Cancun Real Estate – How to Make it More Affordable

By: Thomas Lloyd1

Cancun real estate is affordable, whether you are considering a relative sense – i.e. that a luxury penthouse on the beach costs a fraction of what it would cost in similar locations – or in a more absolute sense – i.e. that good real estate is simply affordable for just about any budget. Yet, it’s still nice to know that there are possibilities to make properties more affordable and fit easier into your budget. The following are a few suggestions.

Price Reductions – While Cancun’s real estate market is fairly stable, there are price reductions now and then which offer considerable savings compared to similar properties. These also tend to get picked up fairly quickly. Yet, with the help of an experienced agent, a buyer looking for savings with a bit of flexibility can find an excellent price reduced property. Online tools such as e-mail alerts can also help buyers be among the first to know about an exceptionally well-priced or reduced property.

Pre-construction – On new condominiums or villa complexes, there are usually considerable discounts offered to the first buyers to invest while the complex and units are still under construction. Full prices are usually available as well as the timeline for the prices to go up to “normal” to help buyers evaluate the benefits for such discounts. An agent who knows the market, has official training and is familiar with the legalities of such matters will be able to advise on the reputation and reliability of a developer.

Properties with Rental Potential – Cancun’s beachfront is attractive for vacation rentals. While this will probably not present savings at the time of buying – on the contrary, it may even be slightly more if this potential has been established – but if you are not using the property all year round, you can balance ongoing expenses and even generate profit from your property if you choose it carefully. If you intend to generate rental income, it is best to let your agent know at the beginning of the search process so they can focus the search and help advise you on the feasibility for any given property that may interest you.

Mortgages – While these do not lower the cost of properties, they do help to fit the cost into your budget, dividing it nicely into monthly payments. In Cancun, most properties will qualify for mortgages, and down payments are usually 30%. Mexican banks offer a variety of mortgage packages with flexibility in amortization periods, fixed vs. variable rates and payments towards the principal.

Buyers unsure if they can afford their dream property in Cancun or not should consult with an agent, discuss their budget and what options are feasible to make the most of what they have available.

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Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!" Region: Cancun Real Estate by Cyndi Ader, originally from the US, has been living in Cancun, Mexico for 17 years. She is a member of A.M.P.I.

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