It is evident that big changes have occurred in Puerto Vallarta over the last 5 to 10 years, especially in the downtown area and Old Town neighborhoods. More and more condominium buildings have been built or are currently under construction as developers are responding to an increased demand for properties in this beautiful coastal mecca. The quaint feel of Old Town has been altered by the addition of these modern properties, and some individuals have conflicting emotions about how these new buildings have affected the authentic charm and ambiance that Puerto Vallarta is known for. Despite some naysayers, as more and more units are being built or still under construction, it is clear that the changes must be embraced. Now the real question is, what are the important tips to consider if you want to invest in pre-construction Mexican real estate? Continue reading below to learn how to prevent falling victim to a real estate pre-construction mistake.
Puerto Vallarta Is Growing
For anyone lucky enough to find themselves on an evening stroll through beautiful Old Town Vallarta, it is hard to miss the abundance of new condo buildings in the area. Most of these new constructions have a modern, high end feel with spacious common areas, rooftop infinity pools, gyms, and fine finishes. Not to mention the breathtaking views of downtown Puerto Vallarta and the stunning Banderas Bay! High-end touches are very attractive for buyers who yearn to live the laid-back Mexican lifestyle, while still having access to quality amenities.
A noteworthy issue for those interested in buying a pre-construction Mexican real estate property is that you must be aware that involves a certain element of risk because the product is not finished. Unfortunately, several Mexican real estate properties in the past have experienced issues during the construction process and were left unfinished. Buying a pre-construction property is a risk anywhere in the world, but there are some ways you can reduce this risk and hope to avoid becoming a victim to a Mexican pre-construction real estate scam or having to deal with a dishonest developer.
Reputable Developer Is Key
One tip to follow when looking for Mexican pre-construction real estate is to only look at properties that have a reputable developer. How can you determine this? Only buy from developers who have already proven they can deliver quality construction on another property or properties in the area and also confirm whether they delivered the finished product in a timely fashion. Always ask for references up front, and do your homework to confirm what they say is true. It is always best to do your homework first before committing to a pre-construction Mexican real estate property, no matter how many incentives or discounts they may offer to you.
Pre-Construction Delays Are Common
Delays with Mexican real estate during construction are not uncommon. Because of this, some Mexican real estate developers will include a 3 to 6-month contingency clause to give themselves a buffer if there are delays. It is important to recognize this possibility ahead of time so you can plan accordingly to prevent any unnecessary stress or angst if your unit is not ready when expected. Also, it is best to only leave the smallest down payment possible when dealing with a Mexican pre-construction real estate property. By doing so, you minimize your financial investment and can finish paying off the balance due after the property is finished. Another great way to avoid a situation where a Mexican real estate property does not get completed as promised is to only buy the unit once the property is actually finished. However, be aware that pre-construction discounts will likely be waived if you wait.
Best Bet: Buy Completed Real Estate in Mexico (Villa La Estancia)
The best way to avoid the unwanted risk that comes with pre-construction real estate is to instead purchase a finished property such as Villa La Estancia in Nuevo Vallarta just north of Puerto Vallarta. Although you may miss out on attractive incentives, it is your best bet to eliminate pre-construction real estate risks and delays that could occur. A top real estate investment option in Mexico is the award-winning Villa La Estancia in Nuevo Vallarta. Villa La Estancia in Nuevo Vallarta offers spacious and luxurious private beachfront residences with high-end finishes and elegant decor in addition to beautifully landscaped grounds. An excellent real estate investment of quality beachfront real estate in Mexico, Villa La Estancia’s amazing and spacious private beachfront residences are designed as a condo-hotel so you also have access to professional and courteous staff twenty-four hours a day. Villa La Estancia’s friendly staff is a great benefit if you ever need any help with any reservations, tours or transportation arrangements when you are staying in your beachfront residence. Check out Villa La Estancia’s website at https://rivieranayarit.villalaestancia.com/ to read in details about the amazing amenities and services you could enjoy.
We hope you enjoyed these tips on buying pre-construction Mexican real estate. Happy house hunting!