However, in the recent days majority of real estate investor’s eyes has shifted towards Mexico. What makes this to happen? Why Mexico real estate investment became more viral? Get to know the answer for all these questions just by continuing further. When compared to any real estate investment in all countries, Mexico offers exciting things for foreign investment. The main reason is the government is willing to have foreign monetary which would do favour in many other ways. At present, real estate has become a huge demanded sector which made the land purchase reaches high. The advantage part is the tax rate ranges from 25-30% which comparatively less one. All these makes the Mexico real estate loscabosrealty investment is a wise option.
Why people buy property in Mexico?
If you check on to the Mexico real estate investment the foreign investment remains to be high the main reason behind the wide choice of Mexico is so simple.
People who are relocating to the Mexico they tempt to own a property instead of getting stuck with lease or rental one which annual costs is too high.
On the other hand, people also show interest in Mexico property as they keep them for their vacation plan to avoid hotel expenses and they are value for the money
Some people decide to own property in Mexico as it is a great place and option for them.
Likewise, there are several reasons to own property and also make real estate investment high in Mexico.
Check on to these facts before owning a property:
Even though the Mexico real estate is a wise option to purchase a property for residence it cannot be done just like that. If you wish to have beneficial investment in real estate then it is essential to know some facts about them before purchasing a property or doing investment in them. Here are some facts explained below which gives you a clear view about how to own a property in Mexico.
Initially the foreigners were not allowed to purchase or own a communal property in Mexico after the second amendment in Fideicomiso System foreigners are allowed to purchase property in Mexico. If you decide to purchase property in Mexico then first thing you should check for a Mexico real estate agent to know the list of available property. Once the agent finds the right property, they would negotiate the selling price where the buyer supposed to make 5 to 10% of deposition based on the agreement. Then starts the real procedure checks out below to know detailed information.
Step 1: Once the selling price is confirmed one need to get a permit for the property from the foreign secretary’s office this is legal clause which states the property is not sought in the foreign jurisdiction.
Step 2: After getting permit seller need to submit the property land deed which has to be transferred to the buyer. It is better to have a lawyer support to avoid clashes in the transaction.
Step 3: Once the deed is transferred the buyer need to settle the remaining amount to the seller and own the property.
Finally, this registration process for property may take up to 48 to 108 days to complete. This is how foreigners can own property in Mexico and the highlight is all these processes will be completed by a real estate agent which makes more convenient for people.
Costs involved in buying real estate in Mexico:
It is a known fact that there are many expenses involved when you about to own property that to in Mexico real estate investment besides property sale price there are other expenses also involved. Although property sale price remains as a major part the other expenses also included in the process where some is paid by seller and some are by buyer. Need to know what are the other cost involved just continue further.
The initial processing costs such as,
Notary costs
Tax Acquisition cost
Registration fees
Processing fees
Document charges
Title insurance charges
All these should be managed by the buyer where the notary costs may get varied depending upon the lawyer you hire. When it comes to the seller side there is only one charge which is nothing but a Real estate agent fees.
By now you might be clear enough why the Mexico real estate investment remains high and how to own a property as a foreigner, various guidance and costs involved. However, make sure to have experts to handle all these transactions to avoid confusions!
