, the installment to be paid would be $548,000 pesos.
With these calculations, the professional confirmed that it is possible to buy a home with a minimum wage.
To buy a home, enter your details and find out the down payment and the amount of credit you need. Photo: iStock
Ramírez explained that if some of the variables are not compatible with the person's profile, such as the rental subsidy, other tools should be considered to complement this item or "include more money from one's own resources."
This same simulator works for two minimum wages, according to the expert. That said, and in Ramírez's words, if the person has a partner, both could join together to get a much higher loan, since the borrowing capacity is favorable.
If you join forces to buy a home, you can get a much higher loan. Photo: iStock
Of course, keep in mind that the process is not easy, but it is possible: with the right subsidies, strategic savings and well-managed credit, the opportunity to buy a house can be a goal achieved.
According to Ramírez, if they organize themselves ahead of time, people who start earning a minimum wage could aspire to buy a Priority Interest Housing (VIP), so that over the years, if they earn a much higher salary, they can sell this property and get a much better property.
Maria Juliana Cruz Marroquin
EDITORIAL LATEST NEWS
eltiempo
