Property in Puerto Vallarta
Some consumers consider selling their home directly but eventually turn to a realtor to get the job done. Smart home sellers realize they need the expertise in pricing their home, making connections with brokers, working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.
Only about half of all Real Estate agents are AMPI members in Puerto Vallarta – the top half, in our not-so-humble opinion. AMPI members work independently and for brokerages like Timothy Real Estate Group. They help people buy and sell residential or commercial properties, vacation homes, and land; they help through the closing process; and they specialize in protecting buyer’s and sellers.
Are you considering a move? Here are some of the Pros and Cons you could be facing.
What do you do when your family outgrows your house, or when the quirks you once found charming about the place just aren’t enjoyable anymore? In this marketplace, with home equity shrinking is it smarter to move or improve? Here’s some advice to help you decide.
Moving has gotten harder
With median housing prices down 35% since their peak in 2008, most Puerto Vallarta homeowners don’t have the equity they once had. And even folks who bought before the big run-up and can afford to sell at today’s lower prices still face steep odds trying to sell their homes with extra inventory on the market. Still, there can be an advantage to trading up now: If your house has curb appeal, location and you price it right—offers will come. You may not turn a big profit, but once you sell, you become a buyer in this buyer’s market. That means you’ll find what you’re looking for and pay less for it than a few years ago. To analyze your trade-up options, check local listings to examine the price you could realistically get for your home and what you’d have to pay for the next one. Do your research online. Investigate home values on the Puerto Vallarta MLS or our company listings at www.timothyrealestategroup.com.
Improving has gotten easier
The economic slump has actually made renovating the home you already own a bit easier. The construction-industry slowdown has lowered the cost of some building materials: Plywood is down, for example, and drywall is down. Many contractors are also charging less for labor, to compete for the smaller pool of available jobs. What’s more, you won’t have to wait months for a contractor to show up—chances are he’ll be able to start in a matter of days.
Of course, you’ll still need to come up with the funds to pay for the project. And the news is good there, too: As a general rule, improving should cost less than trading up. Figure somewhere between $100 and $200 per square foot for new construction or a major remodel, depending on the scope of the project.
Now more than ever, though, you need to make sure that you invest your money wisely. In other words, will your $35,000 kitchen remodel increase your home’s value by $35,000—or by anything close? Ask your real estate agent before starting any renovation project to make sure the funds spent can be recuperated.
To assess what’s right for your particular house, let your neighborhood be your guide. If there’s any chance that you’ll move within the next 5 years keep your improvements in line with those of other houses on your neighborhood, or you could risk losing the money when you sell.
The most important considerations haven’t changed
Your house isn’t just your largest investment; of course, it’s also the place where you live or vacation. Financial considerations aside, the question of whether to move or improve should be decided by the things you cannot change about your current home: the amount of traffic on your street, the size and layout of your home, location, the ease of access to markets and shopping, and your neighborhood’s quality of life. If you love the spot, improving makes sense. But if a different location would be an improvement in its own right, then trading up could be just the way to go.
Why Use Timothy Real Estate Group?
Real Estate transactions involve some of the biggest financial investments most people experience in their lifetime. If you are not familiar with investing in Mexican Real Estate let us guide you through the process and show you how enjoyable it can be when you do it right. We have the experience, knowledge and team that can make you feel comfortable and protected when making your important investment decisions. Contact us to see how easy it is to enjoy a Puerto Vallarta experience for a lifetime.
Carl Timothy carl@timothyrealestategourp.com
Timothy Real Estate Group – An innovative company setting new standards in Real Estate sales and services has the most professional and experienced Realtors in the Puerto Vallarta area who understand the intricacies of Mexican Real Estate ownership, the local market, Puerto Vallarta property codes and regulations and financing. The Timothy Group uses that knowledge to provide a sound analysis on every aspect of property ownership. Timothy Real Estate Group is known for professionalism and experience and they bring this to every transaction they work on for the benefit of Real Estate investors and developers alike. Ask about our Real Estate Listings
