BY IDARMIS DE VELAZQUEZ SENIOR VICE PRESIDENT, TOP SELLER 2017
The challenge of buying a vacation property in a different country or in your own can often be so difficult to deal with, that it’s tempting to either just go with the first house that falls in your price range or continue to rent. To help you in this process and get the most out of Casa de Campo vacation purchase here a few tips to make the process easy.
THE FIRST THING you’ll need to determine is what your long-term goals are and then how home ownership fits in with those plans. You have several options when purchasing a home in Casa de Campo: Small Golf Villa, Golf View, Garden View, Ocean View, Ocean Front, a townhouse, condo or a lot to build your home. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals.
SET YOUR BUDGET, you need to determine how much you can pay for the new property.
LINE UP YOUR CASH. You’ll need to come up with cash for your down payment and closing costs. Home owners like to see 10% of the home’s price as a down payment.
CHECK YOUR CREDIT, either you pay cash or when you’re taking out a mortgage loan, your credit will be one of the key factors in whether or not you’re approved, and it will help determine your interest rate and possibly the loan terms. HIRE THE RIGHT BUYER AGENT. You’ll be working closely with your real estate agent, so it’s essential that you find someone you get along with well. The right buyer agent should be highly skilled, motivated and knowledgeable about the area. Some buyers prefer to look through a thousand homes online. Mostly, an agent will save you time, and always know what is available on the market.
LET LITTLE THINGS GO. Don’t judge a home by the furnishings and style that are in place. Imagine your own furnishings in place to clearly picture and highlight the benefits of the good floor plan of the home.
YOU CAN DO IT. Buying a home can be an overwhelming process. Finding the right home is not always easy. When you make the appointment to see houses don’t schedule more than 6 or 7 homes at a time because any more than that will only complicate the decision process further for you.
MAKE AN OFFER. The Casa de Campo real estate agent will help you decide how much money you want to offer for the house along with any conditions you want to ask for. Your agent will then present the offer to the seller’s agent; the seller will either accept your offer or issue a counter-offer. You can then accept, or continue to go back and forth until you either reach a deal or decide to call it quits. If you reach an agreement, you’ll make a goodfaith deposit and the process then transitions into escrow. Escrow is a short period of time (often about 30 days to 45 days) where the seller takes the house off the market with the contractual expectation that you will buy the house – provided you don’t find any serious problems with it when you inspect.
These tips should help you in the process of buying a Vacation home in Casa de Campo