Sí Loreto Real Estate
Undoubtedly the first thing that comes to mind when thinking of Loreto are its famous beaches, originally the playground of the rich and famous and now a whole new generation is coming here.
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Purchasing or selling property in Mexico requires an extensive amount of research, planning and preparation. You will need to connect with the right professionals who can guide you through to a successful property transfer in Mexico.
Buying property in Mexico, whether it’s land, a serviced apartment or a house, can offer good value for money in comparison to prices in the US. and Canada. Prices in some areas have risen dramatically in recent years and care should be taken in assessing a property’s true value.
Mexico’s land costs can be lower, building and maintenance is cheaper, cost of ownership (taxes, utilities) is very low.
Real Estate
If you’re considering the purchase of property in Mexico, you will need to undertake extensive research, choose your location and property with care, ensure that you hire the right professionals, and that the letter of the law is followed in relation the legal transfer of ownership.
Property values in Mexico tend to increase over the long term, as they do in most places, but in many places (with notable exceptions in popular cities and coastal areas) not as significantly as prices have risen in the US and Europe in the last few years. The relative value and appeal of land and property in Mexico comes down to the three key factors: location, local infrastructure (roads, airports, services) and local amenities.
Tens of thousands of foreigners have successfully purchased land and property in Mexico. With the right approach and plenty of homework, there is no reason why you should not become one of them if you want to.
Mexican Law: Property Ownership
Mexican Law provides for private ownership of land by foreigners, and its law is very specific about the way in which land rights should be transferred from seller to buyer, and also what type of lands are not eligible for public ownership. A Notary Public (see below) will guide you through the details of these, but generally:
Property may be purchased and owned outright for residential use by foreign nationals outside of the 100km restricted land border zone, or outside of the 50km coastal zone;
Inside of the restricted border/coastal zones, foreign nationals may own land through a fidecomiso (a trust) which is set up through a bank and provides for ownership of the land and property in all but name.
The Mexican Constitution previously banned foreign nationals from owning property that was within the restricted border zones. This old law was intended to protect Mexican soil from foreign invasion.
Fideicomiso: Land Trusts
Because the Constitution cannot be altered in this respect, the Government introduced a system of land trusts, so that foreign nationals could invest in property inside of the ‘restricted’ zones. So now, if you as a foreigner want to buy a dream home with a Pacific beach view, you can, except that it will be by means of a trust, set up through one of the main banks in Mexico.
The trust holds the deeds to the property, and you and/or other named persons which you specify are sole beneficiaries to the trust (and therefore, the property). You have full rights to do whatever you like with your property: it can be developed (in accordance with local planning regulations), rented, leased, sold, or given away. In other words, you own the property in all but name.
The trust enables you to name a beneficiary upon your death, and you do not need to have a Mexican Will in order for your wishes in regard to the trust to be executed. You do not have to be resident in Mexico to own property here, so there is no need to qualify for resident status under immigration laws in order to have a property investment in Mexico.
Mexican Law on property ownership is comprehensive and provides protection for the seller and the buyer in all property transactions, provided that the law is followed, and you ensure that all necessary documentation is present and that the procedures are adhered to. Your Notary Public in Mexico is an important person in this process, and he/she will guide you.
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Highlights
- Condominiums
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Real Estate Developments in Mexico
One of the easiest ways to invest in Mexican real estate is through a Real Estate Development project. Real Estate Developments are managed by companies who buy large parcels of land, obtain all of the necessary permits, connect up principal utilities such as water, electric, and telephone and sell either plots of land and/or houses, condos, etc.
Property developments in Mexico are modeled on property developments in other countries: developers acquire a large tract of land and the necessary permissions to build on it. Then they create a residential community, often incorporating local amenities and leisure facilities into the design.
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Activities for a Healthy Lifestyle
Your new life is sure to consist of plenty of new activites, but how about adding a touch of adventure as well? For those who can’t shake that adrenaline bug, consider booking an exciting couples’ excursion, such as zip-lining through the jungle or setting sail on catamaran. Isn’t it time to make the most out of your new life?
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