Thinking about buying a home in the Los Cabos area? Good for you! Mexico’s sun, endless sandy beaches and friendly people offer a quality of life that’s hard to beat. The thought of buying any property anywhere is a both very exciting and a major investment. With this guide, avoid some of the most common traps and pitfalls when considering purchasing property in gorgeous Mexico.
1. Moving too quickly
Take your time when purchasing a property in Mexico. It takes only moments to make an offer on a property, but it can take years to sell if the property turns out not to be right for you. Slow your buying process down by learning all you can about the area in general, the communities within and how you plan to live in your new home and country.
2. Not picking the right Real Estate Agent for you
It is essential to find the “right” real estate agent for you. Your agent should be viewed as your trusted adviser and counselor and not as a “salesperson” and the relationship you establish with your Real Estate Agent must make you feel comfortable. The right Real Estate Agent will work with you to help assess what you’re really looking for in a home; help you understand current market conditions and trends and locate those homes that suit your needs. When that perfect home has been found, they will work with you to establish an offer and will negotiate on your behalf to get you the best possible price. They will be there throughout the process right to when you get the keys. But the right Real Estate Agent does not stop there. They will continue to assist you as you become comfortable in your new home. The right Real Estate agent often has already become your friend.
3. Not understanding the lifestyle you want to live and what your priorities really are
Take the time to think about and really understand the lifestyle you want to live when your purchasing your Cabo dream home. Are you a cyclist, hiker or off road enthusiast and plan to do much more when you live here? Do you enjoy fishing, dream of owning a boat or have always pictured yourself being close to the marina? Do you enjoy the sound of the waves, are an avid swimmer, surfer, jet skier? How about gardening, tinkering in the garage or a sunset career? Knowing what you want to do and how you plan to live here in Cabo makes finding the right property so much easier.
4. Having Unrealistic Expectations
When buying a home in Mexico it is essential to understand the local real estate market and what your budget will buy you in this mostly cash only market. Looking for a 3,000 square foot home with 4 bedrooms and 3 bathrooms, located on the ocean for $150,000 is unrealistic. If this is what you are looking for, it’s the UNICORN and it does not exist. Everything and anything is for sale in Cabo – for the right price. Your Real Estate Agent will work with you to help educate you on what your money will buy in the Cabo market or to re-adjust your priorities to maximize your budget.
5. Failing to understand the laws and your obligations in Mexico
It is important to understand what your property ownership rights and obligations are in Mexico prior to purchasing property. Although you are protected under Mexican law as a foreign buyer, there are differences in the way these matters are handled and it could eventually affect your property or peace of mind. Things like residential and commercial zoning laws, Home Owners Associations (HOAs) and accessibility to name a few should be investigated prior to putting an offer in on that dream home. Buying a home is a big step and a major investment in anyone’s life! There are many emotions and feelings a buyer experiences. Purchasing a home in a foreign country can be made easier with the correct research, preparation, and professional advice. Just like back home.