When you are considering the purchase of a property in the Riviera Maya real estate market, it is important to take into consideration some important things and avoid making mistakes. Here are three very common mistakes people make when buying a property in the Riviera Maya.
Thinking that you’ll never sell your home:
When you are buying, you also have to think about the selling process if one day you decide to move. Many buyers experience lifestyle changes, like a growing family, and then realize their home is too small. Or a change in career that requires moving to a new city, or maybe they are simply looking for a change of scenery after years of living in the same place. How much will the house cost when you sell it? Does your surplus value increase? What taxes do you have to pay when selling? Who would be interested in your home – what niche of buyers?
2. Overlooking Expenses associated with owning a property:
When buying condos or houses in the Riviera Maya, it is important to keep in mind that there are costs involved with owning a property, such as yearly property taxes, maintenance fees, insurance, and utilities. It is important to understand what these costs are and how they will impact your monthly budget.
Not Working with a Real Estate Broker:
It is very important to work with a local professional who is familiar with the area and has a good understanding of the local market conditions. A local real estate agent will know the details about the market and be able to help you with lawyers, a property manager, and other important players that will help you navigate through the process and avoid potential pitfalls. They can also assist with the legal process, help negotiate a fair price, and ensure that the property you are buying meets local zoning requirements. “Buyers who come direct, without a broker, always overpay.”
Bonus Common Mistake:
Finding a diamond in the rough and then polishing it is big business. Many times it can happen that a property is not presented in the best way, or that it requires some repairs or the furniture is not at all to your taste. But location and size are what we are after. So, it is important to consider the potential of the property with simple changes that we can achieve with a small investment to our liking. That way you get a good deal with most of the specs you were looking for.