It is an exciting time when you decide on purchasing property in Mexico’s Riviera Maya. Just imagine owning a vacation or retirement home in such a beautiful place. Many have felt your same excitement and couldn’t wait to get started searching for their perfect property away from home. However, the real work starts the minute you arrive at your selected destination and begin the cumbersome process of owning in a foreign country. Don’t let that last sentence detour you from your goal(s). Instead, let it help you be prepared and not get caught off-guard when an unfamiliar situation arises.
Many people rely on emotions versus using their common sense. Don’t get so hung up on the must haves. Concentrate more on your needs, budgeted amount and the purchasing procedures ahead of you. Your inner emotions and personal feelings will sometimes cloud your judgements. You must stay focused, keep your train of thought and never lose your business sense. Here are a few simple do’s and don’ts that could help you when purchasing property in Mexico’s Riviera Maya.
Before arriving in Mexico, do some preliminary online research. Having some understanding about the area’s demographics, geography and economic vantage points are a definite plus. Many noted scholars coined the phrase ‘knowledge is power’. The more you know about your mission, the better your decisions will be. Don’t limit yourself to looking at only one community or neighborhood. Things look different in real life, too. Don’t get your hopes up on one property and then find out it’s not really what you were looking for. Don’t settle for a property that doesn’t appeal to you.
Don’t Overlook Real Estate Agents
The single most important advice anyone can lend is to find a worthy real estate agent. Just like searching for your ideal Mexico property, take time to look for a reputable agent or agency. Having a qualified and knowledgeable person on-site will make your mission that much easier. Don’t be afraid to ask for references and take the time to visit their place of work. You can also confer with some of the local expats or long-term residents about recommending a real estate company. Either way, just make sure the agent has your best interests in mind.
Define Your Poprety’s Use
Define your true purpose for the property’s use. Are you going to use it occasionally or for extended lengths of time? Is it purely for investment? No matter what the reason is, always look at its potential value or ROI. Even if you are going to be using it most of the time, make sure it is going to increase in value over time. Don’t forget to look at not just the property, but the assets that surround your investment. Does it have nearby shopping, restaurants and entertainment? Is it close to the beach or other popular landmarks?
Don’t Forget Fees
Does the property have an HOA fee? Are there any annual assessments or additional utility expenses? If you are looking at pre-construction or ready-made homes/condos, always find out what is included in the HOA fees. Is the local infrastructure in and ready to go? These are questions that you need to ask when considering a community or neighborhood.
Don’t ever purchase any type of foreign property without doing your due diligence with every step of the purchasing property process. Buying property abroad is not the same as back home. Every country has its own laws. If there is an oversight or a step in the buying process that was missed, there is a chance that you could lose or forfeit any or all of your money paid upfront. Hire a lawyer who is experienced in foreign acquisitions or a local lawyer who is experienced in working with foreigners. Buyers should know what needs to be done in the exact manner and time.
Don’t Forget Your Home
After the sale is final, find someone to keep an eye on things and/or do minor maintenance repairs and periodical visits when you are away. This is especially true if you purchase a single-detached home. Don’t expect to just close and lock the front door and everything will be fine. In a tropical environment you need such tasks done like insect and varmint control. You will also have to keep a close watch on such items as the water heater and plumbing. Again, the Riviera Maya’s tropical environment could quickly rust these parts and cause problems when left for lengths of time. Like anywhere else in the world, you should have someone keep an eye out for intruders or random vandalism. Consider using a management company to perform these necessary tasks.
These are a few simple suggestions that you need to remember when purchasing property in Mexico. It can’t be stated enough to use common sense throughout the whole process. Always double and triple check everything and, when in doubt, don’t do anything until you get legal advice. This may sound stressful, but once you get everything wrapped up and you spend the first night in your new home, it will all be well worth the spent time.
Reach out to Top Mexico Real Estate for expert advise on purchasing property in Mexico. We can help you throughout the whole process to make it as easy and smooth as possible.
And remember, at Top Mexico Real Estate…we make it happen!