Yucatan Real Estate – 5 Important Items You Need to Know
Are you considering buying Yucatan real estate If so, you’ve made an excellent choice for your lifestyle and budget that you won’t regret! However, there are 5 important items you should know going into your search that will make life much easier for you!
The Variety of Locations
One of the most appealing points of Yucatan is that there are a variety of locations to consider each with a distinct style. The city of Merida is a large colonial city (the second largest historic colonial center in Mexico). In the surrounding countryside, some buyers have invested in private estates and hobby farms. Along the beachfront, starting about 20 minutes from Merida, there are small villages where everybody knows each other. In any of these three locations, you will find other expats to share your experience in Mexico with!
The Variety of Property Types
In Merida alone, just about every property type could be found – modern condos, colonial homes, vacant lots, commercial properties, combined construction properties, etc. Modern homes and condos, as well as a few classic Mexican homes, can be found along the beachfront as well. Beachfront lots are still plentiful.
Where to Begin Your Search
Knowing that there is such a great variety, where should you begin your search? A good place to start is an online Mexico MLS listing that will reflect the wide variety of properties available and offer you a good selection. You may not find the property that will be your final pick online, but browsing and searching helps you get to know the market and prepare yourself for actually going and seeing properties in person.
What a Bank Trust Is
When non-Mexicans buy a property within 30 miles of a coast (which includes most properties that Americans and Canadians will consider in Yucatan), they will own it by means of a vehicle called a “Bank Trust.” While this includes an extra few steps in the buying process, it actually offers owners some extra benefits.
Who You Will Need to Work With
Some of the professionals and services you will need to work with include a lawyer, a notary public, an escrow company and a bank. Where do you find these services? The best way is through your real estate agent, who will actually be the central player in guiding you through the process and putting together your team of professionals. For this reason it is worth spending time early on finding the right agent.
With these 5 bits of important information, you will be off to a good start to enjoying life on your new property in Paradise!