Should I purchase Cozumel real estate? What should I know to make my decision?
Cozumel has all of the things you want to buy a home in a paradise with beautiful beaches, great food, diving, shopping, and other activities. So, how do you buy a real estate in Cozumel? While Cozumel has all of the advantages above you need to make sure you understand a few basics before you consider Cozumel Real Estate.
Cozumel Real Estate
Perhaps your first thing to consider would be do I want to own a house, condo, or apartment. Each of these options have their benefits and each has their own price levels. It is similar to the decision making process in the States. Do I mind being in a building with other owners of apartments? Do I mind having other condos or apartments right next to me with no yard? Or, do I want to have my own home, perhaps with a pool and a yard?
Cozumel Real Estate – Where do I start?
First, I would recommend talking to other owners who recently purchased property in Cozumel. They just went through the process and will be well versed in the details. You can go onto numerous blog sites and question and answer sites to get information. Second, I would reach out to a lawyer who has experience in Cozumel. You just need to do a search on the internet for a lawyer. You might also want to consider a Mexican lawyer in Cozumel especially since most of the documents will probably be in Spanish. Mexican lawyers are very reasonably priced and could save you a lot of money. Like any service, ask for multiple references of people in the States. You might also want to talk to some U.S. real estate companies to see if they will refer you to a good Mexican lawyer.
Bank Trusts and Fees
Mexico has different laws regarding foreigners buying Cozumel real estate. First, in most cases you will have to use a bank trust or Fideicomiscos. This is a requirement of Mexico’s constitution. The bank will hold the trust deed for you. You still own the property but the bank is supposed to be there to protect your interests. Like any property you own in the States you need to ask for actual costs with actual bills for utilities, condo fees, water, trash, etc.. Your electricity bill will probably be twice the cost of what you are used to in the States. Because it is different country you need to really ask about all of the fees or you will probably get some unpleasant surprises when you see your costs after you buy the property.
Cozumel Real Estate Prices
Like anywhere Cozumel real estate prices will vary based on size, location, age of the property etc… There are websites you can find on the internet to show you the different prices. There are properties that are in the $150,000 range up to $1,000,000. Have fun, do your research and hopefully I see you in Cozumel in your new house!