If it’s your first time buying a condo in Mexico as a Canadian then developer financing can help you a lot.
A condo in Mexico is a good investment. But as a first-time Canadian buyer, you might need financing in order to be able to buy property in Mexico.
What is developer financing for a condo in Mexico?
In contrast to what you might see with traditional financial institutions in Canada, developers typically do not extend a mortgage that covers the entire cost (or even the majority of the cost) of the project in advance.
Instead of requiring you to pay the entire purchase amount in cash, developers will typically only require a partial mortgage after you have made a significant downpayment, whether that is 30%, 50% or more. It is quite common for developers to require at least 50% of the down payment when you take possession, with the balance paid off over an average period of between five and eight years.
A developer’s financing can be anywhere from 6% to 10%. Although most projects only offer up to 5 years of developer financing, and some 36 or 48-month financing options, it is a lot harder to find.
If you don’t have the full down payment for your new condo, or if you don’t qualify for a mortgage from a bank in your home country, developer financing may help you to finance your project.
Who offers developer financing for a condo in Mexico?
There are not many developers who offer developer financing on a condo in Mexico. For example in Tulum Mexico, there are only a handful of developments offering to finance on their condos.
The best way to get access to these developer finance condos is to contact our real estate agents for free. They have access to condos that offer developer financing in Riviera Maya Mexico.
Click here to contact our real estate agents for free at no obligation.
Want to view some property listings in Riviera Maya Mexico? Click the links below:
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Related Articles to Read:
7 Ways to Finance a Property in Mexico as a Canadian
Click here to read the Guide to Mexico Law for Buying Property as a foreigner
Click here to read a simple guide to buying property in Mexico as a foreigner.
Read this Guide to HOA (Homeowners Association) in Mexico
What Is A Mexican Fideicomiso In Mexico Real Estate? Read this to find out!
5 Steps To Buying A House In Tulum Mexico as a Canadian
5 Reasons for Investing in Riviera Maya Real Estate in 2022
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