Opportunities abound for foreign real estate investment in Mexico, but there are numerous laws and regulations that must be followed when making deals for Mexican property. You may want to buy land to build a vacation home on or you may be planning a start a business in Mexico and need advice on what to do to secure the land. You may want to retire in a warm, tropical climate. As with all real estate transactions, buying property in Mexico is a tricky landscape to traverse, but we are here to help. Here’s what to know before buying real estate in Mexico.
Is Buying Real Estate in Mexico a Good Investment?
As with all real estate investments, there can be positive and negative returns. It is best to seek out an expert with knowledge of the areas in Mexico that are available for purchase, in addition to analyzing Mexico’s economic conditions. In recent economic downturns, the Mexican economy has held steady for the most part. In addition, not all land in Mexico is available for individual purchase, and if you are interested in beachfront property, the property must be held in a bank trust with you designated as its beneficiary. Buying real estate in Mexico is a complicated process, but with the help of a good Mexican law attorney, you could soon be sitting on your back patio watching the waves crash on shore.
Best Places to Buy Property in Mexico
You’ve done the preliminary due diligence with your bank, your lawyer, and a notary public, and now you want to know where the best places to buy property in Mexico are. Obviously, beachfront property would be a luxury, but if the ocean isn’t your thing, there are plenty of other places in Mexico to invest in. It is generally advisable to stay away from the tourist traps of Mexico, as these can be crowded and at times dangerous. Be sure to understand the environment of the area you will be living in prior to deciding on a location. There are lots of opportunities to purchase real estate in interior communities such as San Miguel de Allende, a small, artistic and interesting city.
Risks of Buying Real Estate in Mexico
The real estate industry in Mexico is very different from the real estate industry in the United States. There are real risks involved in buying real estate in Mexico and you should only work with a knowledgeable and experienced Mexican law attorney. If your effort to purchase property in Mexico is not done properly, it can be detrimental to you financially and legally, and you could end up losing your land. Always consult with attorneys, realtors, and bankers who are reputable and know the real estate laws of Mexico.
Thank you for reading our Mexican real estate blog. We are Loit & Associates – Mexican Law Attorneys and Specialists. If you need help figuring out what to know before buying real estate in Mexico, contact us today!