Purchasing a vacation property in the Riviera Maya has the potential to be a great investment for any buyer. Tourism numbers continue to grow each year, and more and more tourists are looking for self-contained homes and suites for their stays rather than resorts. For those who own a vacation property, this presents a great business opportunity for return on investment.
If you are thinking of purchasing a vacation property, you will want to ensure that you avoid these five common mistakes.
1. Not knowing the location of your vacation property
The Riviera Maya is a large geographic location, encompassing all the area from Puerto Morelos on the north end, to Punta Allen on the south end, from the coast to 25 miles inland. Many of the cities and towns in the area have exciting developments with real estate available for purchase. However, if you are looking for a vacation property in the Riviera Maya, you need to ensure it’s in a good area. Nearby amenities, easy access to travel corridors, and safety are some of the key concerns for tourists looking for a rental. So, you need to ensure your purchase meets those needs.
2. Not visiting first your vacation property
Many owners of vacation property live the majority of their time in the US or Canada, renting out their property when they are not on vacation themselves. For those who only travel to Mexico periodically, it can be enticing to purchase property without first visiting or doing a walk-through in order to save the expense of the trip. This, however, would be a mistake. As we all know, looks can be deceiving, so the only way to know for sure that the property you are looking to purchase lives up to your standards is to visit it in person and check it out for yourself.
3. Not working with a professional realtor
Purchasing vacation property in Mexico is entirely possible. Nonetheless, it can be complex as the purchase of property within 50km of the coast can only be done through a bank trust or corporation. Navigating these requirements effectively can only be possible by using a professional realtor who can guide you through the process. Furthermore, the knowledge that a local realtor will hold about the area and development prospects of your potential vacation property would also be invaluable.
4. Not working with a professional property manager
For those who own vacation property and have tenants regularly booking and staying at your home, a property manager is an invaluable resource. Having positive reviews from those who stay in your property is important to maintaining your return on investment. If something goes sideways, it will be invaluable to have a property manager on call to deal with any issues and to greet and be a resource to your tenants. You will be able to rest easy, knowing that your home is in good hands.
5. Not providing utilities and services
You may be tempted to save money by not maintaining hot water, internet, and cable. However, these are services that all tourists will expect to have when they stay at your vacation property. If you are sincerely uninterested in providing cable, another option would be to purchase SmartTVs or accessories such an Amazon firestick or AppleTV. These systems allow your tenants to access Netflix and other streaming services. You might want to consider purchasing a Netflix account as well for your home to be able to provide this service.
Ultimately the most important thing when owning a vacation property is ensuring that you are working with professionals. A Top Mexico Master Broker, we can guide you and give you all the necessary advice to make your home a destination. We also have a variety of real estate developments in the Riviera Maya ideal for vacation rentals.