5 Tips To a Safe and Wise Investment in The Riviera Maya
Investing in Real Estate in the Mayan Riviera (Cancun, Playa del Carmen, Puerto Aventuras and Tulum) has never been easier or produced a better Return OnInvestment. This is why now is the ideal time to invest and own a vacation property very close to the best beaches in the world. Unlike in the past, where you would have to be a citizen to own properties in Mexico, foreigners from all over the world are now permitted to buy properties in Mexico. Even better, foreigners get full protection under the law for Real Estate transactions.
If you have come to the right decision to invest in Riviera Maya, buying real estate as a foreigner can be a little tricky. Some of the procedures and details of real estate purchases are handled differently in Mexico, and it can be confusing. This is why we highly recommend working with a professional.
Therefore, to avoid getting scammed, it is important to be well informed before going ahead with your Real Estate investment. Also, the notary 83 in Playa del Carmen is an excellent resource when it comes to getting quality information on Real Estate investment. You can contact them at this e mail firstname.lastname@example.org and their office number: +52 9982382735
To ensure you make informed decisions when investing in Riviera Maya, here are some tips to help you invest wisely.
- Real Estate Investment Advisor
Whenever you are about to invest in anything, it is important to have a good investment advisor. The same goes for Real Estate and I would say that choosing the right advisor will make the difference between an efficient deal and a inefficient one. Investing in real estate in a foreign country is a huge financial decision. Therefore, you have to find the best person to advise you on the best deals, secure the highest return on your investment and also make sure you follow the law. You want your investor to have all the information you need.
With the help of a Real Estate Investment Advisor, you will feel protected ,guided, you will have all your questions answered about owning Real Estate in Mexico and you will also be pointed to the top Notary´s and trustworthy legal Professionalsof the area.
- Choose the Right Property
The best way to choose the right property is to decide how exactly you intend to use the property and make sure it suits your needs and lifestyle.
Here are a few strategies you can use:
- Is the property going to be your primary home or a vacation home for yourself ?
- Are you considering earning an income from your investment and maybe rent the property vacational or yearly ?
If vacation rental is your idea you can use platforms such as Airbnb, Tripadvisor, vrbo as your platforms. All you have to do is open a free account, post professional pictures, a description, set up your calendar with prices and availability and you are good to go.
- Are you planning on buying and reselling within 6 months to a year which in this case you would need a property that is at least 30% below market price so you can make a profit ? This is a flipping strategy.
- Are you thinking of remodeling the propertyand then resell it at a higher price when it is done and beautiful?
- Are you more interested in purchasing a piece of land, build and resell?
- Buy a piece of land, wait until the price goes higher and then resell? This would be called a Speculation strategy. These strategies usually take longer but are great if you have any extra fundsand are looking at generating some passive income. This strategy applies to any kind of property by the way. It could be property that a developer has at a presale price (before construction), a property that you are purchasing in an area with a great future and planned to grow during the next few yearsor you could also consider purchasing in an area that just went through a major crisis or disaster and you know that some home owner might be willing to drop their prices.
The answers to all these questions will help you decide which property is right for you.
- Buy through a trust (Fideicomisoin Spanish)
Foreigners are now allowed to buy properties in Mexico but they can only do so by purchasingthrough a Mexican financial institution that holds the trust for them.
The trust is called Fideicomiso in Spanish.
The Mexican Government states that if the property is located in the restricted zone (within a mile to the beach) foreigners have to buy through a trust. The direct ownership is prohibited for foreignersfor properties located in the restricted zone. The whole of the Riviera Maya is part of the restricted zone this is why most Real Estate Deals are done through Trusts / Fideicomisos in this area.
This means that a bank will act on your behalf while you are stated as the first beneficiary. With a Trust / Fideicomiso, you can buy any property and have total control over it. You just need to pay an opening fee for the trust and then pay a yearly fee to the government.
- Legal Help
If you primary language is English, make sure that your attorney speaks the same language. It will be easier to communicate and your interests will be appropriately represented. We just want you to avoid headaches down the road. Have the attorney go over the Fideicomiso contract and explain everything to you.
- Notary Help
The signing of any and all contracts must take place in the presence of a public notary. The notary plays a vital role in a property transaction in Mexico as they are required by law to prepare the deed at the core of the transaction.
They are bounded by law to carry out due diligence as regards ensuring that all documents are valid. Also, they help to ensure that the transaction conforms to the law.
As we previously mentioned above. The notary 83 in Playa del Carmen is an excellent resource when it comes to getting quality information on Real Estate investment. You can contact them at this e mail email@example.com and at their office number at anytime +52 9982382735.
Wrapping It Up
It is important to do your due diligence and be well informed before investing in real estate in a foreign country. Plus, the time spent on doing your homework will be well worth it.
We hope this information will help you make better decisions.
Until next time or if you have any questions please contact us at firstname.lastname@example.org
You can also look at our inventory on the link below.
Have an amazing day !!
The Luun Vacation Properties Team