When buying property in the Riviera Maya, you’ll need to take several considerations into account. One of the most important decisions you’ll want to make is whether to purchase an already existing property or a unit in a pre-construction project. While the risk involved may scare many buyers off, buying pre-construction is worth considering if you want to save a good amount of money.
Below you’ll find some reasons why pre-construction projects make for great investments.
- Pricing: The earlier you buy in the pre-construction project, the higher your gains. The prices for pre-construction are usually lower than those for an existing condo. In the preliminary stages developers are eager to advertise how many units have been sold since it makes for good publicity and attracts more buyers. Because of this, they often start selling units for an even lower rate early on. As an added bonus, the seller might give you a free upgrade to your unit to thank you for your bold move, e.g. a condo with an extra bedroom, a free Jacuzzi…
- Automatic Appreciation: As more units get sold, the discounts become less and less available, eventually disappearing altogether, giving an automatic appreciation to the value of your property. For example, the unit you bought for $200,000 very early on will be worth $250,000 at the end of the project. And this gain doesn’t factor in any subsequent rise in market value. Think of the substantial profit you’ll make if you decide to sell it one day in the future!
- Financing options: One of the big advantages of buying pre-construction is the ability to customize a financing plan. Once you have chosen your condo, you will have to put down a deposit- but the amount won’t need to be as large as a typical mortgage down payment. You will then pay the remainder according to construction progress (no interest is charged on these amounts). You can even transfer over to long-term financing, either through the developer or through a bank. This option will have to be discussed early on in the negotiation, however.
- No renovation costs: Buying early into a development offers more choices and will save you more money. When you purchase a pre-existing property, any changes you make to suit your taste will result in added costs. But not with pre-construction! The color of the walls, the lighting fixtures, the countertop materials won’t cost you one cent more, resulting in direct savings to you!!!
In the Riviera Maya, particularly the Playa del Carmen area, there are so many pre-construction projects that finding one that best suits your needs and budget is easy. Whether you choose a gated Community, villa, condo, development near a commercial center or golf course… you don’t have to compromise. So just pick your project, invest and start making a profit!
LRM’s pick: To help you find the best pre-construction project for you, the Living Riviera Maya’s team has pulled together a short list of remarkable properties.
- ZULIM by GMB: Great prices in an up and coming neighborhood. They offer eco-friendly architecture, from studios to 2 bedrooms units.
- MIRANDA by SIMCA: A solid developer offering great design concepts. You can get beach views and on 38th St., the best area of Playa del Carmen!
- MAREA 34: Downtown living, very close to Playa’s best beaches. One and two bedrooms condos. Reliable developer. Only 22 units!
- HACIENDA ESCONDIDA: Very spacious condos in a gated community. This development will include a park with a freshwater cenote, green spaces, pedestrian areas, benches as well as an area for kids.
- THE GALLERY: A concept art residential project in Playa del Carmen with avant-garde architecture and unique design. Each space will be brought to life by a different national and international artist. Only 4 blocks to the beaches!