How You Save Money Buying Pre-Construction

Today we examine the advantages of buying a pre-construction project in Mexico and how you can save money in doing so.  There are many properties to choose here, and buying a used home can have its´problems, requiring due diligence on the part of your attorney when doing title research. This is especially true if the property goes back many generations. So aside from the already low prices in Mexico here are some ways in which you will save .

Pre-construction could offer you substantial savings in a neighborhood that is in high demand, or one which is regarded as new or up-and-coming. In certain neighborhoods, rentals are much higher beacause of the demand to live there. After doing some research you´ll be able to find a best pre-construction development that fits your budget and has the kinds of amenities you are looking for. For example, the homes of Valle Bambu  are located near the Centro Maya shopping centre in an area which is growing and has easy access to transport, therefore it is more affordable and convenient but not as likely to pull in high rental income as in a closed community like Playacar.

One advantage to buying in pre-construction is your ability to negotiaite on the payment schedule, by establishing a fixed calendar for payments which can result in great advantages for you. In exchange for making a large initial deposit you could upgrade to a better unit in the building like a penthouse, or have the developer throw in some furniture or even a Jacuzzi.

Buying early in to a development offers more choices and ultimately more savings. Is there a particular type of colour you would prefer for the walls? What about the lighting fixtures or the material for the countertops? With pre-construction these change will not cost you anything, amounting to direct savings which would otherwise be difficult to get when buying an already existing unit. 

Finally, pre-construction property can turn into a great investment when you look at appreciation. Once the development is completed the price of a condo unity will likely rise by 10%, or even 15%. Playa del Carmen is a city in the Riviera Maya that is booming, and has a lot of pre-construction properties on the market, with new ones appearing all the time. It´s hard to miss the large billboards that line the busy downtown streets, so it may be as simple as taking a snapshot with your phone and following up with a phone call and a trip to the showroom office. Before you know it your home will be ready and you´ll have more money in your pocket as well.

Now if you have any question about how to purchase property in Mexico or about any of the TOP MEXICO REAL ESTATE properties we have listed anywhere throughout Mexico, please feel free to contact any of our Top Mexico Buyer’s Representatives and we will be glad to help you find your very own piece of paradise.

And remember, here at Top Mexico Real Estate…

We make it happen!

3 Facts About Title Insurance You Should Know

Title insurance is an agreement of indemnity between the purchaser and the insurance company, so through a title insurance policy you will be protected in the event that there is any claim in title because somebody has a better right to the property. This is a consequence of fraud, forgery of documents, lost heirs and overlaps of property. Since obtaining title insurance in Mexico is highly recommended I´ve put together some facts below that showing why it is an important part of purchasing property in Mexico.

The bank trust is the only financial vehicle through which you can obtain your money back if there is a claim in title and you lose the property.

In Mexico it is the only vehicle through which you can be protected that will give you a guarantee that if you lose the property because of fraud or any claim in title that causes you to actually lose the property, you can get your money back. No-one will do that. Not the attorneys, not the notary public, not the government, public registry- no-one. If you don´t have title insurance and there is a claim in title then you are on your own. You would have to fight off any litigation if that is necessary and protect your property.

If there is a claim in title the insurance policy would pay every single amount of money necessary to protect the title.

Prior to having your property insured your lawyers will have to verify that the property is free and clear of any liens, and that the seller was the rightful owner. Title research allows them to verify that everything is in order. That is why through the title research they will obtain a complete chain of title from beginning to end, going as far back until the time of the revolution if necessary. This is to verify that all the conveyance in title through every single transfer of title or modification of the property was done appropriately. The underwriting process will determine if the property is insurable or not. If there is something wrong the insurance policy could have an exception of coverage or we can deny the granting of the insurance policy.

If there is a valid claim in title it would fought it off in court and if you do suffer the loss you would be indemnified.

Let´s suppose that in the future somebody comes up knocking on your door and says that your property is theirs and they have legal documents to prove they are the owners. If you have the insurance policy your legal representatives would go back, review the documents, and see why there is a claim in title.  And the indemnity means paying you the amount of money you spent on the property, meaning the purchase price recorded in the title. Through the insurance policy you would be fully protected for any claim in title.

For more information about title insurance or purchasing property in Mexico please subscribe to our blog, or contact us.

TAO Real Estate: Something for Everyone

The exclusive gated community of Bahia Principe Residences is located between Playa del Carmen and Tulum in the Riviera Maya. Bahia Principe is the home to the Riviera Maya Golf Club, which was recently vote the 2nd best golf course in the Riviera Maya. The masterfully designed Robert Trent Jones II 36-hole golf course encompasses the awe-inspiring jungle, beautiful lakes and freshwater pools called cenotes. Bahia Principe also features four luxurious 5 star resorts, many gourmet restaurants and bars, several swimming pools, a owners beach club, casino and shopping plaza. There are many activities for you to partake in day or night such as water sports, various games, comedy shows and Vegas style entertainment, just to name a few. Furthermore, Bahia Principe has gorgeous real estate options spread throughout the community and owners get to enjoy all of the wonder amenities in Bahia Principe.  

TAO is one of those options and they offer wide range of property types to choose from. TAO features lofts, condos, penthouses, townhomes and beachfront residences; all combined luxury and tranquility to encourage a lifestyle of peaceful healthy living with a sense of belonging. 

Residents also receive exclusive access to the TAO Wellness Center; an architectural masterpiece that blends perfectly with the surrounding jungle. This sanctuary provides a plethora of ways to relax and soothe the mind, body and spirit. Get a workout in at the fully equipped gym, stretch in the yoga room or partake in one of the amazing classes, do a few laps in the refreshing salt water pool or receive a relaxing massage… are just a few of the activities to be enjoyed at the TAO Wellness Center.

Real estate properties at TAO start at just $155,000 USD. Also to help you realize your dream of living in this paradise, pre-approved financing is available through TAO. Interest free financing is available for 1-3 years depending on the property delivery date (a down payment is required). Properties can also be financed for five years at a 5% interest rate or for ten years with an 8.5% interest rate. Additionally, if you are thinking about buying a property for investment TAO also provides its own rental and management services.

Please don't hesitate to contact a Top Mexico Buyers’ Representative for more information about the wonderful properties at available at TAO. If you want a worry free and affordable way to tour TAO and other great real estate properties in person, then join us on the Live It, Compare It & Buy It Tour!

Top Mexico Real Estate…

We Make It Happen!

Last Chance to Sign Up For the Mexico Real Estate Webinar

This is your last chance to sign up for Top Mexico Real Estate’s first webinar. Over the years we have helped thousands safely purchase Mexico real estate. During this time I have received many wonderful questions about Mexico and the real estate market. This is what prompted me to start the Mexico real estate webinar series.

This first webinar in the series is titled, ‘You Can Own Property in Mexico and make your retirement savings go further’. The 40 minute webinar will show you the 8 simple steps to purchasing your Mexico dream home. It will go over financing options in Mexico, the Mexico purchasing process and how to move to Mexico. The webinar will conclude with a 20 minute question and answer session and a live raffle. One lucky attendee will win a Live It, Compare It & Buy It Tour, a 7 day all-inclusive Riviera Maya real estate vacation for two, valued at $1,199 USD. Also in order to get the most out of this webinar, we have created a workbook that will help you take notes and follow along.

Let this webinar be your stepping stone to making your dream of owning Mexico real estate a reality. This webinar will provide you with real steps you can immediately put into practice. Attend our webinar and realize that owning your very own piece of the Mexican paradise can be safe, easy and worry-free with Top Mexico Real Estate at your side!

Mark your calendars… March 31st at 1 pm EST. Sign up today and receive your webinar workbook!

And remember, here at Top Mexico Real Estate…

We Make It Happen!

Title Insurance

Are planning on purchasing a property in Mexico?  If so, it is important to protect yourself in the event of possible legal disputes regarding your property. Conflicts sometimes occur over ownership rights to a as a consequence of many things: fraud, forged documents, lost heirs and the overlaps of property. One of the ways to insure against potential financial loss is to obtain title insurance. 

What is title insurance?

It´s an agreement of indemnity between the purchaser and the insurance company. With  a title insurance policy you will be protected in case there is ever any claim in title.

Why is it important?

It´s the only way that you can get your money in a situation where you stand to lose your property due to a claim in title . In Mexico it´s the only way that you can be protected. It´s a guarantee that can get you your money back if you ending up losing your property due to a claim in title or fraud. Without title insurance you are on your own if there is a claim and would have to fight off any litigation without the help the notary public, the government, or public registry.

What are the legal effects if I do have the title insurance?

Before the property is insured your lawyers have to verify that the property is free and clear of any liens and confirm that the seller is the rightful owner. Through the title research, which verifies that everything is in order, you will get a complete chain of title from beginning to end- even going back until the time of the revolution if necessary! Every single transfer of title or modification of the property is checked to see if it was done appropriately and the underwriting process determines if the property is insurable or not. As a result of the research you may be denied the granting of the insurance policy on a particular property.

Example

Your neighbor has just completed a survey of his land and determined that his property actually overlaps on to yours. In the area of overlap you have a building, so in theory this building is owned by your neighbor because it is on his property. He owns everything that is built over his property. That is a clear claim in title, and if you have title insurance it would be defended in court. If not, you are on your own.

For more information about purchasing property in Mexico subscribe to our blog, or contact us. And remember, at Top Mexico Real Estate…

we make it happen!