The Emotional Roller Coaster of Buying Real Estate Property in Puerto Rico

Let’s Talk Emotions

When anyone asks me what I do for a living, I tell them I manage emotions but happen to sell Real Estate in Puerto Rico.  That is what my team and I do, we manage everyone’s emotions, whether you are a buyer, seller, the lender, Attorney, etc… There are so many personalities involved with different skill sets, senses of urgencies that in order to get to the finish line of buying or selling your Real Estate Property in Puerto Rico, we have to make sure everyone’s emotions are in check and its smooth sailing.

There are many things that could go wrong and if not managed correctly, it can go to worse really quick.  Whether you are a first-time buyer or seller, or a seasoned buyer or seller, buying Real Estate can have its ups and downs and if you are not experienced, especially in Puerto Rico, it can make you never want to buy or sell real estate again.

The Team

Having the right team behind you can make a world of a difference when it comes to your experience in buying or selling your Real Estate Property in Puerto Rico.  You need to make sure that you have the right Real Estate Agent, Attorney, Lender, etc..  Having the right team that has the experience, skill set, organization, expectation setting, and overall awareness of how to navigate the choppy waters of Buying or Selling Real Estate in Puerto Rico, will make a huge difference in your experience and will help you avoid the Emotional Roller Coaster

Self-Preparation

One of the biggest things you need to prepare is yourself and mind set going into the transaction. Not every deal is a nightmare, and most shouldn’t be, but going in with the mind set that things do happen that are out of your control and with the right team, things will always work itself out.  Don’t get me wrong, there are just some situations that you just cannot avoid and there are no solutions. But that should be rare and far and few in between

Some of the things you can do to prepare yourself is make sure you are committed to the area you want to live in, are you ready to be a homeowner, and are you ready for the expenses of buying or selling a home and maintaining it.  Remember, when things go wrong or break, you are now the landlord. Everything falls back on you.  Are you prepared for that. If not, then keep renting.  There is nothing wrong with renting.

Financial Readiness

Another way to avoid having an emotional roller coaster is making sure you are financial ready to commit to buying a property, putting the money down to obtain the loan, and making sure you have enough to pay the monthly payment with extra just in case something needs repaired to the home.  The other big factor is making sure that you buy the home that you feel comfortable paying for and not the one you can afford.  The difference is being able to go out on the weekend or take that vacation vs being married to your house and not having extra cash to live life.

Understanding the Process and Expectations

We talked about how important your team is and what they can do for you. Each person on your team, Realtor, Attorney, Lender, etc. should be able to fully explain each stage of the process and give you the right expectations.  This, again, is the difference between have a successful less stress transaction vs having a transactional nightmare. 

Each member on your team should be experience, organized, well versed in their role and field, and have a certain controllable calmness to them in which when things go wrong, you can hear the confidence in their voice and see the experience of how they handle the situation finding the solution for the problem.

Bottom line is that with all the personalities involved in a Real Estate transaction in Puerto Rico, you need to make sure you are prepared first, find the right team with the same if not exceeding preparedness and understand that things can go wrong but with the right team, there is always a solution and control of the situation.

We would love to help you on your next purchase or sale of your Real Estate Property in Puerto Rico.  Please contact us and let us know what we can do to help.