Many of us dream about life on the beach, but often we imagine that it will be too expensive. Yet, in the case of Playa del Carmen, at least, there are several approaches you can take to fit a nice Playa del Carmen condo into a lower budget. Consider the following options.
A New Community – Often in new communities, prices for land are lower, and developers can offer their units for lower prices as well. Playa del Carmen is a rapidly growing market and there are many new communities in good locations that fall into this category. Some of these communities are actually very nice and upscale with lots of green areas, bike trails and building bylaws to keep up the community image. Buying in such a community while it is still new can offer you noticeable savings on very nice, spacious condos in small complexes with a pool, etc.
Pre-Construction – This same concept applies to new developments. Many developers will offer significant discounts to get the ball rolling in sales in the early stages of construction. These discounts can make a large, spacious condo in a nice complex that would otherwise be outside of a buyer’s price range accessible and a realistic option financially speaking. Again, because Playa del Carmen’s rapid growth, there are good options available in pre-construction.
Mortgages – Mexican banks now offer mortgages for non-Mexican buyers, especially Americans, Canadians and Europeans. At least 2 such banks have branches in Playa del Carmen – Scotiabank and BBVA Bancomer. Typically, buyers in Playa del Carmen have had to make a 30% down payment. Most new properties qualify for condos and some existing condos are even pre-qualified making the process easier. The process of getting a mortgage in Mexico as an American and Canadian is a little longer than what buyers are used to back home, but the process is getting smoother and smoother all the time.
Back from the beach (walk) – Properties a few blocks back (15 -20 minute walk) from the beach offer a very pleasant lifestyle, especially when that walk is through a nice neighborhood or past lush, green nature. Prices also get significantly lower a few blocks back. For most buyers, this is an ideal balance, considering these condos still come with pools and nice lounge areas, and are located in pleasant neighborhoods.
If you are dreaming of owning a condo near the beach but you are on a lower budget, contact an agent from Playa del Carmen to explore your options.
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Doug Morgan was born in Dayton, Ohio and got his education in the Buckeye State. He has enjoyed success in the life insurance business and investment business, and is now enjoying a relaxing retirement in Playa del Carmen. His great joys are his 3 wonderful grandchildren back in Ohio, and enjoying his travels and exploration of life in Mexico. His most difficult challenges in life at this point are trying to master the Spanish language and continuing to perfect his margarita recipe.