Mexico provides one of the hotbeds of relocation and vacation in the world. It also offers some of the best real estate investments you can find.
Certainly, you can find bargains anywhere. France and Turkey have become the go-to spots for Europeans, while Mexico has won the hearts of Americans and Canadians for its gorgeous beaches and resort complexes. Snowbirds and retirees alike enjoy fliting down to Cancun for some fun in the sun.
With such a massive country, how do you find the right location with a great deal? It takes research and savvy, but you can start with these important five tips.
- You need to set your budget first. In Mexico, most real estate transactions remain cash only. You need to have the full purchase price available and be able to buy the real estate outright. You can rarely find financing, and if you do, the down payment will range between 30 to 50 percent, a rather vast difference than the US down payment of about 10 percent. In some areas, you do not hold your deed. Some areas of Mexico have a government entity that holds the property deeds; although you own the property, you must rescind the property deed to the organization. Not all areas of the country work that way, so check before you buy. Depending on the type of property you want, your purchase could require $25,000 to $1,000,000.
- Choose your living area. Rural areas of Mexico cost much less than the coastal areas. Resort coastal communities require the greatest investments. You need to travel to the areas to explore them in person before committing to the investment.
- Work with a respected trusted Mexico real estate professional. You should meet this person face-to-face and check their references before doing business with them. Be leery of any individual who asks for your Social Security Number or wants you to invest in a property sight unseen.
- Plan at least one shopping trip. You shop for real estate. Remain sober throughout the trip. It is all business. You need a clear head with which to examine properties, do business, and consider real estate agents.
- In addition to a real estate agent, you need an attorney, referred to as an abogado< in Mexico. This Mexican real estate attorney should review all contracts. You should have all the documents written in clear, concise English. The Mexican purchase process requires an attorney for closing, but you should obtain one earlier than that.
Whether you choose the Yucatan or Quintana Roo or the Mexican interior, you can find fabulous deals on condos, villas, and land. Explore Mexico’s real estate options today.
