I have been writing in previous posts about our process of doing a small fixer-upper project in the middle of the booming Playa del Carmen real estate region. Click here to see the previous stories on this Mexico fixer upper project.  If you are dreaming about buying an inexpensive Mexico real estate property, you most likely have some thoughts or  rough ideas in your head on what type of project you want as a final product. Some of you may have already scouted out a particular neighborhood or some Mexico land and have a good idea on how you want to use the property whether it be for personal use, a long term rental property, a vacation rental, bed and breakfast the options are limitless. When you choose which plan or the face lift project you want to incorporate into your Mexico fixer upper, the “final use” of the product is one of the most important question that needs answering and below I have listed out several other questions you should be asking yourself and your partners.Â
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1. Whether the Mexico property is for personal use or for rental, you should ask if the final user will be for a married couple and family or for a single person?
2. If for a family, how many rooms will be required?
3. The amount of bathrooms depending on the quantity of people living in the building will also need to be answered
4. Will you have any other people staying for long periods such as parents or friends?
5. What about visitors, Do you plan to receive many friends who stay for week or monthly periods?
6. What are your work habits, do you require a home office and if so, do you receive many clients at your home?
7. How often do you invite friends and family for entertainment? How many people do you normally invite and what activities do you frequent? Do you have enough parking and how much is required?
8. What are your habits or hobbies and those of your families? Or if you plan to rent out, what open areas do you think is necessary to offer to make your product in demand?
9. What architectural design is in demand and which will create the best opportunity for a good resale demand?
10. Do you have space for laundry? for electronic home entertainment? library? pool?
11. What about a work shop or storage area? You can never have enough storage area.
Finally, you must also contemplate the green areas and outdoor space. If you have beautiful or interesting views from your home, take advantage of these and try to contemplate this into the design of your Mexico fixer upper.  Now remember, changes to the exterior of the construction can have some fast positive returns on the value of the property, but changes to the infrastructure might not be so glamorous and these might be so expensive that it can eat up all of the extra points of your utility. So do your homework before signing the investment and having a Mexico realtor with many years of experience is a very valuable member to have on your team.
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By answering many of the questions above, you will be able to have a clearer image for yourself on what your goals are with the property. Identifying the final users, their needs, their habits, will help you create a real estate project with higher demand. And with many of these questions answered, your architect and contractors will also have a clearer image of the property’s  needs and better image of your goals.   Â
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Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate LicenseS.E.P. #5978657. He is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546 or through the company’s web site www.TOPmexicorealestate.com NETWORK
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