In a market like Puerto Vallarta real estate, where there is a large selection of new condos available for competitive prices, buyers may ask themselves why it's a good time to invest in a Mexico home renovation project.
While a project like this is not for everyone, there is some real value available. The following are a few of the strong points a fixer-upper Puerto Vallarta home can offer in the current market.
Excellent price. In certain neighborhoods that are now going through the process of gentrification, new homes or finished, ready to use homes are in lesser supply than the demand, and consequently prices start quite high. Homes in need of a renovation can be found for about half the price.
Total savings. Even after the cost of a renovation, the total cost will be considerably less than other homes. This means, that compared to other homes, a buyer can save a large amount funds by buying a fixer-upper.
Good Potential for Return. Since in many of these same neighborhoods, homes are in lesser supply than the many new condos, there is a better market for resale at a higher value, meaning there is very good potential for seeing considerable return.
Comfort of a Home. Whether investing or not, some buyers would prefer the privacy of a home on a single lot, and, this kind of project allows this kind of buyer to own a home instead of opting for a lower priced condo. A point to keep in mind, however, is that even after renovation, a home will need maintenance, which is usually taken care in a condo complex.
Buyers considering this kind of a project should work closely with an experienced agent, and explain their budget, their needs and what kind of project they want to undertake. It is important to have an inspection done, and to be sure that they are ready for the time and investment needed for the renovation. It is also important to take into account that unexpected issues may turn up, planning extra time and funds for this case.
This kind of project requires a certain level of creativity and adventurousness; working with qualified professionals will certainly avoid unnecessary risks, but investors who undertake this kind of project will need to be ready for the nature of this kind of task.
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