The Inside Real Estate Scoop: Buying Property in Mexico

By: Shawn Bandick

What do you need to think about if you are considering purchasing property in Mexico?

One look around town and you can be sure it is getting cold and uncomfortable up north. More people in town mean more enquiries regarding living and owning property here in the sun.

There are plenty of details to consider when making those kinds of choices. Let’s spend some time exploring what should you be considering in this happy and fun pursuit of your investment.................

Mexico is a very large and diverse country. Most people who travel to Quintana Roo fall in love with the Caribbean beaches; the intriguing mix of people in the area and of course all the activities from cave diving to fine dining. However that said, Mexico itself has all options; cool mountain areas or west coast sun sets, modern cities, or small mountain towns trapped in a time zone long since past ............... Sorry, I was falling in love with Mexico all over again.

My point is this; you might have to spend some time deciding what area of Mexico is best for you. Beyond just the area; what part of town is important for you, or maybe you want to be out of town, do you want beach front, walking distance to the beach, or close to the hospital, shopping, restaurants, etc. If it turns out best for you; I would love to see you come join us in Playa.

Once you have chosen the area, you will want to spend some time considering exactly what kind of use your property will get. Is it just for you as a retirement home, is it vacation rental property, is it for a large family, is it a lock and leave condo, is it strictly a buy and hold property, or would you consider building? Discuss this with all parties involved in the decision and you may be surprised to discover what is really most important to you.

Now you know where you want to be, and you know what you want to buy. Okay what is a realistic price range for you?  Be honest with yourself so you don’t waste your time looking at the wrong property.

Now it is time to think about whom you will work with, what real estate broker and what lawyer. Ask for referrals, visit a few offices and talk to the agents, you will know when you meet the right person who you want to do business with. Now I don’t say this because I’m a broker. I say this because of all the people who, after the fact, came into our office to tell us their story of how difficult it was for them to see their purchase through. These are the people who thought they would buy directly without any professional back up. Unfortunately they often get caught in a loop of paperwork and registrations that they have never done before wasting a lot of their time and money.

What surprises me is the number of people who would try to do things here that they would never consider doing at home. So get assistance; there are plenty of professionals who will help you and they will save you more than they will cost you.

Once you have chosen a broker give them a very clear profile of all that is most important to you so they can work quickly and efficiently for you.  Just a word of caution here you may have to be flexible. We are in a developing area and some times we don’t have exactly what a client is looking for so be patient have fun and drop by our office to say hello.

Make it a great day!

Shawn Bandick
One Stop Real Estate, Playa del Carmen
shawn@onestopmc.com