This article explores the current risks and benefits of buying Mexico real estate.
The allure is real: sun, beaches, great food, friendly people, fabulous natural beauty and a historic culture second to none. No wonder many North American’s are looking south with a view to buying Mexico real estate.
Between looking and buying is a huge step, however, and many hesitate before actually making the decision to buy. They have questions about life south of the border, health, security, taxation, visas and the investment value of Mexico real estate.
First, let’s consider real estate values. Needless to say, you can buy property in Mexico at far lower prices than in the US. However, much of this low-cost property is of a kind you would never want to live in, and which has no investment value. From an investment point of view, you want to focus on the kind of property that will appeal to affluent Americans. Remember that baby boomers are now turning 60 at the rate of 5 a minute! That means you can depend on a growing population of Americans who may well be attracted to the charms of a retirement lifestyle in the sunny, laid-back environment offered by Mexico.
Real estate values reflect the overall economy, so you will want to be informed about the state of Mexico’s economy – the 12th largest in the world. It turns out that since the crisis that afflicted the country in 1994, Mexico has enjoyed significant growth. There are problems, of course, but in many respects the country has more affluence and stability than ever before. You should also remember that if you focus your purchases on those properties most likely to appeal to Americans, values will be tied as much or more to the fortunes of the US economy.
Of course there can be risks in any real estate transaction especially when conducted at long distance. How can these risks be reduced? The first step is to go visit the area that attracts you, and get thoroughly acquainted. That might prompt you to focus on regions that are easily accessible, such as Baja California.
Next you will have to learn quite a lot about real estate law in Mexico. (There’s a way around this which we will explain in a moment). You may have heard that foreigners cannot own Mexico real estate. This used to be true but is no longer the case. You can purchase but you will need local expertise. Your most important advisor will be the Notary Public, who has a great deal more authority than a Notary in the US. Mexican Notary Publics not only witness but also prepare and protect documents, and they need to have a law degree.
There are challenges in certain kinds of property, known as Ejido, a special kind of agricultural land owned by communities. It is possible to purchase this land, but the process can take years.
So now, how can you dispense with all those problems and buy Mexico real estate that gives you a wonderful home and a sound investment, without having to figure out the ins and outs of Mexico real estate law? The answer is to purchase in an American-owned community, designed for American buyers, and managed by a reputable company with a strong record of successful development.
Eliot Stearne is a journalist and real estate investor who researches vacation and retirement opportunities in resort locations around the world, particularly Latin America. He divides his time between his homes in Chicago Heights, Illinois and Loreto Bay in Baja California. Loreto Bay can help you Buy Mexico real estate with no difficulties.
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Source by Eliot Stearne