Buying real estate and moving abroad has appealed to expats for decades, and when it comes to understanding how to buy property in Mexico without risk, the process is easy and very straightforward... Once you understand a few key factors.
“Mexico real estate has a lot to offer in terms of great weather, beautiful scenery, and authentic Latin American Culture”, wrote International Living. “Plus, you will find lots of affordable real estate in Mexico”.
Here are the basics of safely buying property in Mexico to help with your journey to owning a piece of paradise!
Choose a Great Location
Generally speaking, Mexico’s property market is strong. But when you look at popular tourist destinations – especially the Riviera Maya region, which stretches south from Cancun through Playa del Carmen, Puerto Aventuras and Tulum – the investment potential is phenomenal and shows no signs of slowing down, with many buyers raking in 8-14 percent return on investment. This is largely due to occupancy rates that hover between 80-90 percent, combined with the fact that Riviera Maya real estate will never depreciate, thanks in part to the mostly cash market and strong property valuation.
Seek Professional Help
While this is almost always good advice, it’s never more on the mark than when you’re buying real estate abroad. In fact, the best way you can protect your purchase is to work with an experienced real estate investment advisor who is highly recommended by clients. Take your time and look around until you find someone who has the knowledge and resources to find you the best deal. He or she should also be happy to answer all of your questions and should be able to easily locate and show you a variety of great investment properties and vacation homes to suit your needs.
Don’t Forget Maintenance
Once you’ve settled on the perfect location and have found a great agent, it’s time to find the property of your dreams, which raises a slew of new questions. Now it’s time to decide whether you want to build new, buy an existing vacation home, opt for a luxury condo or invest in raw land. Each of these options has their pros and cons, but one of the biggest issues most owners will face is maintenance, especially if you don’t plan to live in Mexico full time and hope to rent the property out for additional income. Hand in hand with maintenance, the challenges of managing a rental property in today’s highly competitive online market can be overwhelming, unless you want to make it a full-time job.
Fortunately, buyers who don’t plan to live in Mexico full time can opt to invest in a luxury condo that offers “No Worries, No Hassles Ownership”, which is an innovative way to ensure that the property is always beautifully maintained, professionally managed, ready to rent and offers services and amenities that are carefully selected to produce the highest possible return on investment.
Want to learn more? Check out Safely Buying Real Estate in Mexico: 10 Tips for Investors