We all know that Playa del Carmen property is our key to enjoying life in Paradise - but what about those working on a tighter budget at the moment? There are excellent options you as a buyer can consider to begin enjoying life in Playa del Carmen without investing more than $120,000 USD up front. The following are some of these options.
Up-and-coming communities - While there are several pockets of the downtown area that are the “typical†communities for American and Canadian expats, there are also very well located residential communities that have not yet captured the attention of the main market. This kind of community can be in a less-noticed part of downtown, still a walk away from the beach, shopping and many other services. Some newer gated communities may also offer opportunities like these.
Pre-construction discounts - In a variety of locations, pre-construction discounts can substantially reduce the amount you invest in your property. Developers will often offer discounts of this sort to “get the ball rolling†for sales, so the first buyers not only get properties for a lower price but enjoy a kind of automatic appreciation on their property as later properties are sold for higher prices.
Related: Buying on a Budget: Pre-construction Discounts
Mortgages - Mortgages are a very convenient tool in certain circumstances; the fact that they are available directly in Mexico offers you the advantage that you can leverage the same property you are buying. There are several banks with branches in Playa del Carmen that deal in mortgages for Americans and Canadians. Two of the most commonly used are Bancomer and Scotiabank. A mortgage allows you to begin enjoy your property while only investing a fraction of the total price up front (usually 30%.)
Related : Owning property in Mexico, mortgages available for foreigners!
Pre-construction/Mortgage combos - An option which is just being explored by Scotiabank is to offer mortgages in conjunction with pre-construction sales, meaning that at the time the new complex qualifies for mortgages (when the condominium regime is granted) the remainder of the amount to be paid on the unit is transferred to a mortgage. This is a unique and convenient tool that developers in Playa del Carmen are becoming interested in promoting.
Price Reductions - Excellent deals can be found by watching price reductions. Buyers who either need to sell urgently or simply no longer have use of the property (they have moved to a new one) will often sell for surprising low prices.
If you are interested in any of these options, discuss them with your agent. Enjoying life in Paradise on a more limited budget is definitely possible.
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Region: Mazatlan real estate Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.
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