So, you’ve been thinking about buying Playa del Carmen real estate? It can be tough to know where to start, so we decided to make it easier by putting together a short list of three major truths about property investing in Mexico, particularly in Playa del Carmen and the Riviera Maya region, which lies just south of the Cancun International Airport in the Mexican Caribbean.
Truth 1: Beachfront Isn’t Always Better
Sure, being right on the beach has its perks, but sometimes being within easy walking distance to the ocean is even better for the purposes of investing in Playa. The key here is – no surprise – simple honesty… And picking a great location with top-notch amenities, of course! In other words, make sure the investment property delivers on whatever promises it makes and offers easy access to a variety of things, including the beach if possible. Whether that means via free shuttle service to the ocean and close proximity to a thriving entertainment district, or a location within short walking distance to the beach that offers a long list of on-site amenities, telling guests the truth about what to expect and providing services they really want is critical to investing in certain types of property, such as turnkey vacation rentals in downtown Playa del Carmen.
Truth 2: Getting a Loan is Not a Great Idea
There’s no doubt about it; taking out loans to finance investment properties in Mexico is not usually a good idea, no matter what some overzealous financiers may try to tell you. The biggest reason is simple: Paying interest will eat into your overall return on investment, even if you are getting excellent guaranteed rental income and appreciation from a luxury condo or vacation home. Instead, consider buying real estate with an IRA account, which is a safe, simple process that also mitigates risk, provides a hedge against inflation and offers tax free growth.
Truth 3: Playa del Carmen is Safer Than Many U.S. Cities
While this might not be directly related to the act of buying property in Playa del Carmen, there’s no doubt that safety concerns are indirectly connected to the thought process of many would-be buyers. With the mainstream news media often depicting Mexico, at least as a whole, as a place to beware of, it’s not really surprising that many buyers are concerned about the safety of Playa del Carmen. Fortunately, the reality of life in Cancun, the Riviera Maya and throughout the Mexican Caribbean is that it remains one of the world’s safest places to vacation, with hundreds of thousands of Americans, Canadians and visitors from around the world safely coming to Mexico every day for vacations – some extended – and to live as expats. In fact, Playa is statistically safer than the U.S. cities of Miami, Philadelphia, Chicago, New Orleans, Washington D.C. and Atlanta.
What are the biggest challenges you face to buying property in Playa? Let us know in the comments.
Want to know more? Don’t miss this Quick Guide to the Best Playa del Carmen Real Estate for Sale!