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How to Fit Playa del Carmen Real Estate into a Tighter Budget by Thomas Lloyd
When you’re looking at retiring or buying a vacation property on a more limited budget, you have to think of savings on you Playa del Carmen property in absolute terms rather than relative terms. For this reason, it’s good to be aware of options you have to help you do accomplish this.
We all know that in comparison to other beachfront property areas – especially those in the U.S. or Europe – prices for Playa del Carmen real estate are very low. Yet, when you’re looking at retiring or buying a vacation property on a more limited budget, you have to think in absolute terms (“This is what I can afford, and that’s it”) rather than relative terms. For this reason, it’s good to be aware of options you have to help you do accomplish this. The following are a few suggestions.
Price Reductions – Playa del Carmen’s real estate market has been exceptionally resilient. Even in the worst of the recession, when people back in the U.S. were having trouble selling off properties at a fraction of the price that they should have been worth, and many other markets were getting hit by the ripple effect of this bubble-burst, Playa del Carmen’s prices held stable. Yet it is still common enough for buyers to have to sell off quickly because of personal pressures. Usually once the price comes down, they have little trouble doing this. For this reason if you are taking this approach, it is best to work with an agent very knowledgeable of the market. It is also good to be sure of what you want, yet have some flexibility so you can move quickly when the right property appears at the right price.
Mortgage – Several banks in Playa del Carmen, including Scotiabank, now offer mortgages for non-Mexicans and special representatives to work with English-speaking clients. In Playa del Carmen, you usually need a 30% down payment, and the property will need approval. Several homes and condos are pre-approved for bank mortgages.
Pre-construction Sales – Playa del Carmen is still booming, and for that reason there are many new condo and villa complexes showing up not only in the new, outlying gated communities, but also in the heart of downtown where some formerly low-income communities are beginning to gentrify. In all locations, pre-construction sales not only offer savings in the absolute sense, but increased potential for value appreciation.
Developer Financing – Closely tied into all the new growth in Playa del Carmen is higher competitiveness among developers, some which are now offering financing options of their own. While this definitely includes the progress-related payments of pre-construction, it also includes mid-term and, on occasion, even long-term financing options.
Each of these options will help you as a buyer fit your dream property into just about any budget.
About the Author
Mexico Real Estate NETWORK; “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!” Region: Playa del Carmen real estate Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.
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