Sep 1, 2013

Be Smart – Buy The Best Playa del Carmen Condo The Easy Way

While Playa del Carmen real estate boom is showing no signs of waning, there are ways to get the best deal for your dream beach condo at the best prices.

Mexico condo market is going strong. Boosted by economy and tourism, more people are buying condos for living, renting or investment purposes. While all this has driven up the prices, the market still has some great deals for those who have done their homework and are willing to play it smart.

How to be smart? Well, read on and you will find how you too can get your vacation condo within your budget.

Real estate buying depends a lot on human psychology. In my career I have seen too many ups and downs and how buyers and sellers react to these trends. When prices stagnate or drop, buyers feel as if every home seller is distressed or about to foreclose. This encourages prospective buyers to make ridiculously low prices. In the same way, home owners totally disregard the market conditions and believed earnestly that their home is immune to the slump. What I want to stress is that Buyers should always start a fairly concrete idea of their budget and then study the location and then search for properties within that limit. The offer they make should reflect the property as well as the prevailing market condition.

When as a buyer you make an offer, you should know the prices of the comparable properties in that location/neighborhood. Your offer should be around that price and should not be way below that mark. Such low-balling can sour the deal immediately and seller may not even want to negotiate.

Know your seller. Not many buyers really try to find out why the seller wants to sell the home. What’s the reason? Can he no longer afford it or is he moving out? This can give buyer ideas to negotiate in a better way. If the seller is just looking to upgrade to a bigger home and wants the best price then his sense of urgency will be less. In contrast, a seller who has to move immediately will be much more motivated to sell off. If negotiation process is handled carefully, the buyer can get the property close to his price point.

Early bird doesn’t get the worm always. Sellers are usually much stricter about their prices. But once a couple of months have passed, fatigue sets in. The sellers are tired of showing their home to an endless stream of buyers. After 60 days, when the stream starts thinning, sellers are worried and may more amenable to selling their house according to your terms.

Many buyers make the mistake of buying homes which require lot of renovations. They do so thinking that they are getting discounted prices which will make up for the expenses that will be incurred afterwards in fixing the house. This is a common fallacy. The truth is sellers are savvy nowadays and don’t discount such properties much these. Go for new homes or which require less updating.

Know what you’re getting. A buyer should also find out various hidden costs and utility bills. Homeowner association charges and other things should be known upfront. A buyer can also ask the seller to pay the first year of such charges.

Be flexible. I have seen too many deals go bust because of minor price differences of even few thousand dollars. Both parties should be open minded and keep long term goals in mind.

About the Author : David Selva is the Sales Director and founder of Selva Co Realty ( She has an experience of more than 6 years as a real estate professional in the Riviera Maya region of Mexico.
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