Dancing the Real Estate Tango
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SAFELY TANGO: As a non-Mexican citizen, you can safely structure property ownership benefits with a bank via what is called a fideicomiso. You can also obtain title insurance. There are even some American lenders now involved in financing real estate in Mexico. |
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TIMING THE STEPS: Timing is everything. Now you can buy low to sell high later. As of 2007-2008 the inventory of real estate for sale is quite high in Baja California and there are some great deals for a diligent seeker. It is a really good time to invest for a person with a medium to long investment horizon. Baja Norte is substantially better priced than other “developed” areas of Baja like Los Cabos. Many, many new condos and developments are underway. |
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SO MUCH TO SEE!: There is no good MLS in Baja so you may want to be in communication with several realtors see a number of developments. Do some of your own research on line, too. Visit multiple sites. This assures that you become aware of all property options out there and you will not be limited to only those properties that one agency represents. |
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DANCE PARTNER: THE REALTOR: Realtors are not regulated or required, like in most parts of the US, to have certain credentials and knowledge. So plan to check out the reputation and knowledge of both the agency and the individual realtor. There are some great partners out there if you select carefully! |
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YOUR OWN DANCE FLOOR? Purchasing a vacant piece of land and building your own place is also an option. However, while financially attractive, it can highly stressful at times. Typically the budget will expand over time also. Mexican contractors and laborers vary considerably in expertise, reliability and honesty. There is not the type of regulation of construction that is done in the US. Nightmare stories abound, so be careful if you chose this option. Talk to people and really research so that you hire a good contractor and subcontractors. |
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