If you have reached this article it is because you are one of us. Surely you have spent days thinking about how to buy an apartment, finally have that space for yourself and decorate it with your own style rather, you are looking to emancipate yourself and want to create your own independent republic.
We prepare for you a fully guide to buying property in the Caribbean.
Choosing your Future Home
For us, the process to buy an apartment, house, lot, office or premises goes far beyond basic needs. We believe that, regardless of the type of property, it should meet your tastes and that energy that you love to carry everywhere.
Likewise, when talking about your future home, the above is true, so we are always guided by the heart, and in this particular case, by your personality. It is not just that you like it or meet your budget, it is about being the space where you want to experience it all.
Buying a first property is an economic transaction influenced by various factors. Therefore, it is important to study and analyze in depth the different options on the market, based on your available investment budget, as well as the additional financial possibilities you have, for example, a mortgage loan.
This, in order to choose the option that best suits your possibilities, tastes and interests. Of course, in order to make your property profitable in the medium and long term.
For that reason, we share with you a series of ideal tips so as not to fail in the purchase of that property or properties that you are looking for.
7 Tips for Buying your First Property
Taking on the purchase of real estate for the first time could be one of the most fearful experiences as an investor. Well, stress and fatigue could cloud the best opportunities in the market, making you make the wrong decision. And thus, commit your investment. So that this does not happen to you, look at what tips to consider during the process:
Establish the Investment Budget
Before you dive into the different options, you need to establish an investment budget. Of course, consider something more than the price of the real estate, as you will also have to assume additional expenses of a legal nature, appraisal, contract, reforms (if applicable) and others. For this, in addition to investigating the average prices of the properties with the characteristics you are looking for, you will be able to establish the number of properties in which you can invest, always considering the leverage that the financial institution or institutions provide you.
Minimize the Offer
Making a hasty decision always ends in mistakes and regrets. To avoid this, go calmly and analyze in detail all the options that are closest to your requirements. Either in economic terms, zones, areas included, average price, etc. In this way, you create a list of the most potential options in order to minimize the great supply of the market. Then, you can fully evaluate each option until you finally find the most suitable one.
Get Advice from Professionals
If you still do not have enough knowledge in the real estate area, it is better that you seek the advice of professionals. An advisor can guide you all the way to make the best investment decision. In addition, they can expand your range of possibilities by considering options that you may have overlooked. Keep in mind that you will have to assume legal and negotiation procedures, so the help of a real estate advisor will be very useful. Likewise, in our case we can advise you in a personalized way to determine how many properties you can cover in this first investment.
Do not get Carried Away by the First Impression
Buying your first property goes beyond choosing the one with the best facade, there are many other aspects that are also important. For example, the location, common areas, the general conditions of the property, possible reforms that it may need, internal areas, electrical systems and water pipes, floors … Anyway, it is about making a general evaluation of the property that has caught your attention, in order to secure your investment.
Visit the Most Attractive Options
Once you have a shorter list of profitable, attractive and potential options, go and meet them personally. Although many sellers tend to share photos online, it is worth making sure for yourself about the true state of the home.
Evaluate the Conditions of the Contract
Here we refer to punctually detailing your obligations after the purchase decision. That is, the terms and payment installments (if it is on credit and / or with installments), when you could take possession of the property, what the final amount includes and other aspects. Basically, it’s about having a very informative meeting with the seller, in order to ensure that the deal is legal and transparent.
Stay Aware of Market Prices
Even when you want to choose the most attractive and profitable option, you must also maintain the negotiation within the market prices. It is good that yourregattas a little the final amount, however, not to the point of overestimating the minimum value of the property. This will avoid friction and misunderstandings that could compromise a large investment. When looking to be a real estate investor, it is important to know that the first purchase does not necessarily have to be a single property, on the contrary, as a broker we help you determine according to your financial conditions how many properties you could assume in this first purchase, which are the most appropriate and thus determine which is the best way to invest your money.