Property in Caribbean Mexico is always a hot commodity for those looking to settle down in the tropics. From those who prefer the sun and sand lifestyle to those looking to invest, there’s nothing not to love here.
For many foreigners, buying homes in Mexico Caribbean can be a great way to experience all that Mexico has to offer.
A lot of foreigners in Mexico Caribbean prefer to own their homes in order to be able to brag about their property, meet people, and enjoy their spare time.
While beach vacation properties in the Mexico Caribbean are still considered prime, buying property as a foreigner in Mexico will require planning.
Buying property in the Caribbean isn’t as difficult to do as you may think.
It’s possible to buy property in Caribbean Mexico without any hassle by using a reputable and affordable firm like us.
This guide explains everything you need to know about buying property in Caribbean Mexico.
What’s the property market like in Carribean Mexico?
The property market in Caribbean Mexico is strong and on the rise for foreigners.
The country’s economy is holding strong despite the threat of trade alterations from the US, and its performance in the next year (2021) is forecast to be stronger than economists previously predicted.
Because of this, foreign buyers are rushing to take a cut as national buyers are snapping up property.
Property in Caribbean Mexico is a good investment, and the interest in buying property there is rising.
Because the number of foreigners buying homes in Caribbean Mexico has gone up, property owners are open to negotiating and giving you a good deal.
Can foreigners buy property in Caribbean Mexico?
If you’re a foreigner, there are ways for you can buy property in Caribbean Mexico.
Fortunately, you don’t have to be Mexican to own property in Mexico.
Buying property in Mexico will require you to work with a Mexican real estate agent.
If you are a foreigner, you can buy real estate in Caribbean Mexico except in specific geographic areas.
If you want to own property beach property in Caribbean Mexico, it’s necessary to go through a trust to buy real estate.
Foreigners typically work with a real estate agent, a notary and a lawyer as they navigate their purchase.
Starting with a real estate agent who send them listings and information on buying property in Caribbean Mexico.
What’s the approximate cost of different properties in Caribbean Mexico?
|Playa Del Carmen||1 BR 1 Bath Apartment||$2,695,000 MXN|
|Tulum||1 BR 1 Bath Apartment||$2,450,000 MXN|
|Puerto Morelos||2 Bed 1 Bath Apartment||$4,978,029 MXN|
|Puerto Aventuras||1 BR 1 Bath Residential||$4,929,000 MXN|
|Cancun||1 BR 1 Bath Residential||$5,115,000 MXN|
How can I find a property in Caribbean Mexico?
Some people mistakenly think that they can buy property in Caribbean Mexico without a real estate agent, but that’s a bad idea.
It’s a good idea to hire or get advice from an agent if you’re looking for property in the Caribbean.
If you choose to search for property on your own, you may find that you’re missing out on all the available options in your desired location.
Searching for available properties to buy on your own is unproductive.
We have a team of real estate experts who will search for your property in Caribbean Mexico. Areas such as Tulum, Merida, Playa del Carmen, Puerto Aventuras and more.
They have access to all the listings and properties of the area, so they ensure you see all properties available in your desired area that is suitable for you.
Real estate agents in Mexico are paid by the seller, so you don’t have to worry about that when buying property in Caribbean Mexico.
How to Avoid Any Real Estate Scams
While there are many potential problems involved in buying property in another country, there are also a lot of potential benefits and the process itself can be quite safe if you take certain precautions.
The following principles will help you get started and avoid any scams.
- Get help from a trustable Real Estate agent. One way of getting an agent you can trust is by asking for a referral from a friend. If you can, relying on a good agent will reduce the risk of being scammed. One way to find an agent is through your network.
- Get to know the market. If you’re not aware of what prices around you should be, you could get taken for a lot more money than your property is worth. It is important to be aware of the most recent housing trends around you. You may find that a property that you’re interested in purchasing is overpriced for the neighborhood.
- You need to look at the properties. Working with an real estate agent is great, because it is important to see property options and book a tour of the properties so you know they are a great property that you like, and they have the right to ask questions about the property.
- Check the property contract and title. Many homes in Caribbean Mexico are on the newer side and won’t have many problems, but it’s still a good idea to have your new property checked for things like proper contraction agreements, and check that the property has a title.
- Trust your instincts. If something seems off to you, it probably is. Trust your gut, and don’t do business with people you’re not sure about.
Search Property websites in Caribbean Mexico
Although the number of Caribbean Mexico online property listings continues to grow, it can be tough to find sites with good information about what’s available.
Gathering as much information as possible is a good idea. It’s important to check out the web to get a feel for locations, home styles and prices. The following sites are good places to get started:
Caribe Luxury Homes Property Listings – View listings & Get Free help from Expert Real Estate agents.
Point 2 Homes – Good to browse listings but remember many sellers won’t represent you as the buyer.
How do I choose the right property in Caribbean Mexico?
If you are looking to buy property in Caribbean Mexico, you’ll want to make sure it is right for you.
In the major cities, look for apartments and townhouses — since these properties often have access to amenities and infrastructure.
Also, you’ll be able to find some properties that are offered in “condo-hotels,” which are smaller buildings with several apartments owned by different owners.
Do your research to make sure the area is safe. If it’s a residential hotel, take a look at other real estate in the area to make sure a hotel is a good investment.
For vacation homes, stick with condos, apartments and beachfront rentals as they are great investment properties.
What are the steps to buying a Caribbean Mexican property as a foreigner?
The steps for buying property in the Caribbean are pretty simple, even if you’re choosing to buy in the restricted zone.
In general, the process for buying Mexican real estate from a foreigner should go as follows:
- Investigate the financing option for getting property in Caribbean Mexico. Or, if you’re outside the restricted zone, investigate your bank trust or fideicomiso options for property in Mexico.
- Talk to a real estate agent. A real estate agent will help you find, negotiate with the seller and the lawyers and sort out the money matters. Click here to contact our real estate agents now.
- Find your property in Caribbean Mexico and make an offer.
- Have a sale contract written by a notary
- Finalize your fideicomiso or mortgage with the bank.
- Sign the contract.
- Receive your new property in Caribbean Mexico.
What are the legal requirements to buying a property in Caribbean Mexico?
When buying property in Caribbean Mexico you’ll need to engage a notary to draw up a sale contract, but that’s pretty much all the legal requirements.
You will want to:
- Consider how you will hold the title. If it’s in the restricted zone, the title will be held by a Mexican Bank in the form of a fideicomiso. If you’re outside of the restricted zone, you’ll hold the title in your own name.
- Have all of your documents translated to English by a qualified translator. Always get your legal documents translated. We use expert translators to do this for you.
- When buying property, thoroughly read your regimen de condominio. Always thoroughly read the documents that outline owners’ rights and restrictions, as well as obligations.
How do I get a bank loan/mortgage?
The easiest way to get a Mexican mortgage is through the bank you use at home. There are no restrictions on foreigners owning property in Mexico, so you don’t need a visa.
Its easier if you pay in cash rather than get a loan or mortgage in Caribbean Mexico.
If you need a trust to make your purchase, you’ll also find a wealth of options. Many international banks that work in Mexico will help you get a trust, as will local Mexican banks like Banorte and Banamex.
If you’re planning to pay for your down payment from a foreign bank account, you’ll want to keep track of the exchange rate and associated fees from your bank so that you don’t end up paying way over budget.
What kind of taxes and fees will I need to pay?
Unfortunately, it can be hard to determine the actual fees you’ll pay due to looser regulations. However, here are some of the most useful metrics to look out for:
- Notary/Lawyer fees, which are variable but are taxed at 16% VAT.
- Acquisition Tax, between .2 and 4.5%
- Registration Fee, which can be anywhere from .02 to 1.8%
- Title insurance, at roughly .5%
It is fairly simple to buy property in Caribbean Mexico as a foreigner. The process of purchasing property in Caribbean Mexico can be a bit tedious, but the real estate agent will work through that with you.
As a foreigner, you can buy property in Caribbean Mexico with a relatively small budget. Additionally, you can benefit from an excellent lifestyle and a relatively warm climate.
If you’re looking to buy property in Caribbean Mexico as a foreigner, there’s never been a better time. We wish you good luck with finding your property in Caribbean Mexico.
If you would like help from our real estate agents here in Caribbean Mexico then click here to contact us today.
Would you like to explore listings in Caribbean Mexico? Then click here to view listings now.