Two out of every three young people who are looking for a house prefer a cooperative regime to acquire their first home . On average in Spain 38% of monthly income is used to pay for a property owned, hence low wages and lack of savings make access difficult for those who wish to emancipate themselves.
Faced with this situation, the demand for housing cooperatives is experiencing a strong increase and has become an upward trend. “The housing cooperatives are in most cases the solution for those young people who want to buy because of the significant economic savings it entails, around 20%,” explains Mónica Abril, head of LACOOOPEstudios.
According to data collected by the company, 27% of its registered users are under 35 years of age, the majority buy together with their partner and are mainly looking for flats located on the outskirts of large urban centers, with 2 or 3 rooms, and close to the public transport and green areas .
The value of a home can vary depending on whether it is bought in one province or another, since it depends on the price of construction and the price of the land, but from LACOOOP they underline the importance of finding out about the public aid that exists for young people. These aids are contemplated in the State Housing Plan 2018-2021, which has been extended until December 31, 2021 – specifically in its Youth Aid Program – but there are more programs with other types of benefits for the purchase of a home.
Regarding the requirements, the aid can only be requested when the house is located in a municipality with less than 5,000 inhabitants. The amount of this aid is up to 10,800 euros and cannot exceed 20% of the purchase price of the home, which cannot exceed 100,000 euros.
It is also mandatory to be of legal age, but be under 35 years of age at the time of application, allocate the house to be the usual and permanent one, not have another house in property and that the annual income of the family unit does not exceed three times the IPREM. “Buying a first home can be an arduous and complicated task, hence we want to help both young people and other users in making such an important decision,” adds Mónica Abril.
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