Buying Pre-Construction in the Riviera Maya: 10-Point Checklist

Most new condos in the Riviera Maya are sold pre-construction, or preventa. You reserve a unit from plans, pay in instalments while the building goes up and receive the keys at delivery. Done well, it is one of the best ways to enter the market. Done badly, it is where buyers lose money.

How pre-sale works

Reservation: you choose a unit and pay a reservation fee to hold the price.
Purchase agreement: you sign the contract with the developer, which states the price, the payment plan, the specifications and the delivery date.
Payment plan: typically a down payment followed by monthly or quarterly instalments during construction, with the balance at delivery. Some developers offer a discount for larger upfront payments.
Delivery and deed: when the building is finished, you inspect the unit, pay the balance and sign the deed at the notary, usually through a fideicomiso for foreign buyers.

Why buyers choose pre-sale

Lower price than the same unit at delivery.
Staged payments that spread the investment over the construction period.
New construction, modern amenities and the choice of the best units in the building.
Potential appreciation between reservation and delivery in a growing market.

The risks

Delays: delivery dates often slip. Budget for it.
Developer solvency: if the developer runs out of money, the project can stall.
Permits: unpermitted construction can block the deed or the rental licence.
Differences from the renders: finishes, views and common areas may differ from the brochure.
Oversupply: many similar units competing for the same renters.

The 10-point checklist

Developer track record: visit buildings they have delivered and speak to owners.
Land title: confirm the developer owns the land and that it is free of liens.
Construction licence and land-use permit for the number of units being sold.
Environmental approval where required, especially near the coast or jungle.
Where your money goes: payments to the developer's company account or a trust, never to personal accounts.
The contract: penalties for late delivery, specifications, what happens if the project is cancelled.
Payment plan vs construction progress: avoid paying almost everything before the structure is built.
Condominium rules: short-term rental rules and expected maintenance fees.
Rental assumptions: compare projected occupancy and rates with real data from similar delivered buildings.
Exit plan: who will buy your unit later, and at what price compared with nearby resales.