Finding a house can be as exciting and motivating as it can be frustrating and exhausting, whether you’re a first-time buyer or a seasoned mover.
This OnTheMarket.com top tip list will assist you in making the bienes raices cancun real estate home-buying process as simple and joyful as possible.
1. Money comes first.
You should think about how you’ll pay for your new home before you start seriously looking at properties. Unless you’re paying cash, you’ll almost probably need to borrow money to make the purchase. You’ll also need enough money to make a deposit, which is normally 5% or 10% of the property’s buying price. It’s a good idea to speak with a “whole of market” financial consultant who can determine how much of a mortgage you can afford and assist you in applying for one. Find an Independent Financial Adviser (IFA) through a friend or family member’s referral, an estate agency, your building society or bank, or the internet, and receive an “Agreement in Principle,” or AIP, which certifies the amount that can be financed if the property fulfills the lenders’ standards. If you have an AIP in place, agents and sellers will take you more seriously. Remember to account for relocation expenses such as legal fees, stamp duty land tax, and removal costs. More information is available in “Financing Your Purchase,” another OnTheMarket.com top tip guide.
2. Make a list of your wants and needs.
It’s time to start looking for a suitable house that fulfills your criteria now that you know how much you can spend. If you need to be near a specific school, station, or office, mark it on a map so you can immediately see if the property is close enough when you look at the sales details. Make a list of everything you require in a home. These items are frequently incompatible with what you desire. For instance, you may desire a double garage yet simply require off-street parking. You may want four bedrooms but only require three. Being specific about your requirements will assist you in swiftly identifying properties to investigate further and will provide estate agents with an accurate sense of what they should offer you. Good estate brokers are typically skilled at separating wishes from necessities and then presenting properties that appear inappropriate at first but are actually great. You’d be surprised at how many individuals wind up purchasing a dream home that is completely different from what they were looking for!
3. Place your own home on the market.
Many purchasers must sell their current house before they can move, and some believe it is preferable to find the property they want to buy before putting it on the market. This is a surefire way to be disappointed. If your own house isn’t for sale, you’re unlikely to be able to acquire your dream acquisition quickly. Any offers you make may be treated as “subject to sale of their own property” by the seller, putting you at a disadvantage against other bidders who may have already found a buyer or have the cash on hand. So read OnTheMarket.com’s “Choosing Your Estate Agent” top tip guide and get your house on the market as soon as possible.
4. Begin your property search
You’re now in a great position to begin looking for appropriate properties. Begin your search on the internet by visiting OnTheMarket.com (where you can sign up for automatic alerts when a new property comes on the market) and the websites of local estate agents. The majority of websites allow you to select results based on factors like as location, price, and number of bedrooms. Look through the classified ads in the local newspapers to see what’s available. Call or email the most relevant estate agents and ask to be added to their mailing list for information on the properties they have for sale and those that are coming on the market. Keep in mind that estate agencies have dozens, if not hundreds, of purchasers on their files. Some people are serious, while others are “dreamers.” Make it evident that you have done your study and are serious about moving if you want to be at the top of the agents’ lists when a new property comes on the market. Make a list of your criteria, including the region you want to live in, how much you can afford to spend, why you’re moving, and when you want to move.
5. Sorting the information
It’s extremely possible that you’ll have a pile of property details to look at in a couple of hours or days. Choose the ones that fit your criteria and make plans to see them. In a single day, don’t look at more than six. If you look at a lot of them, you’ll forget more than you remember about each one. The viewing appointments will most likely be made through the estate agents’ offices. Because they own the keys, the agent may meet you at the property. You might meet the seller at other times. Allow plenty of time between appointments to ensure that you stick to the timetable. Estate agents are busy people, and if you are more than ten minutes late, they will most likely not wait for you. If you’re going to be late, be courteous and let them know.
6. Make an excellent first impression
You’ve made it to the first viewing. Is the property’s exterior what you expected? Take a peek at the properties in the area. Do they look to fit in with the surroundings? How congested is the road? Once inside, you’ll see rooms that are almost certainly filled with the owner’s furniture and belongings. Remove them from your mind’s eye and imagine your own belongings in their place. You’re unlikely to find a home that is perfect in every way, but keep in mind that you can change practically anything about a home except its location for a price. So, if you don’t like the wallpaper in a certain room, you may quickly change it. Similarly, if a kitchen is outdated, it can be modernized. Don’t allow the minor details get in the way. After the appointment, jot down a few notes about what you liked and didn’t like about the property. It will assist you in remembering the visit afterwards.
7. Follow-up viewings
After you’ve seen a few potential properties, you’ll begin to consider the ones you prefer. Then it’s time to go back and take another look. The majority of sales are agreed upon following a second viewing. Make an appointment for a time that is not the same as the first viewing. You’ll be able to see the location in various lighting conditions and determine whether there are any concerns with noise or traffic at different times of the day. When you return to a property, you’ll be shocked at how different it looks. The rooms, for example, may appear smaller or larger than you recall, and you will undoubtedly notice items you missed the first time around. Take a bit extra time on your second visit and look at the products in greater detail. Check water pressure by turning on taps (ask beforehand! ), looking for electricity outlets, and seeing if each room has heating. If the seller is present, inquire about the goods they will be leaving (such as carpets and draperies) and the ones they wish to sell. If you really like the house and the seller is present, resist the urge to make an offer right away. Wait and do it through an estate agent, as negotiating with a seller face-to-face can be tough at times.
8. Making a proposal
When you’ve identified the property you want to buy, you’ll need to decide how much you’re willing to pay. Every home has an asking price as well as a price that the seller is willing to accept. It’s possible that the two aren’t the same. If the property is listed with an estate agency, keep in mind that they are representing the seller, not you, and that they have a legal obligation to get their client the best price possible. You may offer any sum for the property, and the agent is required by law to put forward offers to the seller as quickly as possible until a contract for the sale has been executed, except in extremely particular circumstances. Calculate how much to offer based on the property’s asking price and what else is available to buy in the area, as well as what you know has sold. You can request that certain goods be included in the price, as well as specify any restrictions you require, such as the ability to move in by a certain date. At this point, everything is negotiable.
9. Deciding on a price
Your offer will be presented to the seller, who will decide whether to accept or reject it. That’s fantastic if they agree. If they believe your offer is too low, they will ask you to raise it. You’re now in the midst of bargaining with the seller through the middleman. A skilled agent will point you in the direction of the price that they believe their client will accept.
10. Your offer has been accepted.
If your discussions go well, you’ll finally reach a price that you’re willing and able to pay, as well as one that the seller is willing to accept. Once the offer has been accepted and the transaction has been finalized, the agent will confirm everything in writing, and the property will be described as “under offer” or “sold, subject to contract.” It’s now time to start the legal process by instructing a solicitor or conveyancer so that you may proceed to a “exchange of contracts.” Keep in mind that until the contracts are exchanged, you and the seller have the option to back out or renegotiate the sale. Fortunately, the majority of sales go through, so you can begin to become enthusiastic about the thought of moving into your new house.