House Hunting in Merida
Things to know when House hunting in Mexico
Housing prices in Mexico have dropped and the crime over the last decade may have hurt the real estate market in the country but there are parts of Mexico that have shown increasing interest by foreigners. Merida stands apart from the rest of the country, as there is always an attraction for people to own or rent a home there. It appeals to foreigners for their retirement but also for the weather and its beauty.
In the last few years, the volume of sales in Merida has risen and the increase in population has proven that Merida is a hidden gem that is starting to be discovered. The American dollar goes a long way here and inventory will increase in the future, as there are more development and more construction beginning to happen.
Most foreign buyers will pay cash for a home although private financing is sometimes available from the seller. As a foreigner, you are allowed to buy inland property, in cities like Merida, with a permit from Mexico’s Ministry of Foreign Affairs but if you want to buy property within 30 miles of the coast or 60 miles of the border must go through a bank trust or set up a Mexican company.
A public notary, or government-appointed lawyer, chosen by the buyer certifies the real estate transaction for both parties. They will handle the title search, oversee any taxes that are due and receive official documents, including the deed, property assessment, appraisal and any permits. It is advised that a buyer gets advice from an independent lawyer as well.
Purchasing real estate in Merida is fairly easy for both Mexican residents and foreigners alike. The area is beautiful and you have many different kinds of houses to choose from. You can opt to buy property and build your own home or you can purchase an older home and restore it yourself. If you would rather not spend the time doing either of these, you can purchase newer homes or homes that have already been renovated. The choice is yours and the options are endless.
Merida and the Yucatan region is a beautiful part of Mexico that is low in crime and big in culture and history. The city is draped in Mayan history and its influences are apparent from its colonial buildings and houses. It is a city like no other and once you visit, you won’t ever want to leave.
When you are considering calling Merida your new home, make sure you find a real estate company you can trust. At Merida Property Management, we are not only realtors, we are property managers as well. We will help you find a home and if you aren’t here all the time, we can help you maintain it as well. We are comprised of Mexican and American realtors so we understand your needs and apprehensions. We want to help you find the right home for you.