Riviera Nayarit, with its fabulous beaches and scenic landscapes makes owning a Mexico property a dream come true for homeseekers and investors. Before preparing your finances and booking the removal trucks, here is some advice to heed for buying Mexico property in Riviera Nayarit.
Advice for buying Mexico Property in Riviera Nayarit
Consider both Full and Fractional Property Ownership
If you have the money to pay for it, becoming a full property owner in Riviera Nayarit, Mexico is a great choice. A special bank trust is mandatory for non-Mexican residents to purchase land within 50 km of the beach because it is classed as federal land. However, the bank trust, known as fideicomiso, is very secure and gives you all the recognized legal rights to the property. Fractional ownership is also a option in many high end Mexican properties, which means you can invest in a more luxurious home for less.
Consult a Trustworthy Real Estate Agent
Unless you know exactly which property you wish to purchase, such as in the case of homeowners buying Villa La Estancia Residences direct from the developer, you would be best advised to select a reputable real estate agent. Finding the right agent in Riviera Nayarit for your needs can be a tedious process as there are so many realtors to choose from. The best advice is to look for real estate agents with the right qualifications and extensive experience, such as being a member of the prestigious Mexico Professional Real Estate Association (AMPI). The rest is up to how you click and if you feel that the agent has fully understood what you are looking for.
Mortgages
Many people do not realize that they can take out a Mexican mortgage to purchase a property in Riviera Nayarit. Nowadays, owning a condo or a home in Riviera Nayarit is possible through a Mexican bank mortgage for foreigners. It can do wonders in your finances by giving you the freedom and flexibility in handling payments. Homeseekers interested in buying a property at Villa La Estancia Residences, Riviera Nayarit can also take advantage of developer financing for a limited time, providing financing for up to 10 years.
Purchase Times and Processes
You should anticipate that the purchasing process time will take a longer than doing it in your home country. This includes the process of qualifying you for a mortgage and preparing all the paperwork to make everything smooth and legal. It’s not complicated, it’s just better to be informed beforehand so as not to lose your patience.
What to know about Buying Land in Mexico
Buying land in Riviera Nayarit is a little more tricky, and although there are many lots for sale, there are those that can’t be sold. Many of the most appealing plots of land are restricted for sale to both foreigners and Mexicans because they are what is known as “ejido” land. Ejido land is that which belongs to a particular community and can only be leased and not sold. Talk to a licensed agent if you are set on buying land, he or she will be able to direct you to legitimate lands for sale.
Being a property owner in Riviera Nayarit, Mexico is a big decision but one that will bring years of enjoyment for you and your family. For more advice, leave your questions in the comments box.
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