Pre-Construction or Already-Built Property: Key Factors to Help You Decide

I truly believe that offering clear information, based on facts and real market experience, is one of the best ways I can support my clients and anyone considering investing in real estate.

At the same time, I completely understand that when it comes to investments, especially in real estate, no one has a crystal ball to predict exactly what the future will bring. I’ve seen both success stories and frustrating experiences, in both presale purchases and resale properties.

That’s why, beyond individual cases, I think what really matters is observing the trends, understanding what’s most common, and identifying the key factors that can help you make a more informed decision based on your needs and your profile as a buyer or investor.

In this article, you’ll find the main pros and cons of buying presale versus purchasing a completed or already-built property, along with some personal and market-related considerations worth thinking about before making your choice.

What does buying in presale mean, and what does it involve to purchase an already-built property?

Buying in presale means purchasing a property that hasn’t been built yet or is still in an early stage of construction. In many cases, buyers make their decision based on floor plans, renderings, digital models, location on a map, and the developer’s reputation. This is a common approach in high-demand and fast-growing areas like the Riviera Maya, where new projects are constantly being launched.

On the other hand, buying an already-built property means acquiring a unit that has already been constructed and, in most cases, can be physically visited before finalizing the purchase. You can evaluate the layout, finishes, construction quality, and even review its usage history if it has been previously occupied.

Both approaches come with their own set of benefits and challenges. The key is to fully understand what each option involves and how it aligns with your expectations, your budget, and your goals as a buyer or investor.

The Potential Advantages of Buying in Presale

I want to emphasize the word “potential” because while choosing a presale property can come with important benefits, it all depends on the terms you agree to, and the level of risk you’re willing to take on. If you’re thinking mid- to long-term and open to accepting certain risks (which I’ll explain further down), there may be some real advantages. Below are some of the most common ones, along with the conditions that need to be in place for them to truly work in your favor.

• Preferential Pricing

  Developers often offer lower prices during the early stages of a project to encourage initial sales. This can be an opportunity, since prices usually rise as construction progresses. But for this to be a real advantage, it’s essential to analyze the market carefully and understand what would actually be a fair price for a project with the promised features and location.

  
  

• Potential for Added Value Once Completed

  This ties into the previous point: if the project is developed properly and the area either maintains or increases in value, the property might be worth more by the time it’s delivered. But again, the same caution applies: this only happens if the purchase price was truly attractive in relation to current market trends.

  
  

• Flexible Payment Plans During Construction

  In many cases, payments can be made in stages throughout the construction process, allowing you to spread out your investment over time. For some buyers, this can be an opportunity to finance a portion of the property without taking out a bank loan. Here’s where it’s key to remember: how you choose to pay should always be weighed against the risks and discounts involved. For example, as a buyer’s representative, I’ll always look to minimize risk at the best possible price. If there’s a deep discount for paying 90% of the value upfront, I’ll also assess whether it really makes sense for my client to commit to that amount. In my view, the buyer’s risk should be directly proportional to the discount received.

  
  

• Choice of Unit Location or Finishes (Depending on the Project)

  When you buy early, some developers allow you to choose the unit’s location within the project (like one with the best view) or customize certain interior finishes. In these cases, it’s absolutely essential to get everything in writing to avoid any misunderstandings later on.

The Risks Associated with Buying in Presale

Presale properties have gained something of a bad reputation in recent years, mainly because of cases involving major delivery delays, significant changes from what was originally promised, or even developments that were never completed due to lack of funding or legal issues.

That said, buying in presale isn’t necessarily a bad decision. It can be a smart move, if it’s done with the right information, careful analysis, and proper guidance. Later in this article, I’ll share some key questions to help you think things through before making a decision. For now, here are the most common risks associated with this type of investment:

• Delays in Delivery

  This is one of the most frequent scenarios. Issues with permits, developer financing, or changes in market conditions can delay the start or completion of construction, which may affect your plans. This becomes especially critical if you’re counting on rental income to help finance the property. While some developments do deliver on time, they’re the exception, not the rule. It’s wise to expect a delay of at least six months, and more importantly, to have the consequences of such a delay clearly stated in your contract (including any penalties for the developer).

  
  

• Changes in Specifications

  It’s easy to fall in love with a render. The lighting is perfect, the gardens are lush and vibrant, the finishes look flawless, and the amenities seem spectacular. It’s not hard to picture yourself enjoying that lifestyle. But reality at the time of delivery can be very different. Even when a project is presented with detailed renders and specs, changes can happen along the way, whether in the layout, finishes, or even in shared spaces. This can result in a gap between what was promised and what’s actually delivered.

  
  

• Uncertainty About Final Quality

  Tied to the previous point, not being able to see, touch, or experience the property beforehand makes it harder to assess the real quality of construction, materials, design details, and the surrounding environment. This is where the developer’s track record becomes essential. Research is key, ideally, visit previous projects, talk to other buyers, and still be ready to accept that a degree of uncertainty will always exist.

  
  

• Risk of Project Not Being Completed

  In worst-case scenarios, a project may never be finished, or it may be put on hold indefinitely due to lack of funding, legal issues, poor administration, or other serious problems. That’s why it’s absolutely critical to do thorough due diligence on the developer, review contracts carefully, and have professional support throughout the process.

  
  

The Advantages of Buying an Completed Property

Buying an already-built property offers clear benefits, especially for those looking for more certainty and the possibility of enjoying or renting their investment in the short term.

It’s important to distinguish between two types of already-built properties on the market today: a resale property is one that has had one or more previous owners, while an "immediate delivery" property is a brand-new unit (fully built) marketed directly by the developer. Below are the main advantages:

• You can see it, evaluate it, and make concrete decisions

  You have the opportunity to walk through the property, assess the actual layout, finishes, lighting, ventilation, and overall construction quality. This allows you to make decisions based on what already exists, not on projections.

  
  

• Immediate Availability

  In most cases, when buying in the Riviera Maya, buyers want to be able to enjoy their property and what the area has to offer. With a resale property, once the purchase is completed, you can move in, rent it out, or resell it in the short term, making it a practical and ideal option.

  
  

• Greater Clarity on the Context and Surroundings

  You can see how the area has developed, what services already exist around it, how much activity there is, if there’s construction next door, whether the common areas and amenities are well-maintained, and even get a sense of the profile of your neighbors or residents.

  
  

• Property History Check

  If the property has been previously inhabited, you can learn its history: how many owners it has had, whether it’s been rented out, if any renovations were made, and in some cases, even details about its performance as an investment.

  
  

• Less Uncertainty

  Since everything is already built, the element of surprise is greatly reduced. There’s no waiting or projecting, you can see exactly what you're buying. This point is especially important for foreign buyers who may not be very familiar with how the real estate market works in Mexico, and particularly in the Riviera Maya.

Challenges or Limitations of Buying a Completed Property

While already-built properties offer many advantages, they also come with certain limitations that are worth considering before making a decision. These aren’t necessarily major disadvantages, but these factors can significantly influence your buying experience, depending on your personal situation and objectives for the property.

Again, it’s important to distinguish between resales and immediate delivery properties. The latter may still lack a condominium regime, which is a very important document required to finalize the property’s deed. If you're considering an immediate delivery property, your advisor should ensure everything is in order for the transaction to proceed smoothly.

• Less Room for Price Negotiation

  In established or high-demand areas, the prices of completed properties tend to be more stable or even higher. It’s less common to find "bargains" or prices below market value. That said, I can say with certainty that there ARE opportunities right now in resales in this area, especially in Tulum and Playa del Carmen (don’t leave without checking out the properties we’ve handpicked for you at Mexico Real Estate Key).

  
  

• More Immediate Payment

  Unlike pre-construction properties, where you can make staggered payments during construction, a completed property typically requires you to have the capital or financing ready within a shorter time frame since the delivery is nearly immediate.

  
  

• Limited Customization Options

  Since the property is already built, it’s unlikely you’ll be able to make structural changes or customize finishes without incurring additional remodeling costs.

  
  

• Potential Maintenance or Renovation Costs

  For resale properties, especially if they've been lived in, there may be details that need repair, updates, or renovations. This could mean additional costs that should be considered from the start.

  
  

What Personal Factors Should You Consider When Deciding?

Beyond the general benefits or risks of each option, the best decision will always be the one that aligns with your personal circumstances. Therefore, in this section, I’d like to propose the questions that I believe every buyer should ask themselves to reflect and decide which type of investment is the most suitable.

How do you envision this purchase over time?

If you plan to use or rent the property soon, a completed property might be the most convenient choice. If you’re thinking about a long-term investment and can afford to wait, a pre-construction property could offer attractive terms. But keep in mind that there’s always uncertainty with delivery times.

What’s your tolerance for risk?

Some people prefer more controllable and tangible scenarios, while others are open to assuming certain risks in exchange for a potentially higher return. There is no one-size-fits-all answer, but it’s important to be aware of the implications, which can be not only financial but emotional as well.

What’s the main goal of your purchase?

Buying to live in or vacation is different from buying to rent short-term or as part of an investment strategy. Each scenario has different implications in terms of timelines, returns, and the type of property you’re looking for. Unfortunately, there are still properties being sold with promises and value pitches that don’t reflect the current market reality. That’s why it’s important to have clear expectations aligned with the present situation.

How reliable is the developer?

If you're considering a pre-construction property, do thorough research. Do they have completed projects? Do they deliver what they promise? Do they have clear legal standing and transparent contracts? In addition to having a good real estate advisor, once you decide what to do, it’s wise to have a lawyer review the contracts and each stage of the legal process. Having solid support can make all the difference.

About the Current Market in the Riviera Maya

The Riviera Maya is a constantly growing area, with a strong presence of pre-construction developments. This is because it hasn’t been developed as much yet (imagine, the oldest city, Cancún, is only 55 years old) and there was a significant boom over the last 15 years due to high demand for investment properties.

There has been a changing dynamic with different focal points over the years: after Cancún, Playa del Carmen became the big promise; then Tulum offered something different, and lately, Puerto Morelos has been attracting those looking for the ideal dream: owning a piece of the Caribbean at a very low price, with hopes that in the medium-term, the area will develop and then sell at a profit. (It’s important to note that this is not necessarily the motivation for everyone interested in the Mexican Caribbean.)

This success story was real more than once, but as is often the case, the market has shifted. Many people came to the area, there was a lot of development, and now there’s an oversupply: the market is saturated with properties for sale. This story is repeating, to a greater or lesser extent, in Cancún, Playa del Carmen, and Tulum.

What are the consequences of this?

The pre-construction supply remains dominant, especially in emerging or expanding areas such as Region 15 and Region 8 in Tulum, or new city hubs in Playa del Carmen and Cancún. Most launches are marketed on paper or in early stages, but this doesn’t necessarily mean they represent the best opportunities right now. I consider it crucial to evaluate the prices of pre-construction properties based on current market trends and analyze the rapid growth the supply is still experiencing.

While there are luxury beachfront areas that will always be highly sought-after, the price growth in recent years doesn’t automatically make them competitive offers.

In my opinion (based on what I observe in the market), pre-construction properties have become less attractive, and not without reason. In areas like the Riviera Maya, there have been cases of considerable delays in delivery, significant changes from what was promised, and even developments that were never completed due to financing issues or legal problems.

This issue has been worsened by the lack of clear regulations in the real estate sector, which contributes to these risks occurring more frequently, as well as changes in market dynamics that have reduced the potential earnings from vacation rentals.

When evaluating a pre-construction development, beyond the design, location, or price, it’s important to focus on the developer’s credibility, clear permits, well-structured contracts, and the project’s viability. An attractive offer isn’t always a synonym for a safe investment.

On the other hand, there are good resale opportunities. Although they are less frequent in high-demand areas and require more searching, analysis, and often a solid local network, they are definitely worth it. They are usually properties with great locations, good space, and established surroundings, which helps avoid the risk of dealing with nearby construction or ending up with a window that directly overlooks the next building.

Conclusion

Both pre-construction and already-built properties can be excellent options when chosen wisely and aligned with your goals. It’s not about avoiding risk at all costs, but about understanding it and managing it with information, analysis, and professional guidance.

In a dynamic market like the Riviera Maya, knowledge remains your best tool for making clearer, stronger, and more strategic decisions. But just as important is having realistic expectations supported by up-to-date information.

If you're considering options to invest or buy in the Riviera Maya, remember that making informed decisions doesn't mean doing it alone. I'm here to help you understand the full picture, answer your questions, and guide you every step of the way. Don’t hesitate to reach out.

And if you’d like to dive deeper, don’t miss the next blog post, where I’ll share a clear guide to understanding what the Riviera Maya really is, and why its real estate market continues to attract investors and buyers from all over the world.

What is the Riviera Maya? Key Insights to Understand Its Real Estate Market

Know more. Decide better.