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.
The Baja California peninsula represents an eco-jewel in Mexico's treasure chest of lush vegetation, breath-taking coastal lines and mountainous landscapes. Whether its gray whale watching in the lagoons off Los Cabos or traversing through the Sierra de la Laguna dry forests, this land mass, which extends 1250 km (775 miles) from top to bottom, has been developing it's eco-touristic infrastructure for the past decade with glowing results.
Tradex exhibitions is Mexico's leading organizer of trade and consumer exhibitions with a portfolio of over 10 events. They excel in creating high profile, highly targeted business and consumer exhibitions, where buyers and suppliers can come together to do business.
Vacational real estate in Mexico registered a massive spike in 2007 by growing 46.6 percent and all indicators point to 2008 being an even better year for the sector.
According to an industry report commissioned by the vacational rental giant RCI, last year Mexico made up 69 percent of holiday homes that were built in the region which comprises of Mexico, Central America and the Carribean.
That figure included 44 master plan developments in diverse destinations all across the nation. Cancun and Los Cabos were the top two cities with the biggest tally of new vacational real estate registering 200 and 80 percent growth respectively, the report stated.
Playa del Carmen is undoubtedly the jewel in the Riviera Maya which stretches from the world famous resort of Cancun to Tulum and the Sian Ka'an biosphere reserve. Originally a humble fishing resort, tourism in Playa del Carmen began as a passenger service to the nearby island of Cozumel which is a hotpsot for scuba diving in the Yucatan Peninsula.
The biggest appeal of corporate housing or executive suites is that it's a home from home. A lot of business executives who come to Mexico are sometimes here on month-long stays and find the experience of staying in a cramped, sparsely-furnished hotel room that is located on the outskirts of a city unappealing.
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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.
