Owning a real estate property in Riviera Nayarit, Mexico is an investor’s dream. Being one of the world’s most in demand tourist destinations, it’s a sure investment that will reap great returns. If you plan on making this crucial decision, you must be well informed on the proper ways to buy Riviera Nayarit Real Estate. The Mexico real estate guides can provide necessary information but as a way to help you, here are 6 property tips that you can rely upon before jumping into to the world of property searches in Riviera Nayarit.
- Narrow your Search
It will help you a great deal when looking for Riviera Nayarit Real Estate to decide what kind of property you are looking for: condo, villa, mansion, private apartment, studio, vacation home, family home, fractional, full ownership etc. Armed with this information, you are more likely to get a productive list of properties to view, saving you time and money.
- Inform yourself about the Fideicomiso
While Riviera Nayarit real estate and other Mexico coastal towns have opened their doors to foreign buyers, there are still restrictive laws about how can buy land near the beach. According to the Mexican Constitution, foreigners cannot be owners of land within 5 meters of the beach; however, to outdated clause, the fideicomiso (trust) was brought in so that foreign nationals can purchase in Mexico. Thanks to the fideicomiso, you can be a full time property owner and enjoy all its privileges. it gives you all the legal rights accorded to a full time property owner, through a bank. It will, however, add an extra step in the purchasing process, but this trust can protect your interests in many ways than just being a mere property title holder.
- Take Care when Purchasing Plots of Land
With an unblemished reputation as one of Mexico’s prime properties, purchasing a land in Riviera Nayarit is a sure profit gaining investment. But you must understand that not any vacant land in the area is up for grabs as there are those which are communally owned and not for sale. Your experienced real estate agent can educate you on this matter and can show you lands that can be legally purchased by a non Mexican like you.
- Beware Unqualified Agents
Choosing an efficient, honest and knowledgeable real estate agent who’s capable for the job will be your first task when looking Riviera Nayarit real estate. He or she must have good credentials, a solid reputation and be a member of the AMPI (Mexican Professional Real Estate Association). There are no regulations on realtors, so it is up to you to check the credentials of the real estate agent you have chosen to work with.
- Mexican Mortgages
If you qualify for a mortgage at a Mexican bank, grab the opportunity in using it, but beware of high interest rates. Taking out a mortgage in pesos could work to your advantage depending on the rise and fall of the exchange rate. You may also be required to pay a large deposit.
- Give yourself lots of time
The purchasing process of Riviera Nayarit Real Estate might take longer than you would like. Prepare yourself for a long wait while the purchasing process is running. You might expect that it’s the same with your home country, but most often it’s not because of your status as a foreign buyer and Mexico’s bureaucracy. It won’t affect anything except your patience.
Riviera Nayarit real estate is certainly a hot commodity There may be many steps until you can call your property your own but believe me, your investment will be worth it.