When you decide to invest in La Paz real estate, your best resource will be your experienced, qualified agent; yet, for your reference, the following are some of the processes you will have to consider in the process of investing in a Mexico condo for sale in the area.
If you are buying a new condo in La Paz, it may be pre-construction. Pre-construction is a perfectly safe and usual way of buying that often includes significant savings. Normally, at the point of purchase, a timeline will be given detailing the construction, completion of your unit, delivery and usage. Usually, with a reputable developer, these items will probably be completed near to the specified dates. Yet, in all circumstances, it’s important to ensure that your payments (which will be made in stages throughout the construction process) are fixed on specific progress points in the construction, and not to calendar dates. This protects you against paying out the entire price of the condo before the unit is delivered or even completed should delays occur.
If you are buying resale rather than new, you will want to invest in a home inspection. Of course, this usually isn’t mandatory, but it’s highly recommendable to invest the time and money required since it can save you headaches and even money in the long run. Ask your agent about to recommend a professional for this service.
La Paz, like all of Baja California and most of the areas where Americans and Canadians tend to buy condos in Mexico, is in Mexico’s “Restricted Zone.” Originally, it wasn’t possible for non-Mexicans to own in these areas, but seeing the benefit of allowing foreigners to invest in real estate in Mexico’s favorite tourist regions, the government has created a bank trust which allows non-Mexicans to own in these areas by means of a sponsoring bank. This bank trust has a small set up and annual maintenance cost, and takes a little extra time in the purchasing process, but offers complete safety and some extra advantages for non-Mexican buyers.
Mortgage – Mortgages are available from Mexican banks for Americans and Canadians. These take a little longer than what you are used to from your home country and requirements are a little stricter, but for many buyers it’s an excellent tool to open up a greater range of possibilities in condos in La Paz.
Your agent will be able to guide you step-by-step through each of these processes; in the meantime, the above summaries will give you an idea of some of the main tasks you will be carrying out.
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