Are you thinking of buying real estate in Riviera Nayarit? If so we have some tips and hints for you to consider before you dive in head first.
What you should know when buying real estate in Riviera Nayarit.
Closing Process when buying real estate in Riviera Nayarit
The closing process when buying real estate in Riviera Nayarit generally takes 30 to 45 days; paperwork and escrow payments will be coordinated through your real estate office and a local public notary. Closing costs on real estate in Riviera Nayarit are paid by the buyer whilst the seller pays any capital gains tax and real estate fees; buyer and seller need not be present at closing, but may be represented by their sales associated via power of attorney.
Maintaining Your Riviera Nayarit Property
Condominium owners buying real estate in Riviera Nayarit should know that common area maintenance and security is handled by the Condominium Owners Association for each building and paid for by monthly fees. Owners who may be away from their property for any length of time may want to consider a property management company.
Insurance for real estate in Riviera Nayarit
Various types of insurance, including property, damage, earthquake, and liability, are all readily available at a reasonable price in Mexico. All types of policies can be written to pay out claims in US dollars if needs be for real estate in Riviera Nayarit
Taxes on real estate in Riviera Nayarit
Property taxes are fairly low in Riviera Nayarit; known as “predial” the mil rate is 0.08% of the assessed value paid (determined at the time of sale).
Financing for buying real estate in Riviera Nayarit
Real estate purchases in Mexico are generally cash transactions, though mortgages are slowly becoming more common (despite high interest rates). Purchasers do need to provide their own financing, for example equity loans, second mortgages, and personal lines of credit etc.
Real Estate in Riviera Nayarit Rental Potential
In Riviera Nayarit there is a very strong market for rental homes and condos; if you find a quality property which you rent out at a competitive price you can expect to have 70 – 80% occupancy naturally.
Speculation when buying real estate in Riviera Nayarit
Short-term property speculation is not a concept that can really be applied to the real estate market in Mexico; traditionally, buyers are looking for a second home in this area (either for retirement or for vacations) so the market is a bit more stable. If you want noticeable rises in price you should consider buying in the tourist centers.