To buy or to rent? That is the dilemma faced by many of our customers when they consider moving to the Riviera Maya. While this is a decision that has several factors, our recommendation is to look at options for both and compare costs.
In this post we will talk in terms of costs, so you can compare how much would it cost you to rent or to buy exactly the same apartment.
Buying Vs Renting in the Riviera Maya: Cost Comparative
For this simulation we will consider apartments priced just below $200,000 USD, a budget that will allow you to have a spacious condo near the beach. Also, most of the properties in this price range are built with American standards and access to the best amenities.
In this case we chose two similar condos in the exclusive development TAO Residences, an ideal place to enjoy the beaches in a natural environment. TAO offers its residents access to the best amenities such as: beach club, wellness center, golf, and access to hotel amenities at special prices.
|Property characteristics||TAO 2 BED/ 2 BATH||TAO 2 BED/ 2 BATH
1, 119 Sq. Ft.
|TOTAL COST||165,000 USD||165,000 USD|
|Monthly Payment*||$1,800 USD*
|50% Down $82,500 USD
$1443 USD over a 5-year period (fixed payment)
|Cost over a 5-year period||108,000 USD||169,080 USD|
* Average rental price at Tao Condos: http://www.longtermlettings.com/r/rent/fpk952855/
Please note this is a very simple way to compare. It does not consider the increase of the rent or the increased price of the property after 5 years, but you can see that the cost of renting would save you about 35% percent on a 5-year period, while on the other hand buying the same property would only cost you about $60,000 USD more. Considering these prices and your plans for investment or retirement, you can choose what option works best for your needs.
If you find these prices attractive for buying, you might be interested in knowing that right now TAO is offering exclusive discounts for our clients registering for our latest webinar. You can save up to $44,000 USD and, depending on the unit, you can get a smart car included with the purchase of a home or get a free furniture package, and to top that, they are also offering direct 5 and 7-year financing. Sign up to the webinar to find out the details!
We hope this information is useful when considering options. Of course you can explore other properties on our website. With this budget you can find wonderful options, like this beautiful condo in Akumal, or this spacious 3 bedroom condo in Playa del Secreto.
Here at Top Mexico Real Estate we have an experienced team of professionals helping foreigners like you to find and purchase the perfect property. If you want more information about purchasing Real Estate in Mexico, visit our website to look at properties or download our free eBooks.
At Top Mexico Real Estate…
We Make it Happen!