What you need to know about vacation home and investment purchases.
There are many misconceptions and misinformation in regards to purchasing real estate in Mexico. The reality is you can own home here with full title and title on the land just like you would in Canada, the USA or Europe. There is no 99 year lease, you own the property and you can have a place to vacation when ever you want to use it, and an appreciating asset that you can rent out when you are not using it to generate income.
What you need to know.
The first thing you need is a reputable real estate agent or investment advisor here in Mexico. There are many expats living and working here in Real Estate and have been for many years. These people are valuable resources as they know the areas, and can recommend a community based on your needs. They also have access to great english speaking lawyers that specialize in Real Estate to foreigners.
How do you find a reputable agent? Find out how long the firm has been in business, it is a large firm?, do they have their own developments?, how many employees do they have, have you been to their office?
You gain title in Mexico in what used to be the "restricted zone" is through a Mexican Bank Trust. This is like a living trust in the USA and your title is registered with the municipal, federal and the Ministry of foreign affairs as your property. Closing costs are higher for this reason and can be as high as 8%. However closing costs when you sell your property are very low.
Beachfront Baby Gear recommends.
Investment Properties Mexico
Playa Del Carmen.