Posted on December 15, 2017
What You Should Know Before Buying A Home In Cabo
Whether you’ll be living there part-time or permanently, buying a property in Los Cabos, Mexico can be one of the most rewarding real estate decisions you can make. The hospitable climate, abundant recreational options and rich culture make it an ideal place for a vacation home or a permanent residence. It’s no wonder that so many people are looking to purchase property down there. However, investing in property in Los Cabos is a major decision, and one that shouldn’t be made without doing your due diligence. With that in mind, here is some of the most important information you should know before moving to Cabo San Lucas.
If you’re a U.S. citizen and you plan on living in Los Cabos permanently, you’ll need to consult with professionals to help coordinate the immigration process to Mexico. The Mexican Consulate can help answer any questions you may have about becoming a permanent resident of Mexico. If you’re only planning to stay for a little while, you can apply for a tourist visa that expires after six months.
Understanding the Real Estate Transaction
Purchasing property in Mexico is a different process than buying real estate in the United States. Although it’s advised to work with a professional to help you navigate the entire process successfully, there are a few important details you should know before getting the ball rolling. For example, if you are a U.S. citizen buying property in the restricted zone in Mexico — defined as within 100 kilometers of the border and within 50 kilometers of the coastline — your property will be placed into a trust held by the bank for 50 years. Afterward, you will need to renew the trust permit. Additionally, you should arrange for an independent escrow company to handle your funds securely during the transaction, due to the differences in the real estate transaction process in Mexico.
Cost of Living in Cabo
Although tourist resorts in Los Cabos can be expensive, overall, the cost of living in Cabo, Mexico can be relatively affordable compared to living in the United States. Provided you know where to go, you don’t have to worry about paying tourist prices for most items. However, one big expense that you’ll need to think about is your car, which may be less expensive to purchase and license in the United States and then import to Mexico.
If you have the desire and the resources, buying property in Los Cabos can be one of the best decisions you can make. If you’re ready to take the plunge and experience everything Los Cabos has to offer for yourself — some of the time or all of the time — reach out to us at Los Cabos Agent to learn about your options.