What to Watch Out for When Buying Property
The most important rule when selecting property is to ALWAYS VERIFY! Otherwise, you risk ending up with headaches rather than a profitable investment and a great property.
Here are the most common pitfalls that buyers in Mexico might face:
1. Location
Location is a key factor in any property purchase. In Mexico, it plays an even more crucial role. Whether you prefer the rapidly growing Tulum, Playa del Carmen with its beach proximity, or the more developed Cancun, your choice will depend on your purchase goals.
Examine the area’s infrastructure, safety levels, public transport availability, and proximity to key amenities like schools, shops, and medical facilities. If you’re planning to buy property for vacation rentals, be sure to study rental services like Airbnb to gauge potential rental income.
2. Development layout and amenities
Review the layout of the residential complex and make sure to check the zoning plans.
There have been cases where buyers ended up with a view of a neighboring building instead of the promised sea view, as a new complex was built directly in front of their windows.
When considering the residential complex, look for a balance between public spaces and the number of apartments. A complex with too many amenities and few apartments might mean high maintenance fees, while a complex with too many apartments might be overcrowded.
Pay particular attention to whether there’s underground parking or at least a covered parking area—trust me, in 40-degree heat, you won’t want your car baking in the sun.
3. Construction quality
Sometimes developers cut corners on materials and construction quality, leading to rapid wear and costly repairs.
If you’re considering a property in the Caribbean region, pay extra attention to this point due to the higher wear and tear from the climate.
Try to inspect previous projects completed by the developer or visit their showrooms to assess the material quality personally.
4. Contract and legal aspects
Carefully review the contract to ensure that the terms of the deal, delivery dates, and penalties for delays are clearly outlined.
Consult a lawyer to verify the legality of the transaction and ensure that all necessary documents, such as the property title and building permits, are in order.
5. Reputation of the agency or developer
Research reviews about the company you plan to work with. A reputable company will be open and transparent. The experience, reputation, and reliability of the developer are crucial. Check previous projects completed by the developer and review their history. Reliable agents and developers usually have positive feedback and a long track record of successful transactions. Look for articles about the companies and ask for their CVs.
Now you’re aware of the critical points to consider when buying property.
But should you even consider buying an apartment or villa in Mexico? And why Mexico in particular?
We’ve prepared several key reasons why Mexico might be the perfect choice for you!
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