Is Your Dream Home In Mexico?

Saturday, March 1, 2008

Un Sueno Hecho Realidad: Is Your Dream Home In Mexico? (NAPSA)—Anincreasing num- ber of Americans are not only vacationing in Mexico but are now choosing to invest their real estate dollars in their favorite destina- tions throughout the country. Millions of Americans, who spend their vacation dollars in such enticing Mexican destinations as Cancun, Puerto Vallarta and Cabo San Lucas, are now choosing to invest in real estate south of the border. The appeal can be magnetic— picturesque beach communities, the slower pace of life in Latin America and the lowercostof living. So, more and more American citizens are deciding to purchase second homes and even take up permanent residence in Mexico. Today, the U.S. State Depart- ment estimates that close to a mil- lion Americans reside in Mexico. Nearly 9 percent of Social Security recipients are spending their benefit dollars on retirement homesin Mexico. Dueto recent revisions of Mexican law, it’s much easier for for- eigners to purchase real estate. that dream retirement, vacation or permanent home is investing in real estate south of the border. It’s a goodidea to do your research first. Talk to a real estate agent familiar For many, the secret to findin with the market before you invest any money. “Just as you would in the United States, you should learn as much as you can about the process and the community where you want to buy a property.” The secondstep is to enlist the support of a local professional, who can guide you through the entire process. Interview a few of the Mexican borders and 31 miles of any coastline, are now real estate agents who are bilingual and very familiar with Mexican transaction procedures. Select someone you are comfortable working with and who has or bank trust. internationally. You may want to use an agent erty in Mexico is to be sure it’s organization AMPI, which is now Even properties in the once “Restricted Zone,” within 62 miles open to foreign investment through the use of a “fideocomiso,” The first step to buying prop- what you really want. Living in a quaint Mexican village may have a romantic appeal, but investors should be realistic about investing in property south of the border. “No one should make a real estate purchase without doing their research,” says Martina Sil- via Gonzalez, co-owner of RE/MAX Costa Bella in Barra de Navidad on the Pacific coast. experience in selling real estate who is a member of the trade affiliated with the National Association of Realtors (NAR) in the United States. The association’s agents adhere to the same code of ethics that NAR members do. Marketing companies can show you different resort developments. Dealing with such organizations can place you in a high-pressure situation, but respected organizations are learning that a comfort- able sales environment works just as well. Obtaining a loan in Mexico is getting easier, too. The process is similar to that in the United States. An increasing number of U.S.-based mortgage companies are providing loans for purchases in Mexico. In some cases, you can even attend the closing on a Mexican property in your hometown. On average, Mexican mortgage rates run about two points above those in the U.S., but as more mortgage companies move into the market, rates may come down. The secret to successful invest- ing in Mexico is doing your research. “You may want to talk directly with friends or acquaintances who have already made the move,” suggests John C. Williams, Gonzalez’s partner. “The Internet has a great deal of information about life in Mexico, the culture and specific communities. Hun- dreds of qualified agents working in Mexico can www.remax.com.” be found at