Mexico real estate has become a popular topic among investors and retirees over the last couple of years and is becoming one of the best ways to make money in real estate, especially considering the high prices and slowing housing market in the United States.
Serious foreign buyers have quickly realized how far the Mexico real estate market has come in terms of property rights and taxes. Properties are now secured through a bank trust, or fideicomiso.
But may buyers who want to become the next property owner in Mexico do not really know the proper steps about purchasing property in Mexico and what to expect since it is still a fairly new process.
The article, “A Step by Step Guide to Buying Land in Mexico,” written by Christine Harrell and posted on zihua-ixtapa.com provides the best ways to go about purchasing property in one of the hottest markets.
“Though living in Mexico seems fantastic in theory, what may seem challenging are the steps between dreaming about buying land in Mexico and actually holding the title in your hand.”
But just because you do not know something, does not necessarily mean it will be difficult once you have the proper knowledge. In fact, going through the steps of purchasing Mexico real estate will prove to be exciting because you will be ensuring a rewarding experience.
The first step in the Mexico property purchasing process is to apply for a passport. This was not necessary in the past and some areas in Mexico still do not require one, but for a minimal fee, a passport will allow you to go wherever you want in the country to prevent you from being limited in your property search.
Next, you need to identify what you are looking for as far as location in Mexico.
“Mexico has a wide variety of beautiful landscapes and ambiances. You'll need to decide if the right place for you is a quiet slice of Caribbean beachfront like in the Costa Maya, a condo in the midst of a tourist hotspot like Cancun, an ancient yet modern city like Merida, or a place were there are no ex-pats for miles around where you can truly immerse yourself in the Mexican culture.”
The third and probably most important step you need to take care of prior to purchasing property in Mexico is hiring a compatible real estate agent. Since many of the terms and disclosures will be foreign to you, a real estate agent will be your guide and advisor during the process.
Since you will trust your agent with much of the buying responsibilities, you will want to make sure he or she is experienced in the area and caters to foreign buyers, since there are different laws for them.
An LEI Mexico real estate agent will be your best agent option as the company is designed specifically for helping foreigners purchase property in Mexico. They will be able to provide you with all the necessary information as well as offer you mortgages in U.S. or peso currency.
If you are still a little uneasy of the foreign buying experience, feel free to bring an attorney with you while signing all the required paperwork.
“The Mexican government welcomes foreigners buying land in Mexico and has made the process fairly simple and straightforward to encourage foreign investment. Mexico is growing rapidly and property values are climbing sharply. For now anyway, buying land in Mexico is still unusually affordable and thus a smart choice for an investment opportunity as well as a relaxing vacation home.”
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