When investing in a property, keeping its resale value must be one of your top priorities, so we asked our agents: what makes a property difficult to sell?
Once you own your dream holiday home in Mexico, it is important to think about keeping or increasing its value. Most subdivisions in Mexico don’t have restrictions when it comes to remodeling, add to this a willingness to improve the property and a creative soul, and you can end up as an owner of a badly modified property impossible to sell.
In our decade-long experience selling Real Estate in the Riviera Maya, our agents have seen the horrors of a difficult-to-sell property. So, we asked them, what are the worst remodeling mistakes you have seen in a client’s property?
This is not exactly what ‘going green’ means.
Mistake #1: Modify a house to the point of making it unusable for another family
I saw a property that had rooms with a smaller, windowless room inside, rooms with windows facing to a dark covered patio, huge rooms next to others where you couldn’t even fit a bed.
Sure, you want to have the ideal home to fit your family’s needs, but is important to have a smart design. Building room after room without any care for the design, can turn your property impossible to sell, which is a very costly mistake.
Mistake #2: Poorly planned plumbing and electric
I saw a house with a gas boiler installed next to the stove in the kitchen area. What could possibly go wrong?
Remember there is a lack of building codes in Mexico, or even if there is one, there are not inspectors coming over to see what is going on in your construction site. Avoid choosing a cheap and easy solution than can be a potential danger for you or your family. Hire an architect or builder to make sure your home has proper and safe installations.
I’m sure you don’t need an electric outlet right there.
Mistake #3: Going Green… in a bad way
I once saw a house whose owners had built a huge concrete pool, to collect rain water. It used most of the available patio space, was a mosquito breeding ground and the water was unusable.
Properly installed eco-technologies can be a great asset, save you lots of money, and increase the value of your home. However, green technologies need to be planned to in order to avoid structural and esthetic damage to the home.
Mistake #4: Building extensions without considering the structure
I saw a house that, judging by the moisture stains, it had a waterfall inside every time it rained.
The owner explained that they built an extension with a tilted roof and all the water pooled there…
Having extensions without considering the original structure is a common mistake that can affect the value of your property. Some subdivisions offer free plans for the extension of your home, ask your builder or contact an expert before going ahead with the construction.
You don’t need an iron gate between your bedrooms.
Mistake #5: Expand without considering the parking space
This home had a very narrow front, and the owners had taken up the garage space to build an extension: there was not enough parking space for the owner’s, guests or anyone really.
Parking spaces are a necessity; the lack of a parking space can cause stress in the house residents and neighbors. Keeping a spacious area to keep your car is vital for your sanity, so don’t make this costly mistake.
A few things to consider before going crazy remodeling
Before you start adding extra rooms or a fancy pool in your new property, make sure to have a clear idea of the average value of properties in your neighborhood. If you make your house bigger, add a jacuzzi in the rooftop or any other amenity that turns into an excessive increase in the value of your property, you might end up with a house impossible to sell.
Consider this: if your home is located in a popular neighborhood and it ends up with a value of $180,000 USD, a potential buyer might choose investing that money in a new condo in a nicer area. So, unless you’re sure the area in going through a gentrification process, don’t put that much money in the property.
Common sense must be used when making improvements … Maybe a jacuzzi in the living room will not appeal to everyone.
Finally, if you’re planning to buy a fixer upper or a property with great rental potential, plan properly and improve your chances to rent and to sell your property in the future; invest in hiring professional advice. By the way: the same applies if you’re still looking for a property- do not invest in something impossible to sell, look for professional advice!
Investing in Real Estate in Mexico is a great option to diversify your portfolio, and a perfect way to purchase a holiday home for a fraction of the price for a similar property in North America. Our company has helped thousands of foreigners find and purchase their perfect holiday home in Mexico, so we are sure you’ll find the house of your dreams.
At TOP Mexico Real Estate… we make it happen!