It is best to be fully updated and informed before making that crucial decision of buying a real estate in Riviera Nayarit, Mexico. It is good to know the pros and cons to make property purchases in Mexico worthwhile and the best option for you and your family. Here are five pieces of property advice to consider when purchasing Riviera Nayarit real estate.
Top Advice for Riviera Nayarit Real Estate
The Advantages of Full Property Ownership: There are lots of perks when you become a full property owner in Riviera Nayarit. There are many areas in Mexico’s coastal regions, but Riviera Nayarit has long been a prime real estate option. You must understand that a special bank trust is needed whenever a purchase is made within 50 kilometers of the beach or borders, called a fideicomiso; but this shouldn’t stop you from purchasing Riviera Nayarit Real Estate; nowadays the fideicomiso is more of a formality than a hindrance, with its elimination on the horizon, having already gone to Congress for its removal. In any case, the fideicomiso can serve as a protection of your interest and gives you all the legal rights of being a full time owner. All you need to do is be patient with the process and accept that things happen differently in Mexico.
Buying Land and Real Estate: Riviera Nayarit Real Estate in general is reasonable prices and can prove to be one worthy investment. If you are set on buying land to build your own dream home, ask the help of a qualified agent in pinpointing prime lots that you can own as a foreign buyer. You must understand that there are lots of plots of land in Mexico that are communally owned or which have special conditions for purchase. To avoid wasting time and gaining having false hopes, it’s better to gain the needed knowledge regarding the ways of buying land in Riviera Nayarit.
Get the Best Agent to Work for you: There are many real estate agents in Mexico and they are hot on the trail for would-be investors. Many will approach you offering their services and you must select the best out of them. Look for credentials, check out feedback given by past clients and get an agent who is a member of Mexico’s Professional Real Estate Association (AMPI).
Riviera Nayarit local authorities do not impose this credential on real estate agents, therefore, the responsibility lies on you to choose an agent who is affiliated.
Mortgage Options when Purchasing Riviera Nayarit Real Estate: Riviera Nayarit gives foreign buyers the chance of availing a mortgage in a Mexican bank when making their purchase. However, you may find that the interest rates are a lot higher than you are accustomed to and may be required to provide a larger down payment, anywhere from 25% to 40% or more. Nevertheless, having the option to take out a mortgage is a bonus. The flexibility it gives can be amazing and can make your wish come true.
The Long Wait for the Purchasing Process: Don’t lose your cool if the process is too long for comfort when buying Riviera Nayarit Real Estate. There are inns and outs that can consume a lot of time, but the wait will be surely rewarded. Patience is a virtue and great things come when you have mastered the art of waiting.
Following this advice for Riviera Nayarit Real Estate makes you well armed, before even putting the first downpayment for your chosen property. Knowing these important things makes everything understandable and easy towards owning a prime property in Riviera Nayarit.