| | |  Puerto Vallarta Real Estate | July 2008 
Is Your Dream Home In Mexico?
 NAPSI
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| | An increasing number of Americans are not only vacationing in Mexico but are now choosing to invest their real estate dollars in their favorite destinations throughout the country. | | |
Millions of Americans, who spend their vacation dollars in such enticing Mexican destinations as Cancun, Puerto Vallarta and Cabo San Lucas, are now choosing to invest in real estate south of the border.
The appeal can be magnetic- picturesque beach communities, the slower pace of life in Latin America and the lower cost of living. So, more and more American citizens are deciding to purchase second homes and even take up permanent residence in Mexico.
Today, the U.S. State Department estimates that close to a million Americans reside in Mexico. Nearly 9 percent of Social Security recipients are spending their benefit dollars on retirement homes in Mexico.
Due to recent revisions of Mexican law, it’s much easier for foreigners to purchase real estate. Even properties in the once “Restricted Zone,” within 62 miles of the Mexican borders and 31 miles of any coastline, are now open to foreign investment through the use of a “fideocomiso,” or bank trust.
The first step to buying property in Mexico is to be sure it’s what you really want. Living in a quaint Mexican village may have a romantic appeal, but investors should be realistic about investing in property south of the border.
“No one should make a real estate purchase without doing their research,” says Martina Silvia Gonzalez, co-owner of RE/MAX Costa Bella in Barra de Navidad on the Pacific coast. “Just as you would in the United States, you should learn as much as you can about the process and the community where you want to buy a property.”
The second step is to enlist the support of a local professional, who can guide you through the entire process. Interview a few real estate agents who are bilingual and very familiar with Mexican transaction procedures. Select someone you are comfortable working with and who has experience in selling real estate internationally.
You may want to use an agent who is a member of the trade organization AMPI, which is now affiliated with the National Association of Realtors (NAR) in the United States. The association’s agents adhere to the same code of ethics that NAR members do.
Marketing companies can show you different resort developments. Dealing with such organizations can place you in a high-pressure situation, but respected organizations are learning that a comfortable sales environment works just as well.
Obtaining a loan in Mexico is getting easier, too. The process is similar to that in the United States. An increasing number of U.S.-based mortgage companies are providing loans for purchases in Mexico. In some cases, you can even attend the closing on a Mexican property in your hometown. On average, Mexican mortgage rates run about two points above those in the U.S., but as more mortgage companies move into the market, rates may come down.
The secret to successful investing in Mexico is doing your research. “You may want to talk directly with friends or acquaintances who have already made the move,” suggests John C. Williams, Gonzalez’s partner. “The Internet has a great deal of information about life in Mexico, the culture and specific communities. Hundreds of qualified agents working in Mexico can be found at www.remax.com.”
For many, the secret to finding that dream retirement, vacation or permanent home is investing in real estate south of the border. It’s a good idea to do your research first. Talk to a real estate agent familiar with the market before you invest any money. |
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