No more rents! Strategies for millennials to buy their own home

The high prices of living place In Mexico, economic instability and lack of access to mortgage loans have created a barrier for the so-called millennial generation manage to buy a house or apartment.
Despite this, there are options and strategies that can help this segment of the population, which oscillates between 25 and 40 years of age, meet this goal.

According to data from the National Institute of Statistics and Geography (Inegi), it is estimated that there are around 30 million millennials in Mexico, which is why it is considered an important market for the real estate sector.

Considering that this age group includes people born in 1981 and 1996, Sergio León, director of commercial strategy and marketing for the Mexican real estate company Levy Holding, mentioned that it is important that they carry out adequate financial planning and carefully evaluate the alternatives they have.

“It is about seeing it as a long-term investment that goes hand in hand with savings, research and financing; It is an effort based on Property typeeconomic stability and find the best time to do it”, commented the specialist.

To advise the millennials With the development of his heritage and the plan to raise the goal, León recommended:

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Save for the down payment

In Mexico, the down payment is usually 20% of the value of the property, based on the Property type and needs, so it is important to consider a part of the income to allocate it to this initial payment.

Advice to manage profits

The Levy Holding expert stressed that it is best to seek advice for the investment of real estate portfolios throughout the country.

Inverlevy, for example, is a Mexican company that is responsible for helping to grow wealth with national options with investment amounts accessible in the market.

Taxes against capital gains

In many places in Mexico, capital gains exceed the interest rates of mortgage loans, a method that is used in 80% of the home purchases being a financially viable option.

“That is to say, thanks to the fact that the surplus value is maintained at a high percentage, even if the interest rates, the reality is that a property will always be a safe alternative for investment and a profitable business model. In addition, a property resists the impact of crises much better compared to other types of investments”, stated León.

In addition to these tips, for the expert, the fundamental thing is to set a goal, time and profit to be able to acquire a house or apartment. In this way, it is possible to establish priorities and manage money to achieve financial well-being.

“Despite the global economic recession, the real estate industry has reported significant growth for the last three years, which positions it as a positive option to invest,” he pointed out.