Which Factors are Important in Your Home Search?

Shopping for La Paz and Los Cabos houses for sale is an exciting task to take on. It’s exciting to think about living close to the beach and several excellent shopping and dining options. Perhaps you’re interested in testing the market but don’t know where to begin or what you should be looking for. Here are some of the most important factors to keep in mind as you shop for a home in La Paz and Los Cabos.

1. The location

The location of your home matters for several reasons. For starters, it impacts how you’ll spend your time each day. Most people assume that they will be living close to the beach when they are shopping for La Paz and Los Cabos houses for sale. These options are certainly available, but they come with additional responsibilities that don’t always factor into other home searches. In addition to the higher cost of the home itself, you’ll likely need to be prepared for higher insurance premiums due to the increased risk of owning a home close to the water. You may also need to take extra steps to prepare your home for different seasons.

Another aspect that factors into location is your home's neighborhood. There are many things you can change about your home after you move in. The neighborhood isn’t one of them. Before you move forward and make a purchase on a home, you should make sure you feel comfortable about the area or the part of town where your home is located. Make sure there are key services such as grocery stores and fire stations nearby. You don’t want to have to travel 15 to 20 minutes into town every time you need a gallon of milk or a dozen eggs. If you get a chance to speak with the neighbors before you put in an offer on a home, you may have an additional opportunity to learn about the community and about the home itself. They may have insight to share with you about the previous owners and about how they cared for the home.

2. The current state of the market

Having a basic understanding of what the market is currently doing will help you understand what sort of negotiating power you may have as you shop for a home. If you’re looking for a home in a market that is more favorable for sellers, homes will likely go quickly and for prices closer to asking. This usually isn’t the best time to try and negotiate a lower deal or ask for contingencies that favor you as the buyer. You may need to be prepared to move quickly when you find a home that you like.

Otherwise, you run the risk of losing out to a buyer who submits an offer more quickly than you. On the other hand, if market activity is down and demand isn’t as high, you may notice that homes are spending more time on the market. You may also see more homes that have had price drops in recent days or weeks. These are times when sellers may feel more motivated to accept offers further below their initial asking price. Your realtor will advise you on how to best move forward in each type of situation, depending on what is happening in the market on a local and national level. 

3. The home’s resale value

You may not anticipate selling your home anytime during the next few years. However, it’s still essential to think about what sort of price your home might command one day when you decide to sell. There are a number of factors that contribute to a home’s resale value. Your home’s neighborhood will affect the price it could sell for, which is another reason to think critically about where your home is located. Your home’s value is also impacted by other homes in the area. When a realtor runs a Comparative Market Analysis on a home, they take into account the sales prices of other homes in the area. They do this because an appraiser will look at this information to determine whether or not a home is selling for a fair market price. Use extreme caution if you discover that you’re considering a home that is the most expensive in a given neighborhood or area. These homes often struggle to increase in value because they are limited by the value of the surrounding houses.

You can also think about what sort of improvements or renovations you may make to the home. This will offer you another opportunity to increase the home’s value. In recent years, minor kitchen and bathroom renovations have been some of the top returners of the cost that homeowners spend to make them happen. Buyers also love to see additional energy-efficient features on La Paz and Los Cabos homes for sale.

4. The space in the home

This is an underestimated — yet still important — aspect of searching for a new home. You should think not only about how much space you need today but also about how much space you could require down the road. If you’re single right now, will you want to get married one day? Do you want to have enough space in your home to host guests? Make sure your home offers enough space to allow you to use your space in the way that you want, both now and in the future.

Looking for La Paz and Los Cabos real estate?

Reach out to the excellent team at Coldwell Banker Riveras if you’re looking for someone to help you with your home search. They have many years of experience helping buyers and sellers like you achieve their real estate goals. Through the years, they have built an impressive wealth of knowledge about the local market and the best areas to shop for homes. Their expertise will be a tremendous asset for you as you begin to shop for Baja California Sur houses for sale.

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Coldwell Banker Riveras professionals know what it takes to guide clients to satisfying outcomes with their Baja California Sur real estate needs. Let the power of a global brand help you find what you’re looking for!

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