Riviera Maya is one of the most popular destinations for real estate investors and retirees from North America, thanks to its beautiful beaches, warm climate, rich culture, and affordable living.
However, buying a property in Riviera Maya is not as simple as choosing a picture from a brochure. There are many factors to consider, and one of the most important ones is whether to buy a pre-sale or a resale property.
Pre-sale properties are those that are still under construction or in the planning stage, and are sold directly by the developers or builders. Resale properties are those that are already built and ready to move in, and are sold by previous owners or agents.
Both types of properties have their advantages and disadvantages, depending on your preferences, budget, and goals. In this article, we will help you decide which one is best for you by listing the 7 things you need to consider when buying pre-sale or resale properties in Riviera Maya.
1. Price Comparison: Pre-sale vs Resale Properties in Riviera Maya
One of the main factors that influence your decision is the price of the property. Generally speaking, pre-sale properties are cheaper than resale properties, as developers offer lower prices and incentives to attract buyers and secure funding for their projects. You can also benefit from the appreciation of your property value as the construction progresses and the demand increases.
However, buying a pre-sale property also involves some risks, such as price fluctuations, delays, or cancellations of the project, which could result in losses or legal disputes. You also have to pay attention to the hidden costs, such as taxes, fees, and maintenance charges, that may not be included in the initial price.
Resale properties have more stable and predictable prices, as they are based on the current market value and the condition of the property. You can also negotiate the price with the seller, and may find some bargains or discounts. However, resale properties are generally more expensive than pre-sale properties, and may require additional costs for maintenance, repairs, or renovations.
2. How to Choose the Best Location for Your Pre-sale or Resale Property in Riviera Maya
Another factor that affects your choice is the location of the property. Pre-sale properties offer more options and flexibility for you to choose the location of your property, as you can select from the entire inventory of the project. You can also customize your property according to your preferences, such as the floor level, the orientation, the layout, and the finishes.
However, buying a pre-sale property also means that you have to rely on the developer’s promises and renderings, as you cannot see or touch the actual property until it is completed. You also have to consider the future development of the area, such as the infrastructure, the services, and the environment, which may affect the quality and the value of your property.
Resale properties allow you to see and experience the property first-hand, as you can visit and inspect the property before buying. You can also get a better sense of the neighborhood, the amenities, and the services available in the area. However, resale properties may have limited choices and availability, as they depend on the existing supply and demand of the market.
3. Consider the Timing Before Buying a Pre-sale or Resale Property in Riviera Maya
Another factor that influences your decision is the timing of your purchase.
Pre-sale properties require more patience and planning for you, as you have to wait for the completion of the construction, which can take from a few months to a few years. You also have to deal with the uncertainty and potential changes of the project, such as the delivery date, the quality, the design, and the features.
However, buying a pre-sale property also gives you more time to save money and arrange financing for your purchase, as you only have to pay a fraction of the price upfront, and the rest at the closing. You can also take advantage of the pre-construction discounts and incentives offered by the developers, which can save you a lot of money.
Resale properties are more convenient and immediate for you, as you can move in as soon as you close the deal. You also have more certainty and security of your purchase, as you can verify the legal status, the physical condition, and the history of the property.
However, buying a resale property also means that you have to pay the full price at once, or obtain a mortgage or a loan, which can be more difficult and costly.
4. Legal Issues to Consider When Buying a Pre-sale or Resale Property in Riviera Maya
Another factor that you need to consider is the legal issues involved in buying a property in Riviera Maya. Pre-sale properties are more complicated and risky, as you have to deal with the developer’s contracts, warranties, and guarantees, which may not be clear or fair.
You also have to make sure that the developer has all the necessary permits, licenses, and approvals to build and sell the property, and that the property meets all the legal and environmental standards.
You also have to be careful of the scams and frauds that may occur in the pre-sale market, such as the developers disappearing with your money, or selling the same property to multiple buyers. You should always do your research, check the developer’s reputation and track record, and consult a lawyer before signing any contract.
Resale properties are more straightforward and safe, as you only have to deal with the seller’s title, deed, and property tax, which are easier to verify and transfer.
You can also use a trusted escrow service to handle the payment and the closing, which can protect you from any fraud or dispute. You should always hire a professional real estate agent to help you with the legal process, and avoid any problems or surprises.
5. Rental Potential with a Pre-sale or Resale Property
Another factor that you may want to consider is the rental potential of your property, especially if you are buying it as an investment or a vacation home. Pre-sale properties have more rental potential, as they are newer, more modern, and more attractive to the renters. You can also charge higher rents, and enjoy higher occupancy rates and returns.
But, renting a pre-sale property also requires more work and management, as you have to furnish, equip, and maintain your property, and deal with the tenants, the bookings, and the payments. You also have to comply with the developer’s rules and regulations, which may limit your rental options and income.
Resale properties have less rental potential, as they are older, more outdated, and less appealing to the renters. You may also have to compete with other similar properties in the area, and lower your rents, and accept lower occupancy rates and returns.
However, renting a resale property also requires less work and management, as you can use the existing furniture, equipment, and maintenance of the property, and hire a property manager to handle the tenants, the bookings, and the payments. You also have more freedom and flexibility to rent your property as you wish, and maximize your income.
6. Resale Value of Your Pre-sale or Resale Property in Riviera Maya
Another factor that you may want to consider is the resale value of your property, in case you decide to sell it in the future. Pre-sale properties have more resale value, as they are newer, more modern, and more in demand. You can also benefit from the appreciation of your property value over time, and sell it for a higher price than you bought it.
Nevertheless, selling a pre-sale property also involves more challenges and costs, as you have to compete with the developer and other sellers, and pay commissions, taxes, and fees. You also have to consider the market conditions, the supply and demand, and the timing of your sale, which may affect the price and the speed of your sale.
Resale properties have less resale value, as they are older, more outdated, and less in demand. You may also have to invest in repairs, renovations, or upgrades to improve the condition and the appeal of your property, and sell it for a fair price.
However, selling a resale property involves less challenges and costs, as you only have to deal with the buyer and the agent, and pay less commissions, taxes, and fees. You also have more control and flexibility over your sale, and can choose the best offer and the best time for your sale.
7. Your Personal Preference Matters
The last factor that you need to consider is your personal preference, as buying a property in Riviera Maya is not only a financial decision, but also a lifestyle choice. Pre-sale properties are more suitable for you if you are looking for a new, modern, and customized property, and you are willing to wait, plan, and take some risks. You may also enjoy being part of a new and growing community, and having access to the latest amenities and services.
Resale properties are more suitable for you if you are looking for an existing, ready, and proven property, and you want to move in quickly, easily, and safely. You may also enjoy being part of an established and stable community, and having access to the local culture and history.
Ultimately, the best choice depends on your personal situation, preferences, and goals. Therefore, you should do your homework, compare your options, and seek professional advice before making a decision.
A good real estate agent can help you find the best property for your needs, whether it is pre-sale or resale. A good real estate agent can also provide valuable information, guidance, and assistance throughout the buying process, from finding the property, to negotiating the price, to closing the deal.
If you are interested in buying a property in Riviera Maya, whether it is pre-sale or resale, contact us today and let us help you find your dream home!