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 | Should I live in a gated community like
Las Gaviotas? Is that safe enough or should I have a security
system as well?
Gated communities like Las Gaviotas offer a very comfortable
life style but there are many more Mexican neighborhoods that
are less expensive. There is crime everywhere, but a lot less in
Mexico than one would expect. There are lots of good security
systems available here and you need not be afraid to live in
Mexican neighborhoods. |
| What kind of finance is available in
Mexico?
There are developers that offer finance but the interest rate is
very high, between 14% and 16%. There are a number of US lenders
already offering US interest rates of between 7% and 8%. The
interest rate will depend on the property, the deposit and the
finances of the buyer. The deposit will be a minimum of 20% and
in some cases 30%.
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| How do I choose a good real estate agent?
This is not an easy question and there is no easy answer. The
best way is to get a recommendation from someone that bought
from a local agent and was happy with the service. You cannot
depend on name brands from the US to be good agents here and
sometimes the best agents are from small local firms like ours.
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| Is Title Insurance a good idea?
Mexico has many different kind of titles so it easy to get
confused. If the property you want to buy does not qualify for
Title Insurance it might not be the best idea to buy it. Stewart
Title is insuring several developments now and if a developer
tells you there is Title Insurance, ask to see the policy and
ask for the contact details of the Title Insurance
representative. If the agent selling the property tells you
Title Insurance is not necessary, walk away.
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| What documents should I ask for when
considering purchasing a property?
You need to see the title, the last tax bill and a bank trust,
if available. |
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