There are various types of accommodations to choose from when visiting, deciding to invest in Mexico’s booming real estate market or both. Narrowing them down to three basic types of homes and in no particular order are stand-alone houses, condos and, condotels, (condo-hotel). Each one has a unique style and purpose. In this brief but very informative article, we will describe all 3. Buyers have specific goals when purchasing a property. Hopefully, comparing accommodations will help you decide which one suits you the best.
A stand-alone House
- It not only makes for an excellent investment but allows the owner to have plenty of room for family and friends. In general, single framed structures tend to have more square footage, multiple bedrooms with en-suite bathrooms, and plenty of living area for larger gatherings.
- Unlike a condo, you will have your private yard to entertain anytime you like. You will not have to reserve, obtain permission or put down a deposit to an HOA(Home Owners Association)/management company.
- You can landscape, decorate and even design your pool to meet your desired needs. All maintenance will be the responsibility of the property owner.
- Having a home of three or more bedrooms usually brings higher rent amounts. But at the same time, houses built for larger groups or families could mean that they don’t always rent as often as condos. Condos usually appeal more to couples or smaller families.
Stand-alone houses are great when considering to either retire full or part-time in a foreign country. They are also ideal for seasonal stays or a 2nd home. No matter how you look at it, having a home in a growing real estate market isn’t a wrong way to invest your money.
A self-directed Condo
- Most traditional condos have less square footage than a stand-alone home. They usually have no more than two bedrooms – 3 at most. They are ideally suited for smaller families – 1 to 2 children or couples.
- Condo communities most always have common areas that include a pool, gathering area, gardens, and an on-site bar/restaurant.
- These communities also have an HOA (Home Owners Association) that governs the common area(s) and the activities that happen within it. The association that helps maintain these designated areas for the betterment of its owners charges a fee for doing it.
- Investing in a condo can be very cost effective and provide a consistent stream of income. Condos usually offer a quicker ROI but at the same time, don’t grow in value as quickly as a stand-alone home.
Condos are perfect for the first time investor. They are also ideal for someone who wants a vacation or 2nd home that doesn’t require constant attention. When leaving for any length of time, all you have to do is some minor preparation and then walk out the door.
Purchasing a Condo-hotel
- Condo-hotels are very similar to hotels that have full-size accommodations. Various floor plans include similarities to a traditional condo. They also have junior suites and hotel styled rooms as well. Some even have studio models equipped with a kitchenette that offers a microwave, 2-burner stove and mini refrigerator.
- Condo-hotel communities not only have exceptional common areas but also offer a variety of restaurants and bars. Some complexes offer retail shops, spas, and activity centers.
- This particular type of condo community has an onsite Management Company and concierge services. They facilitate all operations that are associated with the district. They also manage all rentals – reserved and walk-ups.
- A condo-hotel is probably the least expensive to purchase. However, the ROI is less in comparison to traditional condos and stand-alone homes. The no worry and hands-free investment does come with a higher fee.
When investing in a Condo-hotel, the management company controls most if not all your rental scheduling. They collect and account for all the incoming revenue, take care of the necessary paperwork, and arrange for cleaning and other services needed. It is the true meaning of a ‘plug and play’ system that takes most of the responsibilities off of the owner’s shoulders.
When looking to purchase property in Mexico, take a moment to contact Top Mexico Real Estate. Let one of our professional agents assist you with any questions or concerns you might have.
Remember, at Top Mexico Real Estate … we make it happen!