If you are considering Playa del Carmen real estate, one of the options you might consider is that of a fixer-upper home. Like many of the other areas, where expats can consider a Mexico home for sale for a renovation project, buying a fixer-upper must be done with some care to ensure that it will be a successful project. As far as the market itself goes, there are good indications in Playa del Carmen that it buying such a home will be a worth-while investment project.
The main areas to consider Playa del Carmen homes for sale for renovation are in some parts of downtown and in a couple of low-income communities near the beach. In both locations, well-built homes can be bought for very reasonable prices; the homes are in need of imagination, creativity and, most of all, dedication and work. For those who are “into” this, they have the following features working in their favour:
Growing tourism – Playa del Carmen’s tourism continues to be on the rise. This is good news since tourism is the propelling engine behinds the area’s success as a real estate market. Growing tourism brings more investment, more services and, often, higher interest in real estate in the area. Mexico has also really been pushing tourism, with the goal of placing the country into the top 5 in the world. Playa del Carmen is in a good position to gain from this effort.
Expansion of new, upscale development – As Playa del Carmen’s tourism continues to grow new hotels, resorts and condo complexes are appearing in formerly entirely low-income areas. Since the majority of buyers have not yet taken notice of these areas, they are still cheap. However, the fact that these new developments are on the way means there is a very good potential for rising demand and therefore rising value.
Increasing interest and demand from retirees – As the cost of living continues to go through roof in the U.S., more retirees are seriously looking for alternatives. Since it is close to home with cheap, direct and quick flight access and a low cost of living, more retirees are looking to places like Playa del Carmen. The existing community of retirees from the U.S. and Canada is also an attractive feature. This means that during the next few years, as the communities continue to gentrify, there will also be an increased demand from retirees, making resale or even renting out easier.
While buying a fixer-upper needs care, and later determination, the market itself is at an ideal position to make this kind of investment. Those with a knack for getting renovations done will do well to consider this kind of project in Playa del Carmen.
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