How and where to buy a luxury apartment in CDMX?
Mexico City has become a reference of habitability for nationals and foreigners visiting this incredible country. Large communities of travelers have settled here, mainly Europeans and Americans, who seek to live fascinating experiences and have access to a higher quality of life than in their place of origin. In Mexico City, tradition has managed to blend with universal modernity, and the culture intertwined with the innovation of the present, offers a welcoming experience without comparison to any other country in the world.
For this reason, buying a luxury apartment in CDMX has become a trend for Mexicans and foreigners looking to live in one of its most emblematic neighborhoods, such as Polanco, Condesa, Roma, Narvarte, Del Valle, among others. Discover below how and where to buy a luxury apartment in CDMX, considering crucial aspects that should be part of your planning.
What determines whether a property is considered luxury?
Given the needs of each person and each family, there is no definitive answer to this question. Recall that the perception of luxury can vary according to individual preferences. However, certain common factors are generally associated with luxury properties:
Location: Luxury apartments tend to be located in desirable neighborhoods with a high quality of life, as well as great infrastructure and amenities available, with access to major thoroughfares and relatively close to restaurants, shopping and other types of amenities. In addition, they may be close to prestigious schools, parks and other attractions.
2. Quality of Construction: These properties are typically built with high quality materials and luxurious finishes, such as hardwood floors, granite countertops and stainless steel appliances.
3. Amenities: Luxury apartments typically offer a wide range of amenities, such as swimming pools, gyms, saunas, steam rooms and rooftop terraces. In addition, they may include concierge services and valet parking.
4. Privacy: Many luxury properties offer a high degree of privacy, with gated entrances, security systems and exclusive views.
5. Design: These properties often stand out for their attention to detail and style, which can include custom cabinetry, high ceilings and impressive architectural details.
Factors to consider when choosing a luxury property
When you are looking for a luxury property that meets all your needs and at the same time is a good investment opportunity thanks to the capital gain it can acquire over time, you must be realistic with your budget and define an interesting margin in case a tempting offer comes along. Therefore, you should take the following points into account:
Financial Objectives: What are your financial objectives with this purchase? Would you like to live in the property for a couple of years and then sell it? Or would you prefer to lease it from minute 1? Being clear about the use you will give to your property will give you clarity in the financial objectives you are looking for.
2. Location and type of property: Location may be an even more relevant factor than the type of property, or its characteristics, in defining a property price. In recent decades we have seen a significant growth in the interest of many people to live in central and western areas of Mexico City, which is why it is expected that prices will continue to increase and, in short, investing in one of these areas is a smart financial decision for the future.
3. Amenities: Without a doubt, amenities are a key factor that give the adjective “luxury” to a property. These types of amenities are sought after by future residents as they make the stay a friendly and comfortable one, not to mention that they help the resale value of the property in the future. Some of the most common amenities are: 24-hour concierge, valet parking, laundry, cleaning, maintenance and more. They can also provide entertainment and relaxation areas, such as swimming pools, gyms, movie theaters and playgrounds.
How to define the budget to buy a luxury property?
- Evaluate your current financial situation: Before considering the purchase of a luxury property, it is essential that you have a clear understanding of your financial situation. This includes knowing your income, savings, investments and debts. Make sure you have a complete picture of your current financial capacity.
- Establish a price range: Based on your financial situation and your goals, establish a realistic price range. Keep in mind that costs are not limited to just the purchase price; you must also consider taxes, deed, maintenance and other costs associated with the property.
- Consult with a financial advisor: It is advisable to speak with a financial advisor who has experience in luxury real estate transactions. They can help you determine how much you can afford to spend without putting your personal finances at risk.
- Consider ongoing expenses: Luxury properties often carry significant maintenance costs, such as condo fees, property taxes, insurance, utilities and more. Be sure to include these expenses in your budget.
- Don’t forget your lifestyle: Make sure your budget for a luxury property is sustainable in the context of your current and future lifestyle. You don’t want to compromise your quality of life or your other financial goals.
- Consider the long-term investment: When buying a luxury property, consider whether this real estate investment fits into your long-term financial goals. Some luxury properties may increase in value over time, which could be beneficial to your net worth.
What is the process to buy a luxury apartment in Mexico City?
- Consult with expert real estate advisors: Work with real estate agents who specialize in luxury properties in CDMX. They will help you find the right property and guide you through the entire process.
- Property Scouting: Research different luxury properties in the areas of your interest. Consider mainly what we discussed above: location, type of property, amenities and the condition of the property.
- Negotiation of the price and terms of purchase: In the case of luxury properties, the negotiation can be more complex and may include details such as furniture, finishes, decoration and delivery times in the case of a pre-sale.
- Formalizing the purchase: Once you have reached an agreement on the luxury property you wish to purchase, the next step is to formalize the purchase. This involves working closely with a lawyer or notary to prepare the essential legal documents, including the purchase contract. In addition, you should be prepared to pay closing costs, which include taxes, legal fees, agent commissions and other transaction-related costs.
- Registration of the property: The deed of your new apartment or house must be registered in the Public Registry of Property. This step is crucial as it guarantees that you are the legal owner of the property.
Buying a luxury apartment in CDMX is an exciting adventure full of opportunities. It is essential to do thorough research, get professional advice and understand the legal aspects before making an investment of this magnitude. With the city’s exceptional location, steady economic growth and rich culture, CDMX offers an environment conducive to those seeking luxury real estate. With the right budget and careful planning, you can become the owner of a dream property in this unique metropolis.
