Why is it not easy to sell a property if it is easy to buy one?
The pool of buyers is very shallow. You must find someone that values it close to what you value it - some sell fast, some sit for years
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Why is it not easy to sell a property if it is easy to buy one?
obviously it would depend on the inventory levels at the time, but in general, i would say there are more people selling than there are buying. everything is for sale in playa. lolWhy is it not easy to sell a property if it is easy to buy one?
Excellent points. I think #9 is spot on and really key. I think this applies to most people's situation when considering a purchase anywhere in paradise. Unless you really believe you will come out way ahead, why even add something else in your life to worry about?Though I don't own, I know people who do in Cozumel. The gist of their experiences below. Several of these points have been mentioned above.
1, You always have to come up with the total price to buy - no loans unless there is owner financing.
2. No title insurance. Find a reputable Realtor, Notary & Lawyer. Get references.
3. Don't count on paying your expenses from renting.
4. Upkeep can be a real $$ Pit - things rust, break and mold in the tropics, quickly.
5. Electricity is horrendously expensive. A friend who leaves her condo in the summer has to keep the AC on so things don't mold.
6. If you need to sell, don't count on selling fast. There are properties that have been for sale for years...
7. Hurricanes happen here.
8. Do you speak Spanish?
9. A friend who comes to Cozumel for 5+/- months of the year unexpectedly inherited money & considered buying. "The Dream" , right? After looking at properties & crunching the numbers she realized she could come for the next 20 years, rent the nicest villa possible and spend a fraction of the money she would spend buying. And she'd have none of the maintenance costs.
10. If you have the disposable $ to invest, see yourself visiting a lot, or retiring here it can be a good thing. Obviously there are many ex-pat owners on the island. But first, come down for a few months, experience all seasons, RENT & stay awhile... and then see if this is for you.
You need to stay a minimum of 6 months without leaving country to obtain.
The gist of their experiences below.
1, You always have to come up with the total price to buy - no loans unless there is owner financing.
2. No title insurance. Find a reputable Realtor, Notary & Lawyer. Get references.
3. Don't count on paying your expenses from renting.
4. Upkeep can be a real $$ Pit - things rust, break and mold in the tropics, quickly.
5. Electricity is horrendously expensive. A friend who leaves her condo in the summer has to keep the AC on so things don't mold.
6. If you need to sell, don't count on selling fast. There are properties that have been for sale for years...
7. Hurricanes happen here.
8. Do you speak Spanish?
9. A friend who comes to Cozumel for 5+/- months of the year unexpectedly inherited money & considered buying. "The Dream" , right? After looking at properties & crunching the numbers she realized she could come for the next 20 years, rent the nicest villa possible and spend a fraction of the money she would spend buying. And she'd have none of the maintenance costs.
10. If you have the disposable $ to invest, see yourself visiting a lot, or retiring here it can be a good thing. Obviously there are many ex-pat owners on the island. But first, come down for a few months, experience all seasons, RENT & stay awhile... and then see if this is for you.