Whether you are just getting started to consider buying in Mexico or have been engaged with an agency for a few months, these tips will come in handy. If your purpose is for getting returns on investment, development, or for your enjoyment, or a personal project these tips work for you.
1. Analyze the market. Before buying or lending money to a developer , look at other neighboring properties. A handful of savvy buyers have managed to find rental properties where the rental income covers the maintenance costs, utility bills, property taxes, insurance and even the monthly mortgage payment.It may happen that rents have risen in the last five years, but you must know how much potential there. If rents are high but there are few shops, offices or homes empty is a sign that you can still grow.
2. Diversify. It is important not to invest all in the same market. For someone who invests in real estate, diversification can be cheaper to buy more houses and then rent them instead of one.
3. View the property well. You can tell the status at a glance, but it is worth seeking the advice of a civil engineer, because there are some things that can escape into a first inspection.
4. Make sure that the papers are in order. See our earlier blog ¨Rights as Foreigner.¨ Obtain certificates of no debts of water, property taxes, among many payments. Get support from a lawyer or notary for the transaction.
5. In societies and condominium, look to be well clear of what you own and what they own. This constitutes the condominium regime war from breaking out between tenant and owner. And you do not want to be somebody who ends up piping that tune.
6. Have the title deeds and land use licenses.
7. If the property is for lease, make sure you have collateral. That the guarantee is honorable. Some people resort to any security, but these are difficult to enforce.
8. If you are renting, find all the references that you the tenant.
9. Get the plans for the property and specifying the boundaries of the property in the scriptures.
10. When you invest in something that is under construction, see the construction bonds have to ensure that work is completed.