Everyone dreams of living in a place like Cancun – and owning Cancun real estate is more than a dream come true. Yet with the economy the way it is these days, many buyers are worried that it just won’t fit into their budget. In these cases, buyers should consider the following tips to help fit their already well-priced dream property comfortably into their budget.
Price Reductions – Now and then, an owner in Cancun has to sell quickly due to personal pressures – job relocation, tight finances, new property already owned, etc. – and so they lower their price significantly in order to sell off quickly. Finding a Cancun home for sale at a reduction can save you considerable amounts. Some agencies in Cancun offer listings especially dedicated to recent price reductions, making it easy to be the first to find out and move on that perfect deal!
Pre-construction Discounts – Cancun has a fairly good supply of condos, yet there are still excellent options in new Cancun condos for sale on the beachfront, marina area and downtown where pre-construction discounts offer you savings on the final listing price. These also offer good potential for appreciation since as the price rises to the regular listing price, the value of the pre-sold units will rise with it.
Mortgage – Both homes and condos are easily found in Cancun that qualify for a mortgage from a Mexican bank. This means you can use the same property you are buying as collateral against the mortgage (as opposed to re-mortgaging a home back in the U.S. or Canada to buy the property in cash.)
Developer Financing – If you are buying a new condo or home from a developer, it is becoming more common that they will offer financing options. Most of these are short-term (a couple of years) but long-term is showing up in Cancun now and then.
Seller Financing – If a private seller is willing to offer you financing, Mexico has a unique system to set up a safe and guaranteed payment system with a bank, so you deposit the payments with a receipt, and can enjoy use and ownership of the property in the meantime, while the seller can rest assured that he is guaranteed his payments.
Fixer-uppers – Homes in the downtown area of Cancun that are in need of a loving touch can often be found for a lower price. They offer a walk-everywhere lifestyle and good investment potential.
If you feel your budget is too tight to buy a home in paradise, talk to an experienced agent in Cancun to explore your options.
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