Who has not dreamed of buying a condo in Paradise: a resort in Mexico – Puerto Vallarta, Riviera Nayarita, Cancun, Playa del Carmen, Tulum or Riviera Maya! Canadians are now buying property in Mexico’s Resort areas. Actually, they do it more often than ever. If you are looking for condo for sale in Mexico, you should know that you can purchase one either directly or through a mortgage.
Property prices in the U.S. and Canada have dropped to half the price a few years ago and thus the market is not as active as it used to be. On the other hand, this is not the case in the resorts of Mexico, where foreign purchases and demand continues to grow, primarily when it comes to Canadian investors.
1. What are the requirements for a good condo investment in one of the Mexican resorts? – Investing in expansion and growing areas such as Puerto Vallarta, Riviera Nayarita, Cancun, Playa del Carmen, Tulum or Riviera Maya is essential, as this way your investment will have a great growth potential. This will eventually increase the price of your condo, so you should consider these areas rather than investing in a region where the population is declining or not growing.
2. Explore the possibilities of rental income – the above mentioned areas are areas that have a continuous influx of tourism, and therefore rental opportunities. There are management companies that can help you manage your rental in any of these areas.
3. Learn more about closing costs and hidden fees and do not forget that even if you are not actively present in the life of your condo community, you still have to pay: mortgage, condominium, municipal taxes, air conditioning, electricity, vermin etc.
How to buy a condo in Mexico?
The first thing is to do your homework carefully, starting with a detailed analysis of the market. Next, it is essential to find the right professionals such as notary, lawyer, mortgage broker or real estate agent, who will help you seal the deal safely. When meeting with the agents, don’t forget to ask all the questions you deem necessary about buying real estate in Mexico, real estate contracts, deposits, escrows, mortgage availability, property maintenance and HOA fees, closing costs, property management fees and so on.
Choosing the right area to look for condos for sale
If you do not have a specific region in mind when it comes to buying condos, there are several things you may want to consider and weather should be the first on your list. The upper regions of the country are known for their temperate climate, which translates in cooler weather in the winter months. For those who are looking for a more tropical climate, a condo in the southern part of the country should be the right option. There are several large cities in Mexico for those who are interested in living in a developed urban area. The perks of living in a city are just the same as in the U.S. or Canada, with great restaurants, nightlife and museums.
At the same time, Mexico is home to large tracts of unexplored jungles, scenic outdoors, mountains and rivers and beautiful white beaches. Thus, if you are interested in biodiversity and protected natural parks, Mexico offers jungle retreat condos as well as beachside villas.
One of the regions that are becoming more and more attractive for those looking for property investments in Mexico is Huatulco, with the Oaxaca Rivera being a very popular destination in the area. Huatulco is a resort area near the bay with the same name and it comprises of four parts: Santa Cruz, a town famous for its beach, marina and multitude of hotels, Tangolunda, where most of the upscale resorts can be found, Chahue, the region situated between the aforementioned two and finally La Crucecita, an inland small town with an authentic Mexican ambience. The area of Huatulco is famous for it’s beautiful isolated beaches and the proximity of lush tropical jungles.
Besides being an ideal location for a vacation in the sun, Huatulco is also a great area for those looking to invest in a Mexican property. The average temperature here is 28ºC (82ºF) and you can enjoy clear days year-round. In addition to the multitude of all inclusive resorts and deluxe hotels, Huatulco features a fishing boat harbour, numerous galleries and shops as well as an 18-hole par 72 golf course, thus being an idyllic option for those peaceful retirement years.