Dos and Don’ts of Looking For a Home in Another Country
It’s not uncommon for families to be looking to buy property abroad. In many places, like Mexico, the price of a property abroad is peanuts, when you compare it to US or Canada house prices. It’s easy to go abroad on holiday and fall in love with a country. On the other hand, you may just want to make an investment overseas, and bricks and mortar is a safe bet (plus, you will have your very own holiday home). Regardless, whatever your goal is, it can be challenging to search for houses when they are not easily accessible to you. You can’t just keep jumping on a plane to scope out prospective homes!
Know the Market
Houses are always going up and down in value, no matter where you are in the world. Get to know the market where you plan to live and don’t make the mistake of thinking that property values change similarly across countries. As a foreigner, you may be limited in what you are allowed to buy, so make sure that you find out if there are any restrictions. You want to avoid any scams that could leave you penniless, so find a reputable road into property purchasing.
Also look into the financial stability of the country you want to buy property in, as well as the exchange rate. This information might influence your decisions in the future.
Estate Agents and Other Help
You can often get great deals by buying directly from the owner, but this approach is littered with landmines. Using an estate agent can protect you from pitfalls and provide you with a layer of safety. You also may struggle alone, if you don’t know the language well. Estate agents have an obligation to make sure that you know what is going on with your property purchase.
You may even want to seek legal advice, when it comes to making your property purchase watertight and covering your back, just in case something happens. A lawyer’s advice can be invaluable, when it comes to navigating an unfamiliar legal system.
Get Everything Professionally Translated
Don’t sign anything until your contracts are translated into your native language. You need to understand everything that you are signing, otherwise you might find yourself in trouble later on down the line. Carefully read contracts before signing, and don’t proceed unless you are clear on every point. It’s better to ask a lot of questions than sign your soul away.
Mortgage Payments
Once you have agreed all of the contractual necessities, you will need to arrange a transfer of funds to pay for your property. Obviously, you will want the best currency exchange that you can get, so avoid your bank (you won’t get a good rate here). Instead, go through a currency transfer service, so you don’t lose a hefty amount of money.
Money Leftover
Of course, it’s important to keep in mind that you’ll need money left over to furnish your home, otherwise it’s just a shell! There are plenty of guides online for what you’ll need, if you need a comprehensive list of items to purchase.
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Why Use AMPI?
AMPI is the national association of real estate professionals that have, since 1956, gathered under laws and codes of ethics and conduct to create a reliable, trustworthy an efficient real estate environment in Mexico.
AMPI consists of separate autonomous sections all throughout the nation, as well as more than 4,000 associates and affiliates.
Each section is independent and has its own board of directors, only surpassed by a national board of directors comprised of twenty associates from all over the republic.
Developed over the years with the input and knowledge of its members, AMPI is much more than just a collection of offices.
AMPI has been a solid and recognized institution in Mexico for the past 27 years. It was originally established in 1956 and was consolidated in 1980.
AMPI is currently represented in all the principle cities and regions of Mexico stretching from Tijuana to Cancun.
The Riviera Nayarita, Vallarta and Compostela chapters of AMPI are dedicated to promote the best practices in real estate by providing its members with education to reinforce the standards of ethics that give our industry the credibility which our clients deserve.
AMPI is committed to giving our membership access to a multiple listing service that forms the platform from which our industry can expand locally and into other markets while giving our members precise and up to date information that is vital to continuous improvement and growth.
