You’ve probably heard of pre-construction condos, but what are they exactly? And how do they work?
Let’s start with their definition. A pre-construction condo is a unit that is still under construction and hasn’t been sold yet. In general, these units are purchased before they’re ready for occupancy by investors who want to make a profit later on when the units are finished being built in order to resell them at higher prices than what they paid originally (which will be discussed below). This process usually takes anywhere between 6 months up to 2 years depending on where you live and the development.
If you think this sounds like something only wealthy people can afford then think again. Pre-construction real estate is an affordable way for anyone with good credit history or income level(s) to get into homeownership without breaking the bank immediately or having any other major financial obligations weighing down their wallet (like car payments). The price tag for purchasing one depends entirely on where it’s located.
What is Pre-Construction?
Pre-construction condos are a great way to get into the real estate market at a discounted price. A pre-construction condo is essentially an unfinished unit, which you can buy and then have built for you. When you purchase your new home, it will be constructed onsite by a licensed builder according to the specifications laid out in your contract with them (and any changes you would like).
This process takes around two years from start to finish; however, when purchased as part of a pre-construction package deal, buyers receive many benefits including:
- A large discount off the final sale price
- Added value through upgrades and finishes chosen by yourself or chosen by an interior designer
1. Perfect for First-Time Buyers
- As a first-time buyer, you’re looking for a smaller living space.
- Condos are often more affordable than houses and there are more options to choose from in urban locations.
- Pre-sale condos offer the opportunity to invest in real estate while waiting for your home to be built.
The benefits of pre-construction condo purchases are undeniable—it’s an excellent way to buy your first home, break into real estate investing, or simply enjoy all that urban living has to offer!
2. You have more Time to Save for Deposit
- You have more Time to Save for Deposit
What is the minimum down-payment required?
The minimum deposit will vary from condo community to condo community. The average deposit ranges between 10% and 20%. Some developers may require 30% or even 50%. This means that buyers need to save up the full amount of their deposit prior to moving in, giving them time to plan and get their finances in order. If you’re purchasing pre-construction, you can save for your down payment during the construction phase as well.
How long will it take until I can move in?
There are many factors that affect how long it takes before your new home is ready for you to move in: when did you purchase the unit; what stage of development is the project at (i.e., foundation laid)? Typically though, once a building permit has been issued by municipal authorities (if applicable), most projects will be completed within 12 months after breaking ground on site – although this may vary depending on individual circumstances such as weather conditions which can delay construction work (i.e., rain).
3. You have a Cooling Off Period
A cooling off period gives you time to reflect on your decision and ensure that it’s the right one for you. In Mexico, this is called a “15-day cooling off period.” During this time, you’ll be able to take a closer look at the buying information and pre-approval for financing with your financial advisor and lawyer. If for any reason you decide not to go through with your pre-construction purchase, then you can back out of the contract with the seller during those 15 days, with a full return of your deposit.
The benefits of having such an opportunity are clear: It gives buyers peace of mind knowing they have enough time to consider their options without being pressured into making an immediate decision; it allows sellers more flexibility in their planning process as well (this is especially true when selling through agents); and since buyers can back out at anytime during this period without penalty or repercussions, there’s no risk involved in doing so.*
4. Customize Your Style
Choosing your own finishes for a pre-construction condo can be an exciting opportunity to personalize the space and make it feel like your own. With so many options available, you’ll have the chance to select flooring, paint colors, backsplash, bathroom tiles, doors, trim and hardware that reflect your unique style. As the first owner of a new condo project, you’ll be able to exert more control over the design of your home than if you were buying an existing unit in which others chose their preferred features before moving out.
Many pre-construction listings offer this customization because they want their buyers’ units to stand out from those being offered by competitors nearby (especially when there are multiple buildings within walking distance). While some developers require certain upgrades as part of their standard offer package (e.g., stainless steel appliances), other projects allow homeowners complete freedom when selecting add-ons such as upgraded kitchens or premium fixtures throughout their place—and these options may even come at no additional cost!
5. Property Appreciation
Purchasing a pre-construction condo is a great way to grow your wealth. When you buy any real estate, the goal is that your property appreciates over time. As your condo is being built the demand for property in the Riviera Maya Mexico area is on the rise, putting your investment above the market value.
You don’t want to miss out on this opportunity! When buying any real estate, it’s important that you do some research and find out if there are any other options available to buy from?
If you’re thinking about taking advantage of this opportunity then make sure that you get in touch with us today so we can help by answering all of your questions!
Summary of the 5 benefits of buying a pre-construction condo.
So, what do you think? Are you convinced that purchasing a pre-construction condo is the best way to go? Here are the top 5 benefits of buying a pre-construction condo:
- You can get better value for your money. A pre-construction condo will be cheaper than an existing one because it’s not completed yet and hasn’t been fully furnished, so there’s no need to pay for expensive upgrades or interior decorating. Plus, you’ll be saving on real estate taxes (due to their lower market value).
- You’ll have more flexibility with your purchase options and choices for customization. Most developers offer affordable customization options like flooring and paint colours so that you can personalize your home according to your preferences or needs without having it cost an arm or leg!
Find a Pre-Construction Condo in Mexico
If you are looking for a pre-construction condo in Mexico, we have the perfect solution for you. We work with an experienced team of real estate agents who can help you find the perfect property and make it easy for you to buy a condo in Riviera Maya Mexico.
Our real estate agents know all about the properties that are available in Riviera Maya. They will help you find an ideal location and property for you whether it’s in Playa del Carmen, Tulum, or anywhere throughout Riviera Maya Mexico.
When buying a new home, it is always best to see it first before committing to anything. This helps ensure that everything is what was promised or advertised and also gives buyers peace of mind knowing that this is truly their home before making any purchases.