Purchasing or selling a property in overseas location requires an extensive amount of research, planning and preparation, and Mexico is no exception. You will also need to hook up with the right professionals who can guide you through to a successful property transfer in San Miguel de Allende.
This guide will give you a comprehensive overview of the key facts and considerations you need to take in account as you buy and sell your property in Mexico
This guide covers the following:
- Property in Mexico
- Mexican Law: Property Ownership
- Financing your Mexican Real Estate
- Real Estate Developments
- Title Insurance
- Property Insurance
- Ejido (Agricultural) Lands
- The Role of the Notary Public in Mexico
- Common Checks that should be made
- Outline of Property Purchase Procedure
- Choosing the right location
- Buy or Build?
- Building Regulations and Standards
- Estate Agents and other ways of getting to market
- Valuation of Property in Mexico
- Costs and Taxes
- Time Scales
Property in Mexico
This introductory guide assumes that you are considering the purchase of land or property in Mexico. If you are looking for advice solely on property rentals in Mexico, then connect to the page on Renting.
Buying property in Mexico, whether it’s land, a serviced apartment or a house, can offer good value for money in comparison to prices in the US and Europe, although prices in some areas have risen dramatically in recent years and care should be taken in assessing a property’s true value.
Mexico’s land costs can be lower, building and maintenance is cheaper, cost of ownership (taxes, utilities) is very low, and although there are ‘horror stories’ associated with buying property here (as in every country in the world), the overwhelming majority of all real estate deals go through legally and smoothly.
The reasons to buy property in Mexico come down to a personal choice, and depend on your individual circumstances. Perhaps you will be living in Mexico for some years and you see long term rental as ‘wasted’ money, or perhaps you’re looking for an overseas property investment that will surrender a rental income, while providing you with a place to stay on holiday when you visit.
Property values in Mexico tend to increase over the long term, as they do in most places, but in many places (with notable exceptions in popular cities and coastal areas) not as significantly as prices have risen in the US and Europe in the last few years. The relative value and appeal of land and property in Mexico comes down to the three key factors: location, local infrastructure (roads, airports, services) and local amenities.
Another important factor to consider in Mexico when buying property is the developed state of local and surrounding infrastructure in the location you’re looking at. Not all areas are well developed, and property prices will be cheaper in those that are not. However if, for example, a high speed road is built connecting a previously ‘remote’ location to other, better developed places, you may see a property investment in that area increase substantially. Mexico is a vast country —at nearly 2 million square kilometers—and not all of it is easily accessible. Road infrastructure is improving every year, with most major places now adequately connected, and work continues to connect the more remote areas, but this will take time.