The share of mortgage credit allocated to pre-owned homes rose from 54.3% in 2018 to 67.6% in 2024.
Used home prices have shown an annual increase of nearly 10%, indicating rising demand and investment in this type of property.
Have you wondered if now is the right time to buy a home? Pre-owned housing in Mexico is becoming a solid alternative for those looking to invest, live, or generate rental income. With competitive prices and prime locations, used properties offer compelling advantages. But is it truly the right choice?
According to data from Mexico’s Federal Mortgage Society (SHF), the momentum is undeniable. In 2024 alone, 494,000 properties were purchased using mortgage loans, totaling 848 billion pesos—representing a 3% increase in real terms compared to 2023. Remarkably, 62.8% of these transactions were for pre-owned homes, up from just 46.6% in 2018. This indicates that nearly 7 out of every 10 pesos financed through mortgage credit went toward previously owned properties.
This trend isn’t limited to national statistics. In Mexico City, half of all home purchases involve second-hand properties. This shift is largely due to a shortage of affordable new developments in central locations. Moreover, the consistent price increase of nearly 10% per year in the pre-owned market signals both investor confidence and the long-term value of these homes.
Why Consider Buying a Pre-Owned Home?
Here are four major advantages to keep in mind:
- Lower Upfront Investment
If you’re looking to maximize your budget, pre-owned homes typically come at a lower cost than new construction. These homes have already gone through a full lifecycle, which often translates to a better price and more square footage for your money. - Prime, Established Locations
Many used homes are located in well-developed areas with existing infrastructure—close to schools, hospitals, shopping centers, and public transportation. This not only enhances your quality of life but also boosts the property’s value over time. - Immediate Availability
No need to wait months for construction to finish. One of the biggest advantages of a used home is the ability to move in right away. This is ideal for buyers looking for convenience and speed. - More Room for Negotiation
If the property needs some updates or repairs, this can become a negotiation tool. Many sellers are open to adjusting the price, allowing you to stay within budget and even invest in personalized renovations.
What Should You Watch Out For?
Of course, buying a pre-owned home comes with its own set of considerations. Here are some essential points to keep in mind:
- Property Condition
While financially appealing, used homes may require repairs or renovations. Issues like water damage, outdated finishes, or even structural concerns (foundations, roofing, walls) are not uncommon. Always conduct a thorough inspection before making any commitments. - Legal Status and Documentation
Ensure that the property is free of debts or legal disputes. Key documents such as the title deed and tax records must be reviewed carefully. This step is crucial to avoid legal complications down the road. - Adaptation and Personalization Costs
Beyond the purchase price, consider additional costs for adapting the home to your lifestyle—whether it’s cosmetic upgrades, new appliances, or building a home office. Budgeting for these changes will help you settle in comfortably from day one.
In Conclusion
Purchasing a pre-owned home in Mexico presents an excellent opportunity for both lifestyle and investment purposes. However, it requires a well-informed approach. Evaluate your needs, available resources, and long-term goals carefully before making a decision.
At Coldwell Banker México, we’re here to guide you every step of the way. Let our team of real estate professionals help you find a property full of potential, history, and charm. Your dream home is waiting—and we’ll help you find it.
Guía rápida de Inversiones Inmobiliarias para Emprendedores
Coldwell Banker México https://coldwellbanker.com.mx
https://www.bbva.com/es/mx/economia-y-finanzas/la-vivienda-usada-en-mexico-aumenta-su-adquisicion
https://www.alfamexico.com/las-claves-para-adquirir-vivienda-usada/
https://blogdesarrolladores.lahaus.mx/blog/comprar-vivienda/mejores-colonias-invertir-cdmx-0
