At SolutionsAbroad.com we try and offer the best possible advice and advisers when it comes to buying real estate in Mexico. Here are ten simple tips to take into account when embarking on your search:
Work with an agent who is an AMPI member – this is the Association of Mexican Professional Realtors. They are establishing an industry where agents are trained and can be trusted. This is a mark that can give you confidence that you are working with a trusted agent.
Research as much as possible online before you pick your destination, as well as the type of investment – whether you are looking for something on the beach, something more colonial, hacienda style, a gated community etc
Try looking for destinations that are located close to the already established developed areas but should be better value for money. Some examples include: East Cape, Baja California Sur; Todos Santos, Baja California Sur; San Carlos and surrounding areas, Sonora; Los Troncos, Guerrero; Liberty Cove, Sonora; Mazatlán, Sinaloa; Nayarit, Nayarit; Tampico, Tamaulipas.
Define your wish list for your perfect property before speaking to an agent or a developer. Know what you want and what you’re willing to be flexible on and you’ll find it much easier to find something that suits your needs.
Speak to someone who has experienced buying property in Mexico. Learn from their mistakes as much as their experiences! A great way to do this is to look at websites from expat communities in the areas that you are interested. Ask questions on online forums such as on SolutionsAbroad.com, read people’s blogs and research as much as you can.
Budget properly. Know exactly what you can afford and put aside as much as 10% of your budget for taxes, title search and insurance fees, agents fees etc
If you are buying on the coast or near the border you need to have a good understanding of the “fideicomiso” (“trust”) system. The only legal way a foreigner can buy property in these zones is through a bank trust. The buyer can appoint the Mexican bank of their choice to act as a trustee on their behalf. As a trustee, the bank will actually legally own the property. However, all the rights to the property will exclusively be held by the buyer. What this means is that the buyer will be able to use, improve, rent or even sell the property as though they directly owned the property.
Make sure that you are certain that you want to live in your chosen destination. It is recommended that you rent for at least three to six months in the area to get a feel of life there, as well as being able to experience the services, facilities and Mexican way of life before committing your investment. Remember, day to day life can sometimes be different to our holiday experiences.
With your AMPI recognised realtor’s help, check all papers are in order especially the public registry of the property. This will make certain that what you think you are buying both exists and belongs to vendor.
Buy Title Insurance from someone like Stewart Title or First American to protect your investment from any unexpected problems.
If you had asked your savvy holiday-maker a decade ago what fractional ownership is he probably would have drawn a blank reaction. Fractional ownership is a very smart method of vacation home ownership. Has become increasingly popular in the luxury market, attracting public who want to own exclusive properties of the highest quality and service, while paying only for the time they plan to use.
Once you have found the perfect place and the ideal property, there are several procedures you need to fulfill in order to successfully own or obtain the rights to that real estate.
If you are confused and concerned about tax obligations related to the sale of your Mexican real estate here's how to build your case for a homestead tax exemption.
There are many exciting real estate options and investment opportunities in Mexico at the moment. However, many foreigners are still under the impression that they cannot buy real estate when they actually can There are a few things you need to take into account, but if you do your homework right, your dream property in Mexico is yours!
It was an Englishman who laid the foundations of the first golfing community in Mexico back in the 19th Century. Since then it’s trajectory has been fairly slow moving until the late seventies when a certain Robert von Hagge made his first trip south of the border. He now boasts 11 residential golf resort developments to his name and is set to build several more in the coming years.
Mexico's often unique and superb coastline lends itself to many naturally sheltered harbors which inturn are the basic foundations to build a world-class marina.
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Work with an agent who is an AMPI member – this is the Association of Mexican Professional Realtors. They are establishing an industry where agents are trained and can be trusted. This is a mark that can give you confidence that you are working with a trusted agent.
