How much should your salary be if you want to buy an apartment worth one million pesos

The rules of nature dictate that at a certain age people must leave their parents' homes and pay all their “whims”, however, very little is the percentage of people who manage to have the privilege of enjoying economic stability that allows them to pay rent, services and spend on clothing, meals and travel.

This goal is often not achieved due to lack of research or information, however, the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) provides relevant data on its website to be able to purchase a property.

One of the main requirements to be able to finance a department of 1 million pesos is to have an income of between 19,000 and 23,000 pesos per month, although this is not the only condition, since a budget of at least 280 thousand pesos must be collected, a sum that considers the costs of the down payment and/or first deposit.

This means that one of the initial points of owning a property is to save, that way the payment of the home will be much easier and above all it will be safer for the seller to trust the customer.

When it is possible to verify that there is economic stability of this size, then banks agree to grant loans to interested parties, this aid will have to be paid in a certain time; financial institutions usually make a plan that suits the beneficiary, but the most common thing is that there are long periods that can to pass the age of 15.

However, it is essential to keep in mind that a monthly amount must be paid that may increase or decrease, all depending on the agreements reached with the bank and the interest rate that companies determine.

It should also be reviewed whether the benefits of the service include insurance and, if so, be aware of the coverage, whether fixed terms are mandatory or if payment characteristics can be changed throughout the process, another priority is to check if there are additional costs for penalties or something else factor.

CONDUSEF has its own mortgage credit simulator where you can learn and compare in detail the options offered by financial institutions, so that you can make a better decision.

It should be noted that there are places where it is cheaper to acquire land, various real estate experts recommend making “a smart purchase and consider the added value of the area”, this means that nearby places such as shopping malls, parks, access to roads or main avenues and proximity to some route major public transport will make an apartment, however small, can be sold for more than 900 thousand pesos.

On the other hand, if you are looking for a place with a good space and a good location, you need to “make a thorough analysis of the surroundings, in this way you can guarantee the price and quality of life”. It will not be the same to liquidate an apartment in the downtown area of CDMX to pay for a home in the vicinity of other states such as Hidalgo, Queretaro or in the State of Mexico.

One of the advantages of making a plan before getting a place to live is that there won't be so many surprises in the procedure, since sometimes you have a certain budget but you don't know all the factors that need to be considered before buying a material good, whether it's a car or a house.

It is important that before making the decision, you are well aware of the characteristics that are being sought, the risks, benefits and, above all, ensure that you have the economic capacity to absorb the costs involved.

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