Some things you should know when considering buying a house in Mexico…
Owning property in Mexico has always appealed to expats. From sandy beaches to welcoming locals, delicious food and the promise of plentiful sunshine, there’s little not to love about this North American destination. If you’ve decided to be a shrewd investor in real estate in Merida and take advantage of a strong US dollar, here are some tips to help you accomplish your goal.
Determine your budget
This is the most important tip because it will define what options you have. If your intention is to live in a small Mexican village in the interior of the country, your budget can be relatively low, however, if your intention is to live near the coast inside a gated golf course community, the cost will be higher. It is important to set a realistic budget. Most real estate transactions in Mexico are cash only. While financing options are available through owners at times, the interest rates tend to be much higher than what we are used to in the United States.
Search ahead of time
Mexico is a large country and you should narrow your search to a town or limited geographic area. If you aren’t sure where yet, you may want to travel a bit more before investing. It’s inevitable that you will have to visit Mexico at least once or twice during the process.
Find a trusted real estate professional
The most challenging part of this whole process is finding a real estate agent you can trust. Most of us rely on Internet searches to find someone in Mexico. It is important to understand that anyone can build a professional looking website and real estate professionals do not have to be licensed. Unless you have personally met an agent or have been referred by a trusted source to one, you have no way of knowing for sure if the person is who they say they are. Be aware of anyone asking for excessive personal information or a security deposit for a property sight unseen.
Find an attorney
Before signing any contract, it is always a good idea to have a Mexican real estate attorney review it. You will still need an attorney once you close on the property so you might as well start with one from the beginning.
It’s a great time to invest in real estate in Merida but don’t rush into a real estate deal without doing your homework first. It pays to be cautious and take your time looking not only for the property but also for a real estate professional you can trust. At Merida Property Management, we are not only a full-service property management company, we have a full staff of qualified and experienced real estate agents to help you find that dream home. Once you have found it, let us help you manage it.
If you have decided to look for real estate in the Yucatan region, MPM is your trusted source. We are a blend of Mexican natives and American expats that understand both sides of the real estate process. We are ready to help!