Have a home inspection. It will to give you a good indication of the trouble areas that will stand out to potential buyers. You can handle repairs before putting the property on the market. A recent experience reminded me of the importance of a pre-sale inspection. A seller had repaired some roof leaks, but he had not repaired and repainted the inside walls where the leaks had occurred. The buyer’s inspector made note of water stains and wrote the report to say there were leaks. It took time to determine if the cause of leaks were found. We will not really know until we have experienced a full rainy season. Finish the repair…. and the damage caused by the problem.
It is more typical in this market that buyer’s purchase the real estate “as is.” But go head and obtain estimates on any needed repairs. The estimates are useful to show the buyer the cost of repairs are typically less here than in the US or Canada.
Organize and clean. Pare down clutter. I recommend you put up personal items as they can detract the buyer from seeing the true qualities of the property. Clean windows, floors, walls, fans and lighting fixtures, terrace railings, to make the house look its best. Presentation is everything. Gather up and organize the warranties, guarantees, and user manuals for appliances.
Pretend you’re a buyer and stand outside your home. As you approach, what is your impression of the property? Pretend you are seeing it for the very first time.
Who is your buyer?
Americans buying resort second homes: This type of purchase normally requires discretionary income. People buy second homes when they feel good about their situation. Right now Americans are dealing with economic and social uncertainty in their country.
Americans buying as “empty nesters” with the intention of living in Mexico full-time or a minimum of 6 months a year: Yes, there are some buyers in this category. More will come to investigate the possibility of buying. Recently I worked with a couple who wanted to consider selling their home in California to move to our area as full-time residents. It is a big decision to make, and they were wise to return to a place they liked 20 years ago to see if it still appealed to them. In their case, they did not choose to look for a home here. Others have come and purchased. I believe more will come for this purpose.
Canadians are buying resort second homes because of our climate. Warm, sunny, sea-level climates improve mental and physical health. Right now the Canadians feel good about their money and about their situation.
Mexicans who have cash see value and quality in real estate. They are investing long term in real estate as their “bank of choice.”
This article is based upon legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review.
