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How To Buy A House? A Guide For First-time Buyers

Posted by: Gabriel Maldonado Pumarejo
20 Jul
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From sandy beaches, tropical drinks, delicious food, and pleasant weather buying a home in Mexico sounds pretty amazing, especially if you are from a foreign country. Homebuying can be overwhelming in any region, but our guide for first-time buyers should help ease in the process.
If you are from Mexico, citizens can buy land without any real barriers, other than financing. The first things to consider are the rules of the three L's - Location, Location, Location. Next, are the three P's - Price, Position, and Perfection.

Other tips include

  1. Investigate mortgages or, if you're in the restricted zone, a bank trust or fideicomiso
  2. Know your credit score and get a pre-approval for a loan
  3. Know what your budget is
  4. Make a list of must-haves (Garage, backyard, pool)
  5. Engage a real estate agent
  6. Research locations and find your property, make an offer, negotiate, and negotiate again
  7. Get an inspection done before anything is signed
  8. Have a sale contract written by a notary
  9. Finalize your fideicomiso or mortgage with the bank (if a foreigner)
  10. Sign the contract
Once the decision has been made to invest in Mexican real estate, whether to live, vacation, or retire, choose a destination of where to purchase. From the urban cities to the popular beach areas in Cabo, Baja, and the Mayan Riviera, Mexico has plenty of real estate opportunities.

Here is a breakdown of the best regions for buying a home

  1. Playa del Carmen Real Estate - Caribbean beachfront living from Tulum to Playa
  2. San Miguel de Allende - Mountains and the cultural capital of Mexico
  3. Merida Real Estate - an old colonial city with inexpensive Mexican colonial real estate
  4. Cabo San Lucas - Pacific beach living at its finest
Searching for a home in Mexico is similar to other countries. You can work with a Mexico real estate agent that list properties for sale either online or in person. It is recommended to look at at least ten homes before making a final decision. If you find a home you like and want to make an offer, they can negotiate the sales price for the best deal. Avoid scams by seeking out referrals, studying the market, meet the seller, and get your own inspection to rule out pests, mold, and structural issues.
A good real estate agent will take care of your needs and show you houses that meet your criteria. They will negotiate with the owners and prepare all paperwork with the notary, among many other things. If you are looking to purchase your first home in Mexico, GMP Group can help. Our seasoned team have been leaders in real estate in Mexico for decades and knows the market. Whether you're looking to buy, build, or invest, GMP can guide you through every step of the process.