Buying a house is one of the biggest decisions of your life. This is the step-by-step guide I wish the first broker you ever met had given you.
Before You Start Looking
1. Define Your Real Budget
- Down payment: 20-40% of the value
- Reserve for closing: 6-9% of the value (notary, ISAI, registry, paperwork)
- Reserve for furniture + adjustments: 5-10%
- Total cash needed: 31-59% of the value to get started
2. Bank Pre-Approval
- Banorte, BBVA, Santander have the most competitive products
- Credit score > 650 gives you the best rates
- Proof of income at least 4x the monthly payment
3. Define Your Must-Haves
- Location (area, schools, distance to work)
- Size (built m² + bedrooms + bathrooms)
- Type (house, apartment, lot)
- Services (gym, pool, common areas)
Search
4. Define Timeline and Method
- If your timeline is < 90 days, be aggressive: 5-10 visits/week
- If your timeline is > 6 months, turn on alerts with future availability
5. Always Visit Before Buying
- Photos vs. reality can differ by 30-40%
- Visit at different times of day (light, noise, traffic)
- Bring someone you trust for a second opinion
6. Verify the Developer or Seller
- Delivery track record
- Reputation on social media (Google reviews, Facebook)
- If it is pre-sale: visit previous projects
Negotiate
7. Research Comparables
- 3-5 similar properties in the same area
- Price per m² for each one
- Your initial offer: 8-12% below the listed price
8. Negotiable Aspects Beyond Price
- Payment plan
- Inclusions (equipped kitchen, blinds, AC)
- Delivery dates
- Penalties for delays
Close
9. Documents Before Signing the Deed
- Previous deeds
- Current property tax bill
- No outstanding dues certificate (if it is a condominium)
- Bank appraisal (if there is a mortgage)
10. Notary
- Choose a notary you trust, not the seller's
- Ask for a written quote
- Notary cost: 1.5-2.5% of the value
11. Public Registry
- 1-3% of the value
- Without this, you are NOT the legal owner
12. ISAI (Acquisition Tax)
- 2-4% depending on the state
- In NL it is 2%, in Mexico City 4.5%
Typical Mistakes
- Paying a down payment without a signed purchase agreement
- Not checking the seller's debts (property tax bill, water, electricity)
- Trusting "it is free of liens" without verifying it
- Signing the deed without reading every clause
Conclusion
Buying well is 70% patience + 30% decisive action when the right property appears. If you prepare well, the process takes 60-120 days.
