prime_roof
Tenant planning to buy
Keeping enough cash available after closing was harder than getting comfortable with the offer price. I have now completed my first townhouse purchase in Mexico City, following several unsuccessful bids and a slower-than-planned paperwork stage.
I initially thought financing and transaction charges would be the main drain on cash. In practice, moving costs, unexpected fees, inspection items and the first repairs all competed for the same reserve. My rule now would be to keep a separate post-closing fund: if the inspection identifies urgent work, size it around that work; if the findings are minor, retain it for the first months of ownership instead.
The other lesson was to assign every document and deadline to a named person. During the last week, lender tasks and moving arrangements became difficult to coordinate whenever responsibility was assumed rather than confirmed.
The earlier bids still helped me tighten my price limit and decide which terms I valued. What expenses or paperwork delays surprised others after an offer was accepted?
I initially thought financing and transaction charges would be the main drain on cash. In practice, moving costs, unexpected fees, inspection items and the first repairs all competed for the same reserve. My rule now would be to keep a separate post-closing fund: if the inspection identifies urgent work, size it around that work; if the findings are minor, retain it for the first months of ownership instead.
The other lesson was to assign every document and deadline to a named person. During the last week, lender tasks and moving arrangements became difficult to coordinate whenever responsibility was assumed rather than confirmed.
The earlier bids still helped me tighten my price limit and decide which terms I valued. What expenses or paperwork delays surprised others after an offer was accepted?