Top 5 Considerations When Buying Real Estate in Mexico
in Real Estate
Buying a new home is a major decision it is both an exciting and a stressful experience, these are 5 points you need to investigate before you buy.
- Consider The Resale Value Do not fall in love with a property before you do your homework regarding its potential resale value. Some experts say you need to think like a seller, not a buyer. Check out the market trends in the neighborhood, what developments or changes are planned for the area? The reputation of a community will affect the resale value of a home, Investigate the crime in the area, and traffic patterns surrounding the property.
- Homeowners Association HOA If you are considering condo life, it is of utmost importance you understand the HOA bylaws and restrictions. Talk to other owners read all rules and consider how they will affect you. Do they have pet restrictions, regulations about guests in your home, rental restrictions? Inquire about any upcoming assessments for repairs on the building.
- What Are The Bylaws And Restrictions in The Area? Are there restrictions regarding your property, for example, parking on the street or having an RV parked in your driveway? Check the zoning of the property, and any renovation restrictions. Are you permitted to subdivide and develop the land, is there water and power available?
- Inspection of The Home Make sure you have the property inspected. Hire an experienced architecture to do a complete inspection, be sure to check for pest infestations, leaks, and mold.
- Real Estate Attorney Most importantly do not purchase Mexican real estate without a qualified attorney. A Mexican real estate attorney will perform a complete title search, including the chain of ownership to ensure this seller has the right to sell, and that no others are waiting to take possession of the property. This search will also reveal any taxes owed or liens on the property. The attorney will also ensure there is no human error at the Property Registration Office, confirm and provide proof the property is registered in your name in the Public Registry Office.