What You Should Know About Buying A Mexican Vacation Home
Posted on: 30 March 2021
You may have taken many vacations in Mexico and just love its beaches and culture. Since you may head there on a regular basis, you may have thought that you would like to buy a vacation home there instead of renting an Airbnb or staying in a hotel. This can be a great idea especially if you plan to visit Mexico on a regular basis, or perhaps you would like to rent out the house to tourists once in a while.
Here are some things you should know about buying Mexico vacation homes for sale to ensure you get the property you want.
Learn About The Home Buying Process
One of the first things you should do before even looking at Mexico vacation homes for sale is to learn about the buying process in Mexico. Foreigners are allowed to own property there, but there are certain restrictions you should know about. For example, foreigners can't own a home within a few miles of any international border or within a few miles of the ocean.
However, there is an amendment to these rules. It is possible to buy a home in the restricted areas if you get what is known as a bank trust. This trust called a Fideicomiso and is sanctioned by the Mexican government to hold your property in trust so that you hold a title on the property through the bank. The trusts are renewable every several years and it will allow you to buy homes in the restricted areas.
You should hire a real estate agent who is well versed in helping foreigners buy property in Mexico to help you through the process.
Do Your Research
As with buying property in the United States, it's a good idea to do your research so you don't run into problems with any Mexico vacation properties for sale. This means checking out the rules and regulations for homes within certain areas in which you are planning to buy. Different areas have different types of rules and regulations so it's best not to assume they are the same everywhere you go.
You should check out property rights on each home you are interested in and make sure no one has a claim to it. Just like in the United States, check out each property's land title and look for any liens or other potential roadblocks to your buying the home.
Also, make sure there are no outstanding taxes on the home and that all financials are in good standing before you buy it.
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