What to consider before buying a condo in Cancun and Tulum?

Posted by NIMBOS REALTY on January 29th, 2019

Searching Cancun condos for sale, you need to understand it is not the same as buying a single-family home.  Various considerations need to be taken into account prior to purchasing!  Searching and buying a condo can come at a much lower price than purchasing a single family residence.
When looking for Cancun condos for sale, it’s important you know that every condominium community is different.  It’s crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research!

Determine Whether a Condo is the “Right Fit”
It’s very important to ask yourself before buying your first condo, “Should I Buy Cancun condos for sale?”  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro’s and con’s is a must!
One major difference between a condo and a single family residence is the proximity to your neighbours.  It’s very possible you may have multiple neighbours condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbours?

Get a Real Estate Agent with experience
Buying a condo is much different than buying a single family, multi family, or vacant land!  The buying agreement for a condo is not the same as it is for other types of residences. You should hire a real estate agent having expertise in Cancun real estate market.

Obtain Financing
Arranging finances for a condo differs from that of a single family residence. Exactly like buying a single family home it’s critical to get pre-approved prior to looking at condos as well as determining whether it is the “right fit.”  Obtaining financing in Cancun real estate market can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of Cancun real estate and programs.   

Know What the Condo Includes
It might seem like a casual one, however you must know what the considered condo comes with. While buying your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Would you get additional parking for your guests who visit you?  Is the parking spot in a covered garage?

Know What the Association Fees Include
How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  Tulum real estate market has different regulations for association fees as compared to that of Cancun.
If you are looking for condos in Tulum then make sure you consider all these and hire someone with experienced in Tulum real estate market. Visit https://www.nimbosrealty.com/en/ for latest listings.

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Joined: December 17th, 2018
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