Ownership opportunities in Los Cabo are on the rise, although 80% of the real estate market right now is dominated with condos and condo hotels, with the rest dedicated to single family homes. There are so many options that are available for individuals looking to be a vacation homeowner or a permanent resident in Los Cabos.
Los Cabos Ownership Trends
The real estate market right now in Los Cabos is characterized by resale properties, because constructing brand new properties dropped after the market slump in 2008/9. However, the property landscape is changing once again, which is prompting developers to build once more. As many buyers today are wanting to purchase something smaller, with fewer amenities that is less pricey, many of the projects on the horizon are studios or one and two bedroom apartments. Another trend in the Los Cabos’ property market at present is the potential to buy during the pre-sale period.
Presales Ownership Opportunities in Los Cabos
Presale real estate comes with a number of risks, although the benefits can be great if you are working with a highly reputable developer. Buying any property before it has been built means that you do not really knowing what you will end up, and you cannot always guarantee that the developer with complete the project. It not enough units are sold to pay for the construction, you may find yourself waiting a long time for the project to be finished. An existing property can sometimes be safer to purchase, because you know what you are buying. Also, you won’t be able to get a mortgage until the property has been built.
Why buy new builds over resales
The upside of purchasing a new build in Los Cabos is that it will have been built with new products and designs, meeting all the current regulations for earthquake and hurricane protection (which is important in Los Cabos). Resales are often cheaper and give you a better idea of how the home can be used.
Vacation homes in Los Cabos
Vacation homes in Los Cabos are very appealing so you can share the property with friends, family, and business associates. You may want to keep in mind your options for fractional ownership as well as full ownership when purchasing a vacation home. Remember that full-time owners have 100% responsible for always keeping the property maintained, which means you may have to hire a management company to keep the property maintained. Fractional ownership means you are responsible for your share only, and costs are divided between owners.
Condos Versus Single Family Homes or Villas
When choosing a property in Los Cabos you need to consider whether to buy a condo or a single family home. There are many advantages to both. For example, condos are easier if you are looking for a vacation home. It is so much easier to maintain a condominium as you just lock up, then go home. This is why for many people a condominium full-time ownership is the only way to go. As you share the common spaces with neighbors such as the pool, you will also share the costs of maintenance, which makes it cheaper. Also, condos often offer amazing views due to their height and are located in the most popular areas. Single family homes, on the other hand, whether new or resale are generally more expensive than condos. You don’t have to share any common areas like at a condo, such as the pool, but you are the only one that is paying for maintenance, which makes it more of a responsibility. Nevertheless, you will have more privacy and control over your property.
Building your own home
Some people invest in building their own home in Los Cabos. While this can be an expensive and timely project, it can also be highly rewarding. You can get creative, totally designing and decorating your dream home. The only downside to this in Los Cabo is finding a plot of land that is suitable for your purposes. You may have to travel further out of the towns of Cabo San Lucas or San Jose del Cabo to find the land that you want.
Gated communities in Los Cabos
Many of the vacation homes in Los Cabos are located within gated communities or golf courses. The gated community is a nice choice, because of the added security that they provide and the sense of like-minded community.