Apartment for Sale
Houses for Sale
Beachfront Property
Mexican Time can assist you with buying your dream home or investment property from the time you land at the airport in Merida, to when the property is transferred into your name. Unlike real estate agents who solely focus on selling you properties that they have listed, Mexican Time have the ability to show you virtually any property that is for sale, and also assist with free lawyers and attorneys who can check the paperwork of the property and contract, building inspectors to assist with ensuring the building is structurally sound, and even help determine if the price you are paying is of fair value.
Important things to look out for when buying property in Merida, Mexico
There are many factors to consider when purchasing real estate in Merida. Below are just some of the issues that you can come across.
Does the property truly meet your needs?
It is easy to fall in love with a beachfront home in Merida that costs the same price as a 1 bedroom apartment in your home town. Before buying your new dream home however, you really need to ask yourself if this exact property suits your needs. For example, the climate in Merida is very unique, in that it is extremely hot 9 out of 12 months of the year. With this being said, does the new home you are about to buy have enough air conditioners to keep you cool during the blistering hot days? Is there enough sunlight coming in through the windows during the day? Does the house have fly screen to prevent the endless cockroaches flying in 24 hours a day? There are many factors to consider when buying real estate in Merida, and it’s a good idea to bring someone who has lived here for many years, and who has lived in Merida first hand, to help you work out if the property you are about to buy is right for you.
Is the home or property you are buying structurally sound?
Using a building inspector when buying real estate in Merida is not as common as say when real estate is bought in western countries like Australia, USA and Canada. If you purchase a home in Merida and the building is not structurally sound, there is no legal recourse, and you could be stuck with a home that needs to be demolished. When viewing real estate here in Merida, it’s a good idea to take a building inspector with you to ensure that the home will last for many years to come. The vast majority of properties here are built from concrete, so if the building inspector gives the place the all clear, then there is no reason your new home or investment property couldn’t last another 100+ years.
Is the price you are paying fair for similar properties on the market?
Unlike in western countries, Merida doesn’t have price guides that you can follow which gives you an idea of what a property might be worth. For example in Australia there is realestate.com.au which is a website that sellers of real estate can list their properties on, however the website also has price guides and transaction history for each area in the country. This helps with making sure you aren’t paying way above what a fair price is. IN Merida however this doesn’t exist. You can have 10 houses in 1 street, all look and feel the same, and the prices can range quite dramatically. In saying this, it is a good idea to speak to a professional in the real estate industry here who can use their experience and knowledge in working out if the price you are paying is a fair one.
Is all of the paperwork and title deed in order?
When buying real estate in Merida, it’s of paramount importance to ensure that all of the paperwork is in order. Is the name of the person on the title deed the person who is selling the property? Are there any liens or mortgages on the property which prevents the owner from being able to sell it? Having your own lawyer who specialized in property transactions is a cost effective and great way to prevent a financial catastrophe when buying real estate in Merida.
Is the real estate agent you are dealing with reputable and honest?
In Merida (and Mexico in general), it is well known that there are a lot of shady operators who sell property. This can result in overpaying for your property as you have no real reference for what is a fair price, buying real estate that needs to have its structure upgraded, and even as bad as paying a deposit and never hearing from them again. One of the main reasons for these issues is that you don’t need to have a real estate license when selling property in Mexico. When dealing with a real estate agent in Merida, it is very important to check their online reviews, and see how long the business has been in operation. If they lack online presence and real reviews, it could be a warning sign.
Is the property you are buying a good investment?
Property can be a great long term investment, as it can provide capital growth over many years, and also provide rental income (if it is a complete home). When purchasing real estate in Merida, you need to know if the property you have chosen is a good investment or not. Factors that help determine this are the purchase price in comparison to properties that are similar, how ‘’rentable’’ is it for tenants, if the property is high or low maintenance in that it needs regular gardening etc, is it an apartment in a building that has high strata fees and so on.