Friday, June 29, 2012

Cancun Realty - Boom or Bust?


So many people out there believe that owning a home in Cancun is a dream come true. For many it is, and for some not quite.... 

The Real Estate Market in Cancun is somewhat of a mystery to me. New developments are constantly under construction, people want new homes. In other areas it is not uncommon to see homes for (re)sale for years. I'm not kidding. Are they asking too much? Is the home a dump? I have no clue, and there are a LOT of them.... Ask any Cancunese. There are no shortage of homes for sale, or rent in this city. 

Hubby and I purchased land in Cancun about 5 years ago now. We haven't done anything with the property, and are waiting to see what develops around us. That part is also scary.... The last time we drove there, albeit one year ago.... It was not exactly an up and coming neighbourhood in our eyes. We have decided to hold onto it and sell it as land in the future. 

With Real Estate like this in Cancun, I have never met so many renters in my life. Hubby and I included. 

My in-laws own their home, and so does my sister in law. However, most of our friends rent. I think they all think it is just very risky to buy a home here, as who knows how long it will take to re-sell it? I hope I'm making sense..... 

Well, guess what we did? Hubby and I just purchased a small home here in Cancun, 3 bedrooms, and 2 full bath. We have no intention of living in it, and bought it strictly as a rental property. So although we live in a rental ourselves, we are now owners who rent. LOL. 

Okay, so call us crazy..... Would you ever want to get in the business of renting? 




9 comments:

L n J said...

Javi talks about it all the time. He said he would eventually like to make a few small houses and rent them out. I think its a great idea.

fritp said...

Congrats! That must be so exciting!!! :)
When I met my man he already owned his home. It was so nice not paying rent!! We are planning to move back to Canada shortly though where the rent will start again:(.
Is it expensive to rent in Cancun? You can get a small place in Puerto Vallarta for 3000-5000 pesos/month. Nothing too exciting tho!
Congrats again!!!

ElleCancun said...

Lisa - Javi is one smart cookie, that is the way to do it apparently...Well, I hope it works out for us as I hope Cancun isn't flooded with too many already. You know? I hope you guys get to do that!!!

Fritp - Thanks so much - We are pretty excited, and it's funny as I never thought I would do this...LOL! I hope it works out for us, I really do.
Mmm..Cancun can be expensive, or affordable. It really depends on what you can live w/out, you know? We plan on renting out our 3 bedroom, 2 full bath for $6000 pesos a month, and it's 24 hr security... Nothing fancy though, but safe, and clean. A lot of renos' were done to the home about 3 years ago...It is cute :)

Gringation Cancun said...

We're saving up to buy a vacation rental property sometime in the next 6 months or so!

I wouldn't buy a private residence for myself at this point. We're not sure how long we'll be in Cancun because life is so unpredictable right now.

But you're right... there are SO MANY homes for rent or for sale here! I love all the options and the cheap prices :)

Mexi-can Me. said...

This is so exciting :) I want a house in Cancun to rent out- you pretty much know why through all our emails hahaha, I think its a great investment.

@ Laura, how exciting :)

ElleCancun said...

Hahaha - Thanks Milena!! I hope it works out, but as we've discussed the market is saturated, but I'm still hoping we will be successful :))

Laura - sounds exciting :)

L-Bo said...

Congratulations on your purchase! We own our home, but my boyfriend (mexican) talks ALL the time about buying another small place and renting it out. I think as long as the rental place doesn't need constant upkeep that it's a great way to make money!

I enjoy your blog and keep up one of my own from La Paz, Baja California. Would you like to link up? I'm at www.lisalapaz.blogspot.com

ElleCancun said...

L - BO - Yay so happy you found my blog, for sure I'll be adding you to my blogroll...Just checked out your page REAL quick! LOL!!!

I agree and I have to say that from our own experience the standards in Mexico are quite lower, than in Canada - so I'm not too worried about upkeep. I mean, I want to be fair, and in some cases more than, but don't want to be taken advantage of either :))

Veronica Paula said...

Exciting! I Would to say if considering luxury apartments, explore cancun real estate on line and check out the features and the prices they offer. These condos are perfectly built up with spectacular views of the Mexican Caribbean sea.