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?