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Tips On Buying A Home In Mexico

By Jim Labelle

Republish: EasyPublish™
Published: 22Jul2011
Word count: 564
Viewed: 213 time(s)

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Mexico is fast becoming one of the retirement destinations of choice for Americans, Canadians and Europeans. The great weather, laid back atmosphere, unique culture and cheap real estate prices have enticed many to make Mexico their second home. Buying property in Mexico isn't that difficult, but real estate rules are different for foreigners than they are for locals. There are some unscrupulous individuals who will take advantage of foreigners looking to buy land or real estate, so knowing the local laws regarding buying a home in Mexico is important to avoid falling into a shady deal.

1. Get the title. When talking to anyone about buying land, make sure that they have the title to the land. If the 'owner' of the land cannot produce a viable title, then it's probably a scam. Have the title checked out by a lawyer before your proceed with any purchase. It's a good idea to ask right off the bat if the person who is showing you the land is actually the title-holding owner. You will often find yourself thinking you are talking to the owner only to later find out you are talking to a cousin or friend hoping to make some money out of the deal.

2. Get a lawyer. Never attempt to purchase real estate without the help of a lawyer. Real estate laws can be tricky in Mexico. One stipulation is that Mexico contracts are only valid when they are written in Spanish. If you are not a native Spanish speaker, you could end up signing a contract that has stipulations in it that are not in your best interest. Always have a lawyer read over your contracts before you sign anything to make sure you are entering into a valid contract.

3. Talk to local foreigners who have recently bought land. A common mistake that people make when buying land and real estate in Mexico is not talking to the local foreigners before making a purchase. Local foreigners can provide a wealth of information, and offer valuable tips for buying local real estate. They can also help you to avoid dealing with owners who may not have a good reputation in their real estate selling practices.

4. Shop around. While you may be tempted to go with the first good deal you find, always shop around. You will always be given a high price the first time you ask. If you walk away, you will often find a better deal being offered later on down the line. Also, you want to make sure you see all that is available. There are lots of great real estate deals to be had in Mexico, so take your time to find the perfect place for you.

5. Get Mexico homeowner's insurance. Once you have purchased real estate in Mexico, protect your investment with Mexico homeowner's insurance. Homeowner's insurance is not too common in Mexico, and few local insurance companies offer it. Today, North American specialty insurance companies offer U.S./Canadian-style Mexico Homeowner's Insurance for reasonable prices. This policy can prove invaluable in the case of a natural disaster or some other unforeseen catastrophe.

Be sure you follow these tips and you are sure to find your dream home in Mexico and be able to purchase it. Happy house hunting!

Mexpro.com is a website owned by International Insurance Group, Inc., the leading provider of Mexican Homeowner's Insurance. The first online Mexico Car Insurance broker to offer multiple company options, Mexpro.com offers the best Mexico Home, Auto and Travel Insurance available and online.

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