Right now is an exciting time to purchase Cabo San Lucas real estate. To begin with, prices are steadily rising. Also, resorts and communities are growing every year. Therefore, Cabo San Lucas is quickly becoming the place to buy real estate in Mexico.
Are you a first-time buyer of real estate in Mexico?
If so, please allow me to show you just how easy and safe it really is. In this post, you’ll discover the small hurdles that you’ll encounter. Then, you’ll see just how simple it is to buy Cabo San Lucas real estate in Mexico. So, read more to reveal the facts.
Let’s get started…
The first question you may ask is “what type of Cabo San Lucas real estate can you, a foreigner, purchase in Mexico?”
The answer is easy. As a foreigner, you may purchase any type of Cabo San Lucas real estate. And, just follow the few simple steps that I detail below and discover just how easy it really is.
Whether you’re looking for a beach home, condominium, lot to build on, or commercial property, the sky is the limit!
Residing in the Mexican State Baja California Sur, which means “south,” Los Cabos is located in the bottom half of the Baja peninsula.
“The Los Cabos housing market…has been steadily rebounding as new construction continues and demand for vacation homes grows… Sales volume increased by about 30 percent in 2016 over the previous year… Most buyers are from the United States and Canada” – New York Times.
Many media outlets from around the world reflect this. Therefore, it really is an exciting time to purchase Cabo San Lucas real estate.
There are just a few requirements to follow when you purchase Cabo San Lucas real estate. And, it isn’t complicated. Your real-estate agent in Los Cabos will help you through the entire process. So, don’t be vexed! Your attention should lie in finding the right Cabo San Lucas real estate that fits all your needs and desires.
A Mexican bank will then hold the trust deed for you. And, you’ll become the beneficiary and retain full ownership of that Cabo San Lucas real estate.
That’s all there is to it!
You may purchase real estate in Mexico with a Mexican Tourist Visa, which is obtained at the airport when you enter Mexico. But, if you plan to stay in Mexico, it’s a good idea to obtain a Mexican Temporary Residency Visa.
Here’s the lowdown…
Foreigners who intend to stay in Mexico for more than 180 days must attain their Temporary Residence Visa. First, you must prove your income and show that you can support yourself while living in Mexico. Of course, if you’re an investor, or you already own real estate in Mexico, you probably already qualify for a Temporary Residency Visa.
The Temporary Resident Visa will only be granted for one year when you first obtain it. Then, after the first year, temporary residents may apply for one, two, or three years renewal of their temporary resident card.
Article 27 of the Mexican Constitution requires that foreigners purchasing residential property in the restricted zone must obtain property rights through a Mexican bank trust, known as a fideicomiso. This zone is 50km (31 miles) from the coastlines and 100km (62 miles) from the border. And, this type of bank trust is good for 50 years and is renewable thereafter by you or your heirs.
The average cost is about $2000 USD to set up, and about $500 USD per year to maintain. The cost does NOT vary based on the amount of the purchase of your Cabo San Lucas real estate.
Like I mentioned before, your Cabo San Lucas real estate agent will lay everything out for you. And, your agent will help you navigate the entire process.
Come visit Los Cabos and find everything you need for a wonderful vacation, all year round!
Many Americans, Canadians, and people from other countries decide to make Los Cabos, Mexico, their home or vacation home. Therefore, contact the top Real Estate Broker in Los Cabos to uncover how to purchase your dream home in Mexico. Nick Fong, who’s been featured twice on HGTV’s Beachfront Bargain Hunt is ready to serve you.
Thank you for reading Cabo San Lucas Real Estate Buyer’s Guide, written by Greg Hixon. Check out other posts in Nick Fong‘s blog, on LosCabosAgent.com, and learn about the many wonderful aspects of Los Cabos, Mexico, from blog posts like this.