How to Buy Real Estate in Mexico
It's fun to dream about having a getaway place in Mexico, be it a charming condo by the ocean, a little cabin somewhere, or whatever... It's even more fun to do it!
In recent years it has become easier for foreigners to own real estate in Mexico, including Mexican beachfront property. See below for more about how this works... property near the ocean is handled in a different way from other types. But it's great that we can do it now!
Buying real estate in Mexico is different from the process at home in some ways, so do work with an attorney who knows the ropes and speaks good English.
Some Tips on Buying Mexican Houses, Land, etc.
Mexican real estate is typically paid for with cash or by check. Mortgages are quite rare.
Due partly to the rarity of mortgages, a house may be for sale for quite a while. This could be to your advantage when buying, and less so if you decided to sell.
Mexican title insurance for real estate is much less common than in the US, but you really should arrange to get it.
There's one kind of land to be wary of -- ejido land. Ejidos were land held in common in the past, and the titles can be murky.
If you are exploring the real estate -- be it homes, land, condos, or whatever -- in a particular area of a Mexican city or state, ask local people what is for sale. You may have a lot of choices that are not listed with real estate offices and don't even have signs out front. You can find treasures this way, even if your Spanish is pretty basic!
Prices may be higher if the seller knows that a foreigner is interested. So you may pay more than a local, but do feel free to bargain. It's expected!
Property measurements are often in square meters. To give you an idea, 1 acre equals 4046.86 square meters. One square meter equals 10.7639 square feet.
Buying Mexican real estate near the ocean
As individuals, foreigners can't own property within about 30 miles of the shoreline or about 60 miles of the border. But there are two ways that you can legally own Mexican real estate within these regions. Experts say that both methods are secure, when set up properly.
[1] A bank trust is commonly used for residential real estate, and that's called a fideicomiso in Spanish. The bank "owns" the property but you as trustee have total control of the real estate, for building, selling, putting it in your will and avoiding inheritance taxes, etc. You can list more than one trustee, for example, yourself and your spouse or yourself and a friend.
Bank trusts are good for 50 years and are renewable. Setup fees run somewhere around $500 for this arrangement, and annual fees are about the same. There are regulations on how large the land can be.
[2] You can form a Mexican corporation, but none of the owners can be Mexican. If the land will be used commercially, this is the way to go. Costs to set up this corporation are several times higher than for a bank trust. Mexican corporate tax reports have to be filed, which you would have a Mexican accountant do for you.
So if you dream of having a home in Mexico, do your homework and go for it! Thousands of foreigners have done it, and many of them are living in their homes right now. You can join them!
Six Ways to Meet People When You are Traveling, with Examples from Mexico
Guidebooks don't discuss the single biggest thing that will make your trip a memorable success... meeting people! The joy of connecting, even when it is brief, can make all the difference in how you feel.
1. Express appreciation
It has to be genuine, but that usually isn't hard - even a happy comment on the weather will get you started.
The first time I noticed the power of appreciation on a recent Mexican trip was when I went up to the entry desk at El Tajín, the great ruins in the state of Veracruz. It was our second day there, and two men were working at the desk. One of them recognized me from the day before. I told them, in my far-from-perfect Spanish, that I had never seen museum employees who were so interested in their work. That got their attention, as people who go the extra mile get taken for granted all too often.
They told me that they were Totonacs, descendants of the people who had created the magnificent ruins. They were so deeply connected with the history that my whole visit there took on a deeper meaning. We talked quite a while longer, and it was one of the most satisfying conversations of the whole trip.
After that, I made a point of finding times to express appreciation.
(Actually, looking for things to appreciate is a longtime habit of mine, especially when I am a bit down and want to raise my spirits, but expressing it is a different matter.) One time, my husband Kelly and I stopped in a bakery in Xalapa to get some fresh bread and pastries.
The bright-eyed elderly man running the place seemed interesting, so I said simply, "We like your city." He grinned and, tongue in cheek, announced himself the founder of Xalapa. We had a nice, brief conversation.
One last example: when we were at a waterfall near the small town of Xico, I was just watching people while Kelly had gone off someplace. For about five minutes, I watched a man playing with a young dog. It made me miss my dogs. After the fellow sat down, I went over and told him how much I enjoyed watching him and the dog. Again, this led to one of the most delightful encounters of the trip.
2. Ask questions
People generally love it when you are interested in something that they can tell you about. When we arrived in Bernal, having only read a brief, disparaging remark about energies there in our guidebook, I wanted to find out more about them. When I noticed a rock shop, I knew that would be the place to ask - leading to a friendship with Ana and Juvenal the owners of the shop. I continued to ask around town, and once received quite a long lecture on ecology from a shopkeeper!
Asking for help is a variation on this theme. When we were looking for a hotel in Xalapa that had space for our motorhome, we went from one hotel to another. Usually, the people were very kind in suggesting other places we could try. And eventually, much later that day, asking led us to a delightful spot in the small town of Xico nearby.
Often, if you ask for directions in Mexico, people will take you part way, or even all the way. One thing to know about asking directions is that the Mexican desire to be of assistance sometimes means they will give you inaccurate directions. When we were in Ciudad Victoria, our friend John drove Kelly across the city to find a dentist whose address they had written down. When they returned hours later, they were shaking their heads at how many helpful people had mis-directed them!
These two methods - expressing appreciation and asking questions - are probably the main ones. Do them alone and you'll have a lot of good connections!
3. Smile
Mexicans make more eye contact with strangers than we do. Sometimes just a passing smile with someone is a very satisfying encounter. I remember: a smile I exchanged with a woman in a grocery store as I removed a large stuffed animal that a child had placed in my cart... a baby who kept watching me and grinning... the deeper sense of connection that I shared through a smile with a woman who was pushing an old man in a wheelchair at El Chorrito, a pilgrimage center.
4. Help someone
I learned this one from Carl Franz in the marvelous book The People's Guide to Mexico. He would take on farm work or other activities, thereby learning new skills and making new friends.
My attempts were more modest. When we stopped for gas one day, there were the usual teenage boys who cleaned our windshield with their rags for a small tip. One of them asked how to count in English.
He already knew a little, so we went over the numbers from one to twenty while the gas pumped. When it was time to go, his buddy asked how to say adios in English so I told him and we drove away with a cheerful chorus of "Goo-buy!" ringing in our ears. I especially enjoyed this encounter because the kids looked like tough guys when we drove in.
5. Buy something
This makes a natural opening for asking a question or expressing appreciation. As we bought a kilo of peanuts from a market vendor, I asked how things were in Mexico now. He had strong opinions on the subject, and it was interesting to hear his views on how the politicians are stealing from the people.
6. Learn something of the language and customs
The more of a language you know, the more you can converse - that's a no-brainer. But I think people often don't realize that when you know nothing of a language to start with, every word you learn can make a big difference. If you know the numbers, the greetings, and some basic questions, you are in much better shape than if you don't. Also, a number of times, Mexicans who spoke English, whether a little or a lot, enjoyed using their English with us.
About Acapulco
Mexico's first great resort destination, Acapulco is a stunningly beautiful city located around a bay on the Pacific Ocean, with miles of easily-accessible beaches. It's truly in the tropics, with palm trees and other exotic plants everywhere. Views across the bay are gorgeous, the sunsets are legendary, and the city lights at night are lovely from every vantage point.
What to do? Swimming (but note that some beaches have rough surf and undertows), working on your tan, eating and drinking at the wide variety of restaurants and clubs... and staying up late (or all night) to go dancing at the discos. Scuba diving, fishing, boating, and other water sports are available, as are golf courses and tennis courts. The shopping is great fun, though don't expect the best bargains in Mexico in this tourist-oriented city. Famous divers jump off extremely high cliffs into the sea at La Quebrada... that's something to watch, not to do! Most of all, Acapulco is a place to relax.
I've been to Acapulco both as a child and as an adult. Of course, the city has changed a lot; the quaint little motel just a block from the beach where we stayed when I was a kid is long gone, replaced with newer, taller buildings.
I adored the city as a child, and I continue to like its natural beauty and its beaches. Though it is now a huge city and very tourist-oriented, I still think Acapulco is an outstanding place for a beach vacation. The glittering celebrities are more likely to go to the newer resorts -- Cancun and others that were small towns or fishing ports when Acapulco was the rising star.
If you explore the central market and other places away from the obvious main tourist areas, you can get a real connection with the people. Many of the tourists nowadays are Mexican, and you can chat with them on the beach. Don't speak Spanish? No problem! Smiles go a long way, and many Mexicans know some English.
The weather in Acapulco is very nice all winter, hot and humid in the summer. Good thing the beach is there!
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