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The Riviera Maya is experiencing its second real estate boom, the best time to invest. In this eBook we have compiled information about the events that have caused this phenomenon, its benefits, and future predictions. If you are interested in investing in the Riviera Maya, download it now to get to know the reasons why this popular area is experiencing its second boom.
Interested in investing in real estate in the Riviera Maya, but don’t know where to start?
This simple shopping guide will take you through the 10 basic steps to get started in this business without being overwhelmed.
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How to choose a property for investment and with a good ROI
If you are planning to buy a second home in your favorite vacation destination, find three tips to choose the best option here.
Most of the real estate purchases in the Riviera Maya are intended to be a good investment, either generating income due to vacation rentals or the added value gained over time. However, real estate is a difficult business and there are certain cases that can be frustrating and discouraging or may even put your assets at risk. Follow these three expert tips to choose the best property for investment and, the best part, with a good ROI.
If you are looking to invest and generate profits with a vacation rental property, the most important thing is to choose a house or condo that can be rented as often as necessary to cover expenses and obtain income. That means choosing a place where you can take advantage of your full potential. Therefore, it is essential to read about the most popular tourist destinations and with the largest number of visitors per year; their holiday seasons and the approximate ROI offered by the developments. Remember to also inform yourself about the infrastructure and the services the place has to offer and most importantly, to know if the real estate market is in a good moment.
After choosing the destination, it’s time to find the perfect area. The quality of the neighborhood in which you buy will influence the type of tenants you attract and the rent price. If you have never been to the chosen city, we advise you to visit it, although it is also possible to invest without knowing the place. If it’s your first time visiting, I recommend you to search for a real estate agent to show you the best areas. Ideally, take an unbiased approach to all the properties that fall within your investment range.
I also recommend talking with the neighbors in the area and with some tenants; they always tend to be very honest about all aspects both negative and positive, as they don’t have a particular interest.
Amenities and future projects
Surely your broker will have information about future plans in the city and the potential area. Verify that there is a current or future project focused on building theme parks, commercial or business centers, gyms, cinemas, etc. that, in addition to attracting more visitors, will ensure that it is a growing area and, therefore, will give you an excellent return on investment. On the other hand, if the city you chose is famous for its beaches, architecture, museums or mountains, be sure to buy a property near these attractions or that there is easy access to them.
However, beware of new developments that could damage the price of other properties in the vicinity, for example, if you plan to build a space that causes the loss of a green area that favors social activities the value of your residence could fall.
Invest in a condo
Generally speaking, the best real estate investment (especially for beginners) is a condominium. A department requires very little maintenance because there is usually an administrative committee that is responsible for all external repairs, maintenance, etc., of the building, so you can rest assured that it will always be in good condition.
In addition, studios and apartments tend to attract more tourists, since they are similar -and offer the same services- as a hotel and they don’t require a lot of space to rest.
If you are interested in investing, download our free eBook “Real Estate Buying Guide” and learn the 10 steps to investing success in the Riviera Maya