riviera maya real estate presale vs resale

Real estate Riviera Maya: PRE-SALES VS RESALES

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If you are looking for a condo in the Riviera Maya, you will have two choices upfront: should you buy presale or resale?
The definition of a pre-construction property (also known as a presale property) is that it is a property that you are purchasing before it has finished building. It is common for a presale to have move-in dates typically 2-3 years away from when sales first start to the public. In this case, the buyer would be purchasing directly from the developer/builder.
A resale property means that the property is already built and is move in ready. In this case, you are purchasing from someone who has already lived in the property.

Buying a resale property pros and cons

Buying a resale property is the most straightforward way to buy a condo, and decreases the amount of guesswork involved that you may find with a presale.
Advantages include:

  • TANGIBLE

    You can see what you’re buying, and you’re able to walk through and feel how big the bedrooms, living room, kitchen, etc. are. It’s a tangible product.

  • MOVE IN SOONER

    With a resale property, you’re able to move in anytime that you can negotiate with the seller. Resale move-in dates are a lot sooner than presale move in dates (given you’re buying at the time initial sales release or shortly thereafter). In this case, you get to move in as soon as you close.

  • PRICES NOT FIXED

    You may be able to negotiate for lower than the list price. (Selling prices for condos purchased pre-construction from the builder are mostly fixed.)

But there are some disadvantages, too:

  • NOT BRAND NEW

    If the unit has been lived in for more than a couple of years, you might need to set aside money for renovations.

Buying pre-construction property pros and cons

You are buying a not-yet-built condo directly from the builder before construction begins.
This, too, has its advantages:

  • LOCATION… LOCATION… LOCATION

    You get the whole inventory to chose from! Choosing the best location for your future home based on where the property will be built and having options to choose the type, style, floor level and layout of the unit you want!

  • PRICE LOCK IN 

    The earlier you get in, the lower the price you’ll lock in.  The best opportunity to unlock the best appreciation potential is by taking advantage of early launch prices.

  • BUILD EQUITY WHILE CONSTRUCTION LAST

    Prices keep increasing as the construction completion date approaches, which means, your m2 increases in price as the construction advances.

  • FLEXIBLE PAYMENT SCHEDULE 

    You won’t have to pay the full price at once, you can lock in your unit location and price with as little as 30%, then make payments through the duration of the construction (40%-50%) and leave the remaining balance due at the time of closing (20%-30%). There are some developers that offer a 30% downpayment to lock in the unit and 70% due at closing.

  • YOU GET A BRAND NEW PROPERTY

    You are the owner of a trendy, modern and brand new property. Tenants will naturally be drawn to the modern amenities, appliances, and more that come with a new condo building.

  • BUILDER’S WARRANTY 

    New constructions generally offer limited coverage on workmanship and materials relating to various components of the home, such as windows, ventilation and air conditioning, plumbing, and electrical systems usually for 1 year.

Again, there are disadvantages:

  • NOT TANGIBLE

    You are buying based only on a floor plan without seeing the finishes, the layout or outside view of the building. All of the measurements that the developer provides you are estimates and subject to change, so you’ll never be 100% sure of what you are purchasing.

  • DATE NOT SET IN STONE, MUCH LONGER MOVE IN DATES

    Nothing is guaranteed. A condo building usually takes several months to complete. While most reputable developers deliver developments on time, late deliveries aren’t uncommon.

As you can see, you have two very good options to chose from! It is important that you make a list of your needs and your desires when you start your property search and communicate them to your real estate agent so she or he can direct you to the best possible option for your specific needs!