I'd like to hear people's experiences with buying a presale condo in Mexico. Did the builder commit to what the maintenance fees would be in advance? Were you happy with what was delivered in the end?
Thanks! Geri
Thank you. I have the same question.
Hello everyone,
@ GeriWM, welcome on board.....Are you looking forward to buying a presale condo ? Whereabout in Mexico ?
Cheers,
Bhavna
Never, ever by pre-sale if you do not have 100% trust in seller and realtor. It is typical that the buildings have infrastructure issues such as insufficient water hook-ups because builders are able to hook up as a single residence. The owners have to pay the hook up fees.
Make sure the developer is giving over the building to the HOA and not going to be the manager--total conflict of interest.
At least in an older building you can get the knowledge base of other owners, such as federal zone, lack of builder and manager transparency. Corruption is wide spread!
L0ok at Facebook pages of owners out on the street because of corrupt realtors and developers.
Wow! My mind is set on moving to Mexico and then I read something scary like this. I heard a person online say he got custom work for course way less than the US. Is it worth buying a cheap home in a good good neighborhood an have it redone? Or are there pitfalls involve in that as well.
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I think it's best to rent in San Miguel de Allende.
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Probably in Mazatlan. I am still researching my options. Thanks for the advice!
The best answer is do not unless you are ok with.
1. Corrupt realtors and developers...no licenses or bonds in Mexico
2. Not getting transparent financials from developers who become managers
3.being overwhelmed by units given to vendors in lieu of payment, then total building rentals
4. Ongoing corruption
Scares the Dickens out of me. I foresee a lot of "bargain" rebuild deals as the market downturn happend (COVID 19) ; wait and see right now!
Good plan. Lots of short cuts are taken toward the completion of units.
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