Have you seen the Netflix show, ‘Love is Blind’?
The show’s premise is to find out whether love is truly blind, i.e. can you fall in love with someone and commit your life to them without ever seeing them? People on the show date each other in ‘pods’, aka behind a wall, and if they fall in love and get engaged they meet each other in person and decide whether to get married.
Crazy? Extreme? Impossible?
Well, without spoiling the show too much for those that haven’t watched it… it is crazy, it is extreme and IT IS POSSIBLE.
Now that we have adequately promoted Netflix and convinced you to spend 10 hours of your life binge watching this show, let us apply this premise to real estate.
Whilst we are all at home at the moment, with no physical showings permitted, there is no need to stop searching for the perfect home or investment.
There is a great deal you can be doing now when it comes to buying a house that will save you a lot of time later down the line.
BCE (before Covid-19 era) a bargain price, an ocean view or bedroom count may have been enough to entice buying a property. Now, during CE (Covid-19 era), the details behind a property and your property plan become even more important.
Hence: Real Estate is Blind. Well… 90% blind.
There are lots of steps to buying a property that are often overlooked. With this in mind, we have put together a list of questions that will help get you started. The best part about it, all of these can and should be thought about before ever stepping foot in a property.
- Your Team (agent, inspector, surveyor, appraiser, lawyer, banker, insurer, contractor – who makes up your team of professionals?)
- Your Timing (Do you know when you want to pull the trigger? It’s important you educate yourself on the entire process AND your options along the way)
- Your Timeline (How long are you investing in this property? and how does it fit into your overall property plan?
- Your Budget (Have you been to the bank? Do you hold the requisite deposit and closing costs of as much as 10%?)
- Your Family structure (Minimum bed count and square footage? Kids and grandkids or moving out soon?)
- Your Lifestyle (Boating and beach walking or business entertaining? Or both?)
- Your Location (Looking for peace & quiet or hustle & bustle? Commuting matters!)
- Your Type (What are you looking for? What’s the purpose of the purchase? Does it suit the family and your investment parameters? Do you work from home? Rent when not in use (short term) or move in full time?)
- House or Condo? (Want to manage it yourself or do you need a property manager? Ok to deal with strata fees? Is the strata healthy or can you anticipate special assessments?)
- Existing or pre-construction? (older style ready now VS newer energy efficiency ready in 18 months?)
- Land & Build? (What’s the zoning, planning, design, cost, timeline and process to construct?)
- Buy & Renovate? (What’s the cost, timeline and process to modernize and update a home? Can you virtual tour or stage it before starting?)
- Your Exit Strategy (How do you rate the ultimate rent-ability and sell-abiltity?)
With the world in isolation, there has never been a better time to consider your own property journey. We are in this together and we are here to make sure you exhaust your options well in advance so when you do make a decision (either way), it’s a well-considered, informed and educated decision.
In Summary – Just like love and marriage, you need to know what you are signing up for and you shouldn’t buy a property based on the new living room furniture alone. Ignoring your property plan before buying can be a particularly costly mistake in the long run.
At whatever stage you are at, we are here to help you plan and guide you along your personal Cayman property journey. Please get in touch if you have any questions or feel like a candid chat.