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condo purchase - 3/17/2013 9:43:47 PM
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netman
Posts: 94
Joined: 9/6/2011
From: Prince George, B.C.
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Just kicking tires but has anyone had the thought of buying a condo in the Akumal area? I have been kind of toying with the idea but would like to do a partnership deal with another couple with the same interest. I'm guessing that it would be a good time to invest with the economy the way it is. If anyone has the same thought, lets chat and see if it can be done. These winters are starting to get to me. We just got back from Akumal on the 9th. and have had a foot of snow since then. Ready to book a flight and get the heck out of Dodge.
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RE: condo purchase - 3/18/2013 6:53:27 AM
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FinsUP
Posts: 6912
Joined: 1/16/2008
From: Oakville, ON ...we have squirrels here!!!
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I have been thinking about it on and off for a few years. Seriously 'thinking', but then I think; for about 2200 - 3600 I can RENT FOR 1 MONTH (beachfront, not off the beach) and I can enjoy it, and then walk away. No taxes, no condo corps, no property management, and maybe try a different one the next year. (mind you we loved the one we had this year so much, we're already booked for next year!)
Still if I did buy, or do end up buying, I will be approaching my best friend for a 'partnership deal'. Don't know how I'd feel about a joint ownership with someone I didn't know.
Just my 2 cents worth...
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RE: condo purchase - 3/18/2013 8:59:06 AM
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LaurainPA
Posts: 401
Joined: 1/18/2006
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Fins, where was the condo that you rented for that price? We've been thinking the same thing, been going to the area for over 20 years, and though we've come close to buying a few times, after speaking with condo owners who are trying like heck to SELL we are thinking it makes more sense to rent for a month or two also.
< Message edited by LaurainPA -- 3/18/2013 9:29:04 AM >
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RE: condo purchase - 3/18/2013 9:46:23 AM
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panesh
Posts: 1443
Joined: 11/27/2009
From: San Rafael, CA
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They may be trying to sell like heck but they sure aren't moving on the prices.
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RE: condo purchase - 3/18/2013 9:50:10 AM
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tammy
Posts: 271
Joined: 3/27/2006
From: Herrick Illinois
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Y'all need to step out of your "boxes" and consider other options. PaaMul is right up the road and VERY affordable...just sayin'
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RE: condo purchase - 3/18/2013 9:53:35 AM
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panesh
Posts: 1443
Joined: 11/27/2009
From: San Rafael, CA
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You think that's "out of the box"?
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RE: condo purchase - 3/18/2013 1:05:17 PM
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LaurainPA
Posts: 401
Joined: 1/18/2006
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I agree. condos we've looked at for the last 5 years have come down each year.
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RE: condo purchase - 3/18/2013 1:57:49 PM
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Whitney
Posts: 2892
Joined: 2/6/2005
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Tee hee--my two cents as an owner of a condo!
Mentally it's GREAT to feel like you have a place you can flee to, if your schedule allows(those pesky schedules)
Financially if you rent it out, at least in my case, every single cost is paid by rentals.
I don't make a killing, but it more than pays for itself.
We dont get down there half as much as we thought it would, but I still don't regret it--I have met some wonderful people and it's really fun for me to do things there that i can't do at home with decor and simple things like that..extra added bonus is that it's all done with an incredible view of the ocean!
To by anything close to what we have in akumal, in California, would probably be 1 million bucks....yes, for a condo!
We looked at Paumul--love it there but at least at the time we were looking, you were not allowed to rent those palapa trailers out. the cost in 2005 was really cheap, but we were not able to shelll out 50 grand and have no income from it coming in. I dont know if that has changed.
Just like living anywhere, sometimes, its just time for a change. Or there can be issue with neighbors , like in the states or you just want to go somewhere else.
it's a really personal decision and not an easy one to make--buying OR selling.
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RE: condo purchase - 3/18/2013 2:11:33 PM
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Whitney
Posts: 2892
Joined: 2/6/2005
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Exactly--you can be financialy indepenant and not have to rent, lucky you!!
or be like me and have to.
I am NOT a financial planner so please don't listen to me but--lol
lets say you borrow 400,000 and finance that at around 3.5---payments about 1700 per month or so
your upkeep at condos varies WILDLY so you have to figure that in---
taxes are cheap
if you clear enough dates in high season at appx 200 a night Jan-April-- lower in the off season--you're doing ok--!
I always said this was more fun that a 401k (although i have one of those too)
:o)
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RE: condo purchase - 3/18/2013 2:11:37 PM
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tammy
Posts: 271
Joined: 3/27/2006
From: Herrick Illinois
Status: offline
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Panesh--yes I do--it is totally different than traditional condo ownership with not so many incidentals figured in. Most people don't even realize that it's possible to live under your own palapa!
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RE: condo purchase - 3/18/2013 3:26:50 PM
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Bosco
Posts: 6912
Joined: 5/8/2006
From: Another day..another seedy hotel
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Just my opinion, netman, but I say buy if you want a place of your own, for that reason only.
Going into it as a partnership though, not so much.
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RE: condo purchase - 3/18/2013 7:26:57 PM
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Johaffy
Posts: 17
Joined: 2/8/2013
From: Rocky Mtn.Hse. AB Canada
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We purchased a condo a year ago and have never looked back... Although we do not get down as much as we would like to some day we will... We also use it as a meeting place for our family... as the kids grow they seem to move further away and somehow we always get to meet up in Akumal... financially at the moment it may not make sense but later on it will.. and we will make memories with our kids and maybe grandkids... buying with someone you don't know may work out and may not... chance you take I guess...
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RE: condo purchase - 3/18/2013 10:45:11 PM
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netman
Posts: 94
Joined: 9/6/2011
From: Prince George, B.C.
Status: offline
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Lots of responses, thanks. For those that do own a condo in the area, where have you bought and what are monthly fees involved such as taxes, HOA fees, maintenance and what is involved in renting it out. The rental makes total sense and that is part of the plan. I'm not thinking it would pay 100% for the condo but even a good chunk always helps. Who looks after the rental part of it for you and what is involved in doing so. If you agree to rental plan do you book your time in advance for the year and rent out for the remainder and what would be your rental fill rate be for a year? What are your insurance costs and liabilities with rentals.
The partnership thing I know could be a hassle, but I'm sure there are a lot who have done so without regret. Just as there are some that wondered what the heck they did.
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RE: condo purchase - 3/19/2013 8:02:57 AM
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sherrys07
Posts: 3895
Joined: 7/15/2005
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Talk to a realtor, Netman.
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RE: condo purchase - 3/19/2013 5:11:50 PM
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FunseekerBC
Posts: 101
Joined: 1/23/2008
From: Sunny Okanagan, BC
Status: offline
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We've owned in Chan Chemuyil for 5 years now. Rented it out with some regularity the first 3 years, but last year was a dud.
Overall I'd say the rental income covered the annual property manager fees and a few upgrades to furniture etc. but it because we managed the rentals ourselves it was a bit of a hassle coordinating with the property managers each time.
We've just signed a one-year lease with a lucky couple who will now call it "home", which is great because I know the place is being lived in and looked after, but it sucks because we won't be able to use it.
We purchased in our late 30's and looked at it as an alternative to 401k also. Hopefully by the time we reach retirement age we can either sell it and purchase something else (condo on the beach), or simply use it 5-6 months out of the year as snowbirds.
It's also nice to have a spot we can share with friends and family where they can go to vacation (when it's not rented out full-time).
Before the long-term renters showed up we were looking into home-swap options, which wasn't something we'd thought about when we bought it, but makes sense if you want to visit other countries etc.
That's my 5 cents (we're phasing out the penny in Canada...)
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