If you are interested in investing in real estate, buying a used property is a great option. However, the expert real estate attorney, Martha Ríos, advises following these five recommendations before closing a business.
1. Visit the property
Although technology gives us the ability to see images and even take a virtual tour of the home, “no one should ever buy a property without seeing it, because sometimes what one sees behind the computer does not correspond to the real expectation,” says the lawyer. A clear example is that when we book a hotel room, many times what you see on the internet is very different from the real room.
Therefore, it is important to go to the place, check the status of the construction, the surroundings and the neighbours. The expert advises going several times, on different days and times.
2. Ask the neighbour
In general, the neighbours know something about the property. If it is subject to a horizontal property regime, “one of the things that I suggest is always to check the minutes of the last assemblies because one finds out everything there: if the next-door neighbour is the problem, what are they? The problems of co-ownership and the arrangements that have been made in the complex”.
3. Don’t buy at the beginning of the year
According to the lawyer Ríos, it is advisable to buy after the co-owners assembly has been held, which is usually held in March. Thus, “if the building has a problem, you will find out, because there is always a neighbour who comes to talk about the same problem.” Also, if there is an upcoming investment to be made, for example for the maintenance or purchase of elevators of the set or other arrangements, you will not be entitled to this payment.
4. Find the best location
In large cities, the land is scarce, which is why new housing projects are located in the peripheries. This implies that if you want to find a privileged location, it is best to opt for a used home.
In addition to the possibility of finding a home in a good location, they have a larger area and a lower price than new properties.
Calculate your loan and your instalments in our calculator
5. Shopping to remodel?
Keep in mind that “not every used home has to be remodelled,” said Ríos. Before thinking about remodelling, it is important to know the projection of the area, otherwise, you could lose the investment of the remodelling. For example, if the neighbourhood’s trend is towards business development and after living there you don’t want to be in the sector, everything you invested in remodelling your home would be lost.