A growing number of buyers are considering Playa del Carmen real estate for an investment project - i.e. a personal construction or renovation project. Those buying for this purpose will have to make the choice between Playa del Carmen homes for sale as fixer-uppers or Playa del Carmen land for sale to build new from scratch.
The following are some of the advantages and disadvantages of each type of project.
A Home Renovation Project
- Advantages
If a home in good shape is found that has been somewhat neglected, prices can often be very low. Homes like this are also usually near established services in place, and urban utilities connected. Playa del Carmen is a relatively new community, but a few low-income neighborhoods that were established early on now offer well-built homes for excellent prices that can be converted into a dream home near the beach without too much trouble. A couple of these neighborhoods are only a walk away from the beach. In many cases, the home can already be occupied while the renovation project begins.
- Disadvantages
The main disadvantage is that you have to take what you get, or, at least, work with what you get. While there is usually reasonable room for adaptation - especially for those with a clear vision of what they want - if a buyer's not satisfied with the basic layout and shape of the home, it may be better to start from scratch. The other point to watch out for is hidden surprises; while these are bound to pop up in a renovation project, buying with care, and having a proper home inspection done, can help the buyer plan for the majority of items which will have to be fixed up.
A Home Building Project
- Advantages
The main advantage is that a buyer can start from scratch and have the home built the way he wants it. There is also variety to choose from, in the sense that a buyer can choose from lots in upscale new developments or lots in communities like the ones mentioned above.
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- Disadvantages
Often, especially in new communities, services like stores and restaurants are not yet present. Owners may need to wait for a while after building before any significant services appear in the community.
The choice between these two will depend on the investment needs of each buyers; what funds they have available at the time of buying, when they hope to see return, and what experience they have in such projects.
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Region: Playa del Carmen 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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