If you are considering buying Mexico real estate, there are some very important steps to follow, especially if you are new (or relatively new) to the process. Here are 5 of the most essential; carefully following these steps will help reduce unnecessary risks, and put you in a much better position to be enjoying the satisfaction of enjoying your new property in Mexico without undue complications.
1. Hire an Experienced, Qualified Agent
Laws and business culture in Mexico is different from what you're used to or what you would expect back home. An experienced Mexico agent with the right training and qualifications will be very familiar with these differences, and will be able to point you to other professionals you need. They will also be able to guide you through the search and purchasing processes. This support will be the most important factors in ensuring that your real estate transaction is completed correctly and SAFELY, protecting the money you are investing.
2. Investigate Mortgage and Financing Options Early
If you are planning to buy through financing, start investigating early on. A variety of Mexico mortgages at good rates are available, but have different regulations and requirements from the U.S. or Canada. Make sure you know the requirements, and get a pre-qualification; don't let yourself be surprised after spending a lot of time on the search process.
If you are interested in seller financing – an increasingly available and attractive option – advise your agent so they can help you find developers offering this option.
3. Count on Additional Expenses
This includes closing costs in the transaction – your agent will be able to advise you on the approximate cost of this – and fees and taxes involved in financing. It also includes any changes you plan to make to the property you are buying. Ask your agent for references for quality service providers (construction, installation of new features, etc.) If you are buying a condo, or any property in a condo setting, make sure you know what the fees are.
4. Don't Skip the Inspection
As excited as you may get about a certain property, don't let your excitement override your brain. The home of your dreams could be a house of nightmares if there are problems you didn't notice. A property inspection is well worth the cost, and will help ensure that the home of your dreams is just that!
5. Have a Vision for Your Future
Before starting your search, consider what the future of this property will be for you; are you preparing for retirement? Do you want to generate an income from rental? Is it a vacation home for your family? Maybe a combination of the three? Depending on what and when you need the property for, maybe it's worth buying a "fixer-upper" – a property with a sound structure, and no real problems, but needs a bit of a facelift. Again, just make sure you count for these costs in your budget, and have an idea of how much they might be; on the other hand, if you need the property soon, it maybe worth paying the extra to have a home or condo that is ready to go ...
Once you have found your agent, let them know about your plans and needs for buying in Mexico – they will be able to guide you through any particular steps needed for your case.
TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely
Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!"
Region: Playa del Carmen real estate.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.
Find Thomas Lloyd on Google+
