New Home or Resale: What’s Better When You Buy Real Estate in Mexico?

If you’re in the market to buy real estate in Mexico, one of the first questions you will need to answer is whether you want to invest in new construction or prefer to purchase an existing home. Both options have different pros and cons, so the answer will ultimately come down to what you want and need from the home that is (either way) new to you!

Should You Buy a New Home or an Existing Property?

At first glance, this may seem like a simple question – either you are looking for a brand-new home, or you aren’t! But in reality, both options are attractive for completely different reasons, and both have their own unique drawbacks, leaving much to consider beyond the obvious issues of budget, style and location. Each buyer also has a unique wish list with specific wants and needs, which must be taken into consideration. 

Buying an Existing Home

To start with, let’s look at the primary advantages of buying an existing property. Many of these are furnished and completely turnkey in Mexico, and therefore quite convenient and ready to enjoy immediately. Although you have to go through the buying process, including looking at various properties, completing price negotiations and paperwork, once your offer has been accepted, it won’t be long before you can move in and start savoring everything that comes with owning a home in Mexico!

Elements Beachfront Penthouse – 4 Bedroom - Terrace View 2
Built in 2008, this 4-bedroom penthouse is located in the heart of the Riviera Maya

“Even though the process involves numerous steps – such as viewing homes, making offers and closing – the convenience of being able to move in right away is compelling enough for many people to choose an existing home over a new build,” writes Investopedia

Finally, if you don’t want to worry about shifting delivery dates on a new build, or if you want to be part of a specific established neighborhood, buying an existing home may be the only option, especially if the area you covet is no longer undergoing new development. The advantages of this can include being close to popular restaurants, fabulous shopping, good schools, friends, activities and other amenities. When you are planning to buy real estate in Mexico, it’s essential to take all aspects of the amazing lifestyle into account!

Also Read:

5 Steps to Buying a House in Mexico

3 Ways to Save Money When Buying a House

How to Make Money in Real Estate

Advantages of Buying a New Home 

On the other hand, investing in new construction can be a great way to lock in better prices in the Mexico real estate market, and although it doesn’t offer the same level of convenience, most developers also include a 12-month builder warranty on new properties. Of course, the fact that you will take possession of a brand-new home is also a plus, as there won’t be any repairs or worn-out items to replace for some time. 

In addition, you can limit the risk that your new home will go over budget or take longer than expected by working with a reputable builder who has a solid reputation. In addition, buying a condo that is part of a larger development (instead of a standalone home) can help streamline parts of the building process, although it will also likely limit the choices regarding finishes. 

Penthouse in Cruz con Mar, Playa del Carmen - 1
Built in 2019, Cruz con Mar, by one of the best developers in the Riviera Maya

“The big advantage is you are much more likely to get exactly what you want,” writes Investopedia. “For many, this factor alone is enough to choose to build over buying.”

Regardless of whether you are looking to buy an existing property or would prefer to invest in a new development, a qualified real estate agent can streamline the process by helping you find properties that suit your needs and guiding you through all the negotiations and paperwork. Furthermore, when you buy real estate in Mexico there is generally no mortgage or home inspection required, so it’s simply a matter of finding a suitable property, settling on a price and completing the closing process.  Finally, keep in mind that some of the condos and homes for sale in Mexico’s Riviera Maya region can also double as income-producing vacation homes when you aren’t using the property, and many of them even offer professional on-site management to make that process a breeze. 

Why are you planning to buy real estate in Mexico? Tell us in the comments section below!

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