A guide to real estate in Merida, Mexico – Part one
Purchasing or selling property in any foreign location requires an extensive amount of research, planning and preparation and Mexico is no exception. You will need to find the right professionals who can guide you through a successful property transfer in Mexico. Real estate in Merida and its surrounding cities can bring you lots of happiness but if you don’t find the right people to help you it can end up being a nightmare.
This guide gives you an overview of key facts and tips you need to take into account as you buy or sell your property in Mexico. The first area we will discuss is what kind of property you will be looking for in Mexico and what research you need to do.
Property in Mexico
Buying property in Mexico can offer good value for money in comparison to prices in the United States and Europe. Prices in some areas have risen dramatically in recent years so care should be taken in assessing a property’s true value. Mexico’s land costs can be lower, building and maintenance is cheaper, cost of ownership (taxes, utilities, etc.) is very low and most real estate deals go through legally and smoothly.
The reasons to buy property in Mexico come down to a personal choice. Maybe you will be living in Mexico for long-term and don’t want to waste money on rent. Perhaps you are looking for an investment that will bring in rental income while providing you a place to stay on vacation when you visit.
Property values in Mexico tend to increase over the long term but not as significantly as prices have risen in the United States and Europe over the last few years. The value and appeal of land and property in Mexico come down to three key factors: location, local infrastructure, and local amenities. Another factor to consider is the developed state of local and surrounding infrastructure in the location you are looking at. Not all areas in Mexico are well developed and property prices will be cheaper in those areas but it doesn’t necessarily mean that is the better value. Mexico is a vast country and not all of it is easily accessible. Know where you are purchasing before you proceed.
Before purchasing property in Mexico you will need to do extensive research, choose your location and property with care, ensure you hire the right professionals and that the law is followed in relation to the legal transfer of ownership. With the right research, you can find the home of your dreams anywhere in the Yucatan.
Once you have honed in on where you wish to invest in real estate in Mexico, you have done half of your research. Finding the right property is the other half. This is where you should find the right professionals to help you locate that particular piece of Mexican land that you want to call your own.
At Merida Property Management, we can help you find the right property for you and your family and we can help you manage it as well.