Tue. Oct 4th, 2022
buying real estate in san miguel de allende
Ana Lilia Buendia

Buying Real Estate in San Miguel de Allende

If you have already decided to buy houses in San Miguel, this is what you should know.

San Miguel de Allend has a very active real estate market, both in small houses and in large properties, apartments, luxury homes, lands, ranches, vineyards, direct sale of owners. That is why potential buyers are going to run into all kinds of sellers, as well as people who are supposed to get you the right property.

In such circumstances, he prepared this guide. So that in your process of buying a real estate, you have the best possible experience and get what you want.

Buying Real Estate in San Miguel de Allende

Check if you are dealing with a real estate professional

Do not put yourself in the hands of the first person who offers to help you, ask and find out if he is really a real estate consultant, and if he has a license to carry out such activity. In Mexico, the Mexican Association of Real Estate Professionals (AMPI) endorses the capacity and professionalism of those who dedicate themselves to this activity.

In addition, it is convenient that you ask about their experience in the field, and if they work independently or under the protection of a real estate firm. If the latter is the case, find out whenever possible from their acquaintances the reputation and comments about the person, as well as the firm they represent.

Don’t jump from agent to agent and office to office

The inexperienced or first-time buyer usually makes the mistake of thinking that for each house they will have to deal with a particular real estate advisor, or worse, that if they deal directly with the owner they will achieve a better price by not making use of intermediaries. Error! If you did the correct work mentioned in the previous point, you will be in the hands of someone who will surely have to know all the real estate inventory on the market, and will know how to immediately identify the properties that could be adapted to your needs and budget. You are not!

Also avoid going from office to office looking for what or which house each promotes to see if they have one that may interest you. The advantage of dealing with a professional is that you not only know your own inventory, but also that of each of the other real estate offices. You will save a lot of time and have access to more options with the least effort, as your real estate advisor will take care of organizing the visit to the specific property of your interest, or to several of them that may be to your liking, coordinating with real estate colleagues , days, routes and schedules.

In this sense, do not work or try to work at the same time with more than one real estate consultant, this all it does is confuse colleagues with each other, and you sometimes put yourself in uncomfortable situations when it turns out that when you arrive with one of them to a property he meets there with another advisor who had already shown him the same house. You should know that as members of the AMPI, the real estate consultants of San Miguel de Allende have collaboration agreements where rather than fighting for a commission, they prefer to share it and give better customer service.

Make your purchase offer in writing

If you’ve reached the point where you’ve settled on a property, you always have the opportunity to make a lower-priced offer on that home. To avoid confusion in the terms, quantities, conditions, etc., in which you offer to make the purchase, it is preferable to do so in a serious and formal way in writing. Your real estate consultant will help you with that. Keep in mind that even if your offer has been accepted, while there is no deposit involved, the property will remain on the market and could be sold by its owner at any time.

If you’re trying to get a big price cut, probably be prepared for a counter offer from the owner, and a back and forth of push and pull until you agree on the final price. Until recently most trades were closed at an average of 5% below the initial price; however, this margin during 2020 has been reduced by up to 20% or more in some cases, depending on the needs of the seller and the property. If the house in question is in a highly desirable location, and / or priced appropriately for the current market, it is best to be reasonable when placing an offer as there is a risk that someone else will come along and win it.

buying real estate in san miguel de allende
buying real estate in san miguel de allende

Sign a private contract of sale and make a deposit

No matter how quickly you want to carry out a formal sale before a notary, this can take at least a couple of weeks, if not a couple of months depends on the particular conditions of each case. This is why for the security and tranquility of both the buyer and the seller, it is advisable to capture each and every one of the details of the transaction in a private contract, defining how and when a deposit will be executed in San Miguel de Allende follows is at least 10% of the agreed price.

If you wanna see a list of real estate in San Miguel de Allende, u can visite this site.

By Ana Lilia Buendia

Ana Lilia Buendía, Real Estate advisor with more than 20 years of experience in Mexican and International Real Estate, and promoter partner of the famous real estate firm, Agave Sotheby's International Realty, offers her experience and knowledge to advise you on the purchase of Real Estate in San Miguel de Allende.

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