This year may be the decisive one to change homes. According to the Inmuebles24 platform, more Mexicans are looking to change homes. A survey carried out by the site details that at least 46% of those surveyed said they had plans to move.
Despite the intentions to change the area, selling and buying a new home can take between six months and two years, depending on the promotion that is given to the property, to this period is added the time it takes for buyers to acquire a new house or apartment.
This can lead homeowners to make mistakes when buying and selling a home, complicating the process of moving. However, the recent arrival of technology companies (proptech) gives way to new schemes to buy and sell housing with a guarantee on the property for as long as it may take to complete all the procedures.
buy before you sell
The buy-before-sell model allows those who own a property and want to sell their home to have liquidity to buy another house.
In the Mexican market, at least two proptechs offer the buy-before-sell model. Flat is one of the proptechs that allows owners to acquire financing granted by the platform; the amount of the loan covers the total cost of the new home to be purchased, thus ensuring users the purchase of the new home.
While the user makes the move to the new home acquired with the financing of this proptech, the technology company is in charge of selling the home and at the end of the operation, the platform collects the credit. Bernardo Cordero, co-founder of Flat, detailed for El Economist, that the buy-before-sell model is intended for homes of less than 6 million pesos, since the average interest is 1.4% on the amount of financing.
Additionally, the proptech offers a guarantee for sale, that is, if the property is not sold in six months, the financing stops generating interest and Flat pays a penalty of close to 1% to the owner.
The co-founder of Flat explained that if the house to be purchased is valued at a higher amount than the property for sale, Flat grants the financing as a down payment to acquire a mortgage loan, which is also processed by the platform, once Once the property is sold, the proptech makes the payment of the Flat financing and grants the remaining money from the sale for the payment of the mortgage loan.
The protech Acasa also offers owners the buy before you sell model. The proptech grants financing to down payment of a mortgage loan which is also processed by Acasa through its brokerage service; while the owner makes the purchase of his new home, the proptech starts the sale process.
Eduardo Restrepo, co-founder of Acasa, highlighted the guarantee that this technology grants, which is that if the house is not sold in a maximum of six months, the proptech buys the house with a discount of 7.5% on the price in which the house was appraised. While if the property is sold for an amount greater than the agreed value, Acasa grants half of the extra amount for which the house was sold.
sell in 10 days
Some platforms that have recently arrived in Mexico offer property sales and purchase services in record time, such is the case of Tu Habi, which ensures the purchase of a home in less than 10 days, since the Colombian startup buys used housing to remodel it and then sell it.
La Haus is another of the alternatives to sell and buy housing digitally, the proptech offers through its website the accompaniment of appraisal, advertising, in addition to having list prices in pre-sale of housing, with the promise of ensuring the lowest price.