Buying a property is a big decision, whether in Cabo San Lucas, Baja California Sur or anywhere in the World for that matter. Decisions have multiple thought processes baked into them. Out of all these considerations, the one that should be your primary motivator is what constitutes important real estate purchase goals? Why do you want to buy that beachfront property in Todos Santos? Do you want to own it, rent it, or maybe get yourself a lovely vacation/retirement home at a beautiful Mexican beach? Whatever that why you need to know it and hold it close so that buying the property won’t become an exercise in doubt halfway in.
Here is our recommended three-step way to define your real estate purchase goals in 2022.
Define the experience you want from your real estate purchase and funnel
What do you want from a real estate purchase? What kind of experience? Mostly, this choice depends on your lifestyle, whether single, partnered, with kids or expecting, with pets, retirees, or even something else.
These different scenarios will affect your decision-making and directly narrow down your optimal choices. If you’ve got kids and plan to make this a second home, you need to consider school and park distances. Suppose we’re talking the vacation home of a retiree; you need to consider proximity to local amenities, get-togethers, and, of course, health centers. Once you’ve written down your overall lifestyle, you’ll realize that you’ve just made yourself a sales funnel, and that’s only the beginning. We still need to think about your requirements.
Define your requirements and needs to achieve your real estate purchase goals
Now that you’ve established your lifestyle and location needs, you need to think about the specs you need from a property. This process narrows things down to two different courses of action. Either go for a newly built or custom-built property or a pre-owned one.
The one you pick will depend on your needs and preferences. Newly built homes have all the gall of having fresh-off-the-box equipment and the most customization available. However, pre-owned homes have the added benefit of having higher overall housing market value and more charm altogether, having the actual use of being lived-in spaces.
Some markets like the Cabo Corridor offer a more significant presence of new projects. In contrast, others are more active in the pre-owned area, do consider that before you start scheduling appointments.
Always think of the long-term when purchasing your property
Let’s say you’ve done it, the property’s checked all the right boxes, and you’re well on your way to enjoying that dream location home at Palmilla or Pedregal you’ve always wanted. However, a few years down the line, you no longer like it, and you’re starting to think about selling it. Now, there’s nothing wrong with making good use of a property after enjoying it for some time, but you do need to consider that your real estate purchase goals should be long-term focused.
The longer you have that property, the more you’ll pay for it, ergo the more equity you’ll get, which directly translates into how much you can ask for it once you want to get your money back with interest. The recommended time for you to sell or rent your property ranges in about 5-10 years, depending on location, the more coveted the spot, the lower the waiting period.
Thinking long-term works best when purchasing real estate, even if you know you won’t be there for that long a time. Still, it would be best if you considered that this would be an investment with a grand payoff, later on, one that takes careful consideration and decision-making into account as well as time.
We hope that you have found this information useful in defining your real estate purchase goals. If it so happens that your goals include finding a property in Baja, Mexico, then we would be delighted to help you on your journey. Please feel free to contact us and we also recommend you to read our article about how to find the best agent to help you purchase your Baja home.