Summary: People usually have many problems related to oceanfront property in Mexico. Here we have listed all the details of buying such properties for you.
Resource box: Buying beachfront in Mexico is a dream for many. Well buying Mexico property is not as simple as there are different laws governing the markets.
Mexico, the land of enchantment is a place which attracts tourists from all over the world due to its beaches. Having your own place in Mexico can be very exciting as well as a great choice. This is exactly what came to my mind when I was buying beachfront in Mexico. It appeared to be a very simple task at the first place but the real task of buying a Mexico property turned out to be somewhat difficult. It is not that there is some kind of sinister real estate market here but due to my unawareness. Being new to the Mexico real estate policies, I was not at all aware of how to proceed.
I do not want you all to face the same problem, that is why I bring you all the important information on how to buy a beachfront property in Mexico.
The Beachfront Real Estate in Mexico
The Caribbean beachfront properties are very limited. Not everyone gets the chance to boast that they own a property in the Caribbean. The property prices of the Eastern coastline of Mexico which is constituted by Cancun, Playa del Carmen, Puerto Morales, Tulum and Puerto Aventuras witnessed exceptional growth in the past years. Due to this, the property prices along the northern coastline called the Mayan Rivera, soared very high. The Rivera Maya is home to Sian Ka'an in the south east which is one of the world’s largest natural reserves. In this area, buying property is allowed but very restrictively and the transportation is also very difficult. In the next few year the Mexico gulf area of Campeche will be starting to come into its own so now is a good time to invest.
Therefore you have an idea how difficult it is to secure your place in Mexico.
The things to keep in mind
As there is no regulatory body as such which is controlling the real estate business in Mexico you will find a great variance in the quality of services you get. You will find an agent who is offering very lucrative property deals but their reliability is doubtable. Therefore before you hire any agent these are some questions to clarify:
- Is the real estate company they represent has a certified escrow account either in Canada or U.S.?
- Is the agent resident of the local area?
- If the agent is a foreigner, then can he can show you a valid working visa and passport?
- Ask for the referral of their previous clients
Once all these questions are answered satisfyingly, then you can proceed further.
After the agent has shown you enough convincing property then you can sign up the agreement. Make it a point to never pay even a dollar to the agent or company in hand. Transfer the money to the escrow account in the States or Canada. The paper trail then obtained after making the payment assures that all your money is in right hands and safe. According to the normal norms the initial payment is 10% of the deal.
Also remember that all these policies are for the domestic nationals, for foreigners the laws are entirely different.
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