Condo fees are one of the costs of buying a home in Mexico. They can be hard to predict, but they’re essential if you want to maintain your property and keep it looking good. That’s why we’ve put together this guide: to make sure you know exactly what you’re getting into before purchasing a condo.
Condo fees (also known as HOA or strata fees) are the monthly fee that covers the maintenance of the common areas of your building.
Condo fees (also known as HOA or strata fees) are the monthly fee that covers the maintenance of the common areas of your building. This includes things like:
- The grounds within the apartment or condo complex
- The elevators that you use to get in and out of your home
- Common areas such as hallways, stairwells, and laundry rooms
- Maintenance of amenities
How much are condo fees in Mexico?
Condo fees in Mexico vary by city, property type, and building.
- Condo fees are usually paid monthly.
- Condo fees are usually paid by bank transfer or even cash (only for a few properties).
- The owner of the property must pay condo fees in order for all services to be operational.
The first factor that determines the amount you pay is where you’re located. Condo fees are usually higher in popular areas like Puerto Vallarta and Cabo San Lucas as well as resorts like Cancun. The reason for this is simple: there are more amenities available at these locations and they are more sought after by investors.
Properties located in tourist towns such as Tulum and Playa del Carmen tend to have higher condo fees than other cities in Mexico.
In general, condo fees tend to be higher in tourist areas. This is due to several factors:
- The cost of living in these areas is generally higher than in the rest of Mexico.
- There are often more units per building in tourist towns, which means more property management fees for the condo association.
- There are also larger numbers of vacation homes and second houses owned by foreigners who visit frequently. If a property owner doesn’t live there permanently but prefers renting out their villa or apartment instead, it will still have maintenance costs associated with cleaning and landscaping that must be accounted for by their landlord’s association fee.
In Riviera Maya Mexico, you may pay anywhere between $80 USD and $400 USD per month in condo fees.
The cost of condo fees in Mexico is typically lower than in the USA. In Riviera Maya Mexico, you may pay anywhere between $80 USD and $400 USD per month in condo fees. The actual cost varies depending on the size and type of property.
Conclusion
The cost of condo fees in Mexico depends on a number of factors, including the city and neighborhood that you live in. As an expat living in Mexico, it is important to understand how much your condo fees will be before you invest any money into purchasing property or joining a complex.
Ask our Real Estate Agents for More information
Our real estate agents can help answers all your questions about buying property in Riviera Maya Mexico. Click here to contact them for free and at no obligation.
Related articles:
