Buying a House in Merida?
Buy, build or a fixer-upper?
When it comes to real estate in Merida, you have many choices if you are looking to plant some roots here. Knowing the right things to do takes patience and finding the right realtors and other professionals to help you in the process. Deciding whether you will build a new home, buy an existing one or finding a fixer-upper is a personal decision.
Buying land and building a house will provide you with much more value for your money. The price of land and construction in Mexico will be less than buying a house. The downside of this is that you have the additional time, effort and expense of managing a build. You would do well to be in Mexico for the duration of the build or have someone reliable and trustworthy locally to oversee the project.
The choice of whether to buy or build will again be a personal one, and probably also based on what you are looking for and what is available. When you do the math, you will probably find that you can get more bang for your buck by building or renovating rather than buying something already built but keep in mind the additional effort you will need to invest. For convenience, it may be better to buy something already built and move-in ready, especially if you can’t be in Mexico for the duration of the building period to keep on top of things.
The term “fixer upper”, an American term now used as “Spanglish” in Mexican real estate, is a shell of a house in need of serious maintenance or repair. These enable you to buy the property at the “shell” value and create a home almost from scratch. Some fixer-uppers include old colonial buildings that can become magnificent homes. Think carefully about the costs when embarking on this kind of project. It always takes more time, effort and money to renovate a property than initially estimated.
Property in Mexico is often marketed by word of mouth and you may find terrific deals by talking with people locally about available properties. Mexican people are very friendly and they are great networkers. With that said, keep in mind that while you may find a piece of property you love, don’t do it alone. Hire a realtor to help you because what may look like a dream spot for a great price, things are not always as good as they seem.
Good Mexican realtors are expert networkers and you really want to find one who has been operating locally for a considerable amount of time and who knows the terrain and has a deep and extensive network of contacts locally. Real estate agents in Mexico are very much a local business. Many agencies offer full-service agency facilities and making contact with a good, experienced and local realtor can make all the difference in your search for the perfect property. Your aim is to find a local agent with whom you may build a rapport and even a long-term relationship with.