Therefore, I decided to use the strong dollar to become a smart investor and buy real estate in Mexico. The problem now is to find the ideal property when living in your own country.
- 1 Here are five tips to help you achieve your goals:
- 2 Do I need to be a Mexican citizen to own property?
- 3 How to choose the right real estate property?
Here are five tips to help you achieve your goals:
1. Set a budget
This is probably the most important because it will determine your choice. If you plan to live in a small Mexican village in the country, your budget may be relatively small. However, if you plan to live on the coast near a wealthy golf course community, the cost will be much higher. It is important to set a realistic budget.
This is one of the reasons why we decided to sell all products in the United States before moving to Mexico. We managed to use the funds to cancel our loan and purchased an apartment directly in Mexico. Due to the low cost, we now live here without debt.
2. Narrow down your search in advance
Mexico is a large country, and you should limit your search to a limited city or geographic area. If you don’t know yet, you need to travel before investing.
3. Find reliable real estate professionals
This is the most difficult part of the whole process because most people rely on Internet searches to find real estate agents or developers.
It is important to remember that anyone can create a professional-looking website in minutes. Unless you meet the person in person or recommend the person through a trusted source, you will not know if the person is talking about this.
Beware of anyone who asks for other personal information (such as a social security number) or asks for hidden property to check the deposit.
4. Plan a trip or two
If you are seriously looking for real estate in Mexico, you must visit at least once or twice during this process. Even after the real estate negotiations are completed, I still recommend postponing the vaccination.
5. Appoint a lawyer
Before signing the agreement, it is a good idea for the Mexican real estate lawyer to review it. This may cause you great pain.
Even if you cannot find a lawyer to review the agreement, you still need a lawyer when you want to close the property. This surprised many Americans and Canadians who bought real estate in Mexico.
I plan to allocate future jobs in Mexico to explain the role of lawyers in real estate and why it is so important.
Although this is a good time to invest in Mexico, do not worry about real estate transactions before you do your homework. Be cautious and remember old proverbs: if this is a good thing, maybe it is.
Do I need to be a Mexican citizen to own property?
In fact, the ownership of all land and water in the country’s territory is the property of the country, and it has the right to transfer the property to detailed information. Therefore, private property is a privilege created by the state.
Only a common reason is good.
The state always has the right to impose restrictions on private property for the “public interest”. The state will also ensure that natural resources are developed on the basis of equal distribution of social benefits and wealth. The state is also responsible for environmental protection and protection.
All-natural resources on the country’s territory belong to the country, and private exploitation can only be allowed through concessions.
The country cannot develop and use nuclear fuel. The use of nuclear elements in a country can only be used for peaceful purposes (ie Mexico cannot develop nuclear weapons). In addition to your name or through a Mexican trust fund, there is another way to own land. I think this is a good way to own, in a company, you will get the number of packages you need.
Establishment of a Mexican company. You have more control over your assets than other real estate gains obtained through a Mexican company. You can run other businesses under the same company. You and your family can participate in the already effective IMSS-Mexican Social Medicine.
This article also discusses other subtle details about the formation of Mexican territory. You will need special permission. In addition, as a foreigner, you are not allowed to own beach property, but they will avoid this by giving you a hundred-year lease or habit. The law has changed.
Once you own property here, you will also be allowed to obtain a permanent resident visa. I think it’s still the same, but before you can apply from Mexico, you now need to apply for a US permanent resident visa at the Mexican consulate.
I think you can own drugs as a tourist which means that you can only stay for 6 months at a time without leaving, and then come back.
Foreign nationals cannot reserve land within 100 km from the border or 50 km from the coast. However, foreigners can own a beneficial interest in the land through a trust fund (Fedicomiso), and Mexican financial institutions have legal ownership of the fund.
The only condition for not paying such a generous benefit is that the foreigner agrees that all matters related to the Territory are the exclusive domain of the Mexican courts and Mexican jurisdiction and that in all matters related to the Territory, the non-country should guide Or Mexicans, and only through Mexican courts and institutions to resolve any issues related to their inland.
The obvious consequence of non-compliance with these conditions is that all the countries where the foreigner’s interests have enjoyed the vested interests have deprived the country’s interests.
The land area on the coast (20 meters above the stretch line) is a non-saleable federal property.
How to choose the right real estate property?
One of the best ways to make money and earn pensions is to buy investment properties. However, the biggest problem many people face is choosing the right investment property based on their financial needs.
Methods that are effective for the same investment strategy may not apply to your personal situation, so it is important to choose the right option to drive you to achieve your financial goals. The biggest challenge is trying to determine which attributes are most suitable for inclusion in your portfolio. There are a few points to consider here.
Get real estate value from scarcity and demand, so if your goal is to regularly retain investment characteristics for future capital growth, look for real estate in the most ideal location. Buyers and tenants are always needed in the inner city, near the central business district, or on the waterfront.
Similarly, emerging suburbs and new or developed infrastructure can also provide opportunities for capital growth. The key is to research your market before deciding which real estate to include in your portfolio.
Many investors pay more attention to the potential rental income of real estate when making a decision. Many real estate agents usually provide figures that represent the total rental output and the houses for sale.
However, before making an investment decision based on attractive rental returns, please take a moment to calculate your net return. Some properties may cost more than others, which affects the cash flow you think may be obtained, so all variables must be considered before making a decision.
All buyers know the old saying “location, location, location”. The problem is that what one person finds on one site may not be suitable for another site.
Before choosing a location, please take a moment to consider your goals to characterize your investment. If your goal is to develop a good capital, please consider any capital city or area near the CBD and enjoy the beach views.
On the other hand, if your goal is to get a good rental return, consider finding suburban housing near public transportation, large shopping centers, schools, parks, and other facilities that can help increase tenant demand.
Of course, you may want to avoid spam sites. Properties under busy main roads, railway lines, or runways are less attractive to future tenants and buyers.
Regardless of which asset you consider adding to your portfolio, it is important that you must advance your strategy toward achieving financial goals. Take some time to formulate your investment strategy and find out the benefits you will get by buying investment properties.
Talk to your accountant and discuss your financing options with a good mortgage broker. The right asset that can be added to your portfolio is an asset that can help individuals achieve their wealth creation goals.