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!

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.

Playa del Carmen Real Estate: Zenith

Have you ever dreamed of owning a hassle free vacation home in the Riviera Maya? If so, then I have the perfect property for you… Zenith. Zenith is the newest condo development on The Fives property in Playa delCarmen, Mexico.

Zenith owners enjoy all the perks at The Fives such as daily maid service, child care at the kids club and a private Beach Club. Owner will also be able to enjoy the many amenities The Fives has to offer including the swimming pools, a spa, a gym, tennis courts and several restaurants and lounges.

Zenith featuring spacious two or three bedrooms condos with fully equipped kitchen and luxurious details such as granite countertops. The outstanding condos at Zenith come fully equipped and beautifully furnished, ready for you to start enjoying your vacation home. Luxury condos start at just $199,000 USD with the option of three year financing at 0% interest. Additionally when you purchase a per-construction condo you can enjoy the amenities immediately because during your financing plan The Fives will give you four weeks free usage a year and they will even include their gourmet all-inclusive food plan during those four weeks.

The luxury residences at Zenith operates as a 5 star condo-hotel with a guarantees return on investment thanks to the remarkable maintenance and administration program by the reputable hotelier, Karisma. Zenith is a worry free investment allowing you to generate revenue when you are not using your condo.

Enjoy the benefits of vacationing in Mexico while making money. Thanks to the excellent financing program now is a great time to buy at Zenith.

If you have any questions about Zenith, the excellent financing plan or The Fives, please feel free to contact any of our Top MexicoBuyers’ Representatives. Invest in Playa del Carmen real estate, invest in Zenith.

And remember, here at Top Mexico Real Estate…

We Make It Happen!

Free Mexico Real Estate Webinar

Over the years Top Mexico Real Estate has helped thousands of Americans and Canadians safely purchase real estate in Mexico. Over the years I have received many wonderful questions about how to retire to Mexico and the Mexico real estate market. These wonderful questions prompted me to create a Mexico real estate webinar series.

‘You Can Own Property in Mexico and make your retirement savings go further’, is the first webinar in the new educational series. In 8 simple steps this 40 minute webinar will show you how to purchase your dream home in Mexico. The webinar will discuss the financing options available in Mexico, the Mexico purchasing process and how to retire to Mexico. The webinar will conclude with a live 20 minute Q&A session and raffle where one of the lucky attendee will win a Live It, Compare It & Buy It Tour. This is a seven day all-inclusive Riviera Maya real estate vacation for two, valued at $1,199 USD. Additionally, we will provide you with a webinar workbook, allowing you to participate and take notes while following 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! This is your last chance to sign up for Top Mexico Real Estate’s first webinar.

And remember, here at Top Mexico Real Estate…

We Make It Happen!

Title Insurance

If you are planning on purchasing a property in Mexico it is important to protect yourself in the event of possible legal disputes. Conflicts over ownership rights to a home or piece of land do happen, and 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, which means that with  title insurance policy you will be protected in case there is ever any claim in title.This is could be as a consequence of many things: fraud, forgeddocuments, lost heirs and the overlaps of property.

Here´s an example. Your neighbor has title insurance and and has just completed a survey of his land. He´s determined that his property actually overlaps on to yours, and in the area of overlap you have a building- let´s say an apartment or a condo. Theoretically this building is on your neighbor´s property, which means that owns it. He is the owner of everything that is built over his property. That is a clear claim in title, and if you as the developer have title insurance it would be defended in court. 

Why is it important?

Title insurance is the only financial vehicle through which you can get your money back in the event of a claim in title where you stand to lose your property. Here in Mexico it is the only way through in which you can be protected. It´s a guarantee that says: ¨You can get your money back if you lose your property due to fraud or a claim in title.¨ If you don´t have title insurance and there is a claim in title then you are on your own and would have to fight off any litigation to protect your property. The attorneys, the notary public, the government, and public registry will not help you.

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

Prior to insuring the property your lawyers have to verify that the property is free and clear of any liens. They also must confirm that the seller is the rightful owner. This is done through the title research which verifies that everything is in order, giving you 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 we will determine if the property is insurable or not. If anything is wrong the insurance policy could have an exception of coverage. Or you may be denied the granting of the insurance policy on that property.

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!