Monday

Where to Buy Your First Mexico Home and How Can You be Financially Capable to Buy One

Let us assume that you are choosing a new real estate either as an investment, a vacation house or as your retirement home in Mexico, you will be more likely to choose some place where the property isn't so overgrowth and most definitely, still affordable to be purchased.

Playa del Carmen is a fairly big city that is developing well and is growing as quickly as their bigger neighborhood city like Cancun. Known to be a very safe town and yet, their property price remains inexpensive for most homebuyers. Though there is a 3 stories high building restriction and without much overly modern design, this town is magnificent with its beautiful white sand beaches and is a popular tourist spot.

Rarely there is a place in Mexico that offers real estates and their features as good as in Playa del Carmen. But now, how do you buy one if you do not have a large sum of cash available and you're not a Mexican?

This financial problem for Americans, Canadians and Europeans has been known for a long time, but in recent years, mortgages have become available to non-Mexican buyers.

Like with any financial aids, there are some catches and advantages in them and note that this is not suitable for everyone. If you intent to buy one through financing from their local banks, have a look at their general pros and cons below :

Pros :

  • May cover up to 70% of your property price.
  • The property you bought in Mexico can act as collateral, in this case all your assets back home will be risk-free.
  • A variety of payment options including financing term up to 20 years or less, fixed or variable rates, etc.

Cons :

  • If no agent or mortgage provider is appointed to you for pre-approval, it will take a long time, could be from weeks to a few months to complete the purchasing process.
  • More paper work required compared to American banks.
  • Interest rates will be slightly higher for non-Mexican.
  • Higher down payment required along with your high credit score.
  • Minimum property purchase price is no lesser than $100,000 USD.

http://www.playadelcarmencondos.net is a free apartment finder service specialize in listing condos, apartments and other real estates available for sale in Playa del Carmen, Mexico.