Are you tired of paying rent and finally want to buy a house? Congratulations! You are on the right path! Do you have any idea how or where to start looking for a property? Before making any rushed decisions, let me show you these easy steps you should follow once you’re ready to buy a home:
- Choose a property which you can live in comfortably for the next 5 years; that is the average time in which people recover their purchase cost investment.
- Pick an area that has maintained its appreciation over the years; this will assure your investment.
- Make sure that the property you are going to buy is in perfect condition. If you are not happy with its appearance or if there are important aspects to be fixed, you have the right to negotiate repair of the imperfections before closing the sale. Professional services are available for home inspections that can give you a detailed report on what needs fixing.
- Investigate the community surrounding the property and the people that will become your neighbors. Are there any families? Students? Retirees? Is it in a heavily trafficked area? Or within a private community? This will give you an idea of the area’s predominant lifestyle and how you will feel living there.
- Although it seems obvious, some locations (especially in small communities such as Pescadero and Cerritos on the Pacific, or La Ribera and Los Barriles on the Sea of Cortez) don't have basic services such as electricity, sewage or garbage collection. It is important to ask about the available services and what the alternate options are (solar panels, septic tank, etc.).
- If the property is within a private community, be sure to evaluate the condition of the common areas: upkeep, good maintenance and cleanliness of all amenities reveal a proper resource administration.
- Generally, there are maintenance fees in residential communities; I recommend that you find out how much they are, there periodicity and what they include, because when acquiring the property you are also taking on the obligation to comply with said fees.
- Research what annual property tax you will be obligated to pay.
- Once the transaction is closed, it is very important you receive your property papers (Title, Deed, Fideicomiso, etc); do not leave it for later. The sooner you have them the better.
- Lastly, I recommend that you consult with a real estate professional that can provide you with options and answer your questions and who supports you during the entire purchasing process. Who could be better than your agent to follow up on the proceedings while you continue with your daily activities?
A real estate agent has the experience and necessary knowledge to help achieve your purchasing goal, and besides, their advise costs you nothing – make the most of it!