||Buy a New Home with Resale Value
You have heard realtors say the three most important factors which determine the value of a house are “location, location, location”. While you can change many other things about your home, you cannot change its location. That is why it is so important to have that in mind before you buy. Most people don't think of selling their new home before they buy it, but after all, that's what most people do… sell one house to buy another one, so you should consider its resale value when you are buying.
The buyer needs to consider several different things when looking at the location of the house.
The city or town where the house is located:
- Is the city prosperous? Are there good opportunities for jobs, businesses, etc?
- If the city safe? Does it have a good police force, regular patrols, patrols in the downtown area? Are they responsive?
- Is the city well maintained? Does it look like the streets are clean, garbage is picked up, the parks and medians are well cared for and the neighborhoods cared for?
- Does it have amenities such as shopping, cultural activities, restaurants, schools, churches and other activities that make it attractive to other people? Is it close to recreational areas?
The neighborhood where the house is located:
- Is the neighborhood homogeneous? Are most of the houses pretty much alike as far as size and price? Is it mostly residential or is there a lot of commercial development? (In most cities in Mexico there is no zoning, so what is a house one day could be a school, store or business the next)
- Is the neighborhood well located? Is it close to shopping, cultural events, recreation, schools, etc?
- Is the neighborhood well maintained? Do the neighbors keep their yards, houses, walls and sidewalks clean and in good condition?
- Is the neighborhood safe? Is there adequate lighting, police patrols, etc.?
The area within the neighborhood:
- Is the house located on a nice, quiet street? It is best to buy a house that is not located on a major thoroughfare or a shortcut for the neighborhood.
- What do the neighbors' houses look like? Are they well kept? Are their houses, walls, bars, yards, etc well maintained? Are there any abandoned houses close by? Is the house close to commercial buildings, a bus stop, a restaurant, churches, parks or schools?
- Is it the largest house in the area? It is often said that it is better to have the smallest house in a good neighborhood than the largest house in a less desirable neighborhood.
- In many cities, houses on corners are not considered as desirable because of the traffic; however, in Merida for instance, it seems that the corner properties are considered more valuable.
What about the house itself?
- Does it have a nice view?
- What about the lot? It is better to have a regular shaped lot than an odd shaped lot and the more level, the better. What kind of landscaping does it have? If it is over landscaped, consider the upkeep. If it has not landscaping, consider the cost of getting into the kind of shape you want.
- How big is the house? Does it have enough bedrooms and bathrooms for your needs and to have good resell value at a later date? (Consider a minimum of 2 bedrooms and 1 ½ baths to have a more general appeal)
- Does it have a cuarto servicio with bath? Many houses in Mexico have this feature which allows the buyer to use it for storage or for housing for an employee.
- Does it have a pool? In the Yucatan, because of the hot summers, pools are not so much considered a luxury as a necessity. Make sure the pool is in good condition and fills and drains easily. (Many pools do not have filtration systems; they just fill them then drain them)
- Does it have a garage? In Merida, there are many lovely old colonial homes in the downtown or El Centro area, but a lot of them do not have private, off-street parking. If you don't drive, as many folks do not, it isn't a problem. If you're a two car family, it's something to consider.
- Does it have closets and storage adequate for your needs?
- Is the kitchen large and does it have enough work space? Is there a breakfast nook or room for a breakfast table in the kitchen?
- What is the general condition of the house and property? Does it have good water pressure, faucets and fixtures in good condition (the hard water in the Yucatan can be hard on plumbing fixtures) and do the lights and electrical outlets work? In many houses in the Yucatan, the electrical systems are not grounded which can wreak havoc with appliances and computers. Is the yard in good shape?
- What are comparable houses in the neighborhood selling for?
- Have the previous owners made any major improvements to the property, such as adding an extra bedroom, bath, water pressure or softening system, etc?
Buying a house yourself, without the assistance of a realtor is time consuming. Plan to spend your evenings and weekends checking out the classifieds, or on the internet looking at properties and contacting sellers for more information. It helps to have an idea of the kind of house you are looking for before you start, the general location you are interested in and your price range. As you refine your search, you may refine your criteria as well. If your move to the Yucatan is a move to a different part of the country or to a different country altogether, be prepared to be flexible as you discover what is available to meet your needs. If you are from outside the Yucatan, you may want to line up several properties to visit and then plan a trip to see them all before you make any decisions. With some time and patience, we hope you will find your dream home on yucatandealdirect.com.