Severance pay: an ally to take the leap to your own home with Tu360Inmobiliario
Beyond being a cushion for emergencies, severance pay has a strategic use: to become the financial lever that allows access to a home or improves the one you already have. This legally designated resource, if understood and processed correctly, can cover part of the down payment, buy a used home, pay for works or improvements to the property, and even expenses associated with the purchase.
TL;DR
- Severance pay can be used to cover part of the down payment, purchase used housing, pay for renovations, or associated purchase expenses.
- It can also be used for construction on owned land, requiring documentation of the lot and project budgets.
- The law permits using severance pay to improve an existing home, make additions, pay related taxes, or clear mortgage liens.
- Financial planning is key to transforming severance pay into a powerful home-buying tool.
- Combining severance pay with a mortgage is a potent strategy for building wealth and maximizing real estate benefits.