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FAQs

Can I really own property in Mexico (or is it a 99-year lease)?

Yes, you can own property in Mexico, but it depends on the location. In most areas, foreigners can own property directly through a fideicomiso (bank trust), especially in restricted zones near borders or coastlines. For areas outside the restricted zones, foreigners can own property directly without any special permits. The 99-year lease you might be referring to is a standard term for a fideicomiso.

How much are closing costs?

Closing costs in Mexico typically range from 5% to 7% of the property purchase price. This includes taxes, notary fees, registration fees, and other legal expenses. Specific costs vary depending on the value of the property and the location, so it’s important to consult with your real estate agent or lawyer to get an accurate estimate for your situation.

Can I get notified of new listings?

Yes, you can receive notifications of new listings by subscribing to the property alerts on real estate websites or directly with your real estate agent. Many websites also offer personalized notifications for new homes for sale in your desired area based on your preferences, such as location, price range, and property type.

How does financing work?

Financing in Mexico can be slightly different from what you’re used to in the U.S. There are local banks that provide mortgages for foreigners, but the terms may vary. Typically, Mexican banks require a larger down payment (often 30%-50%) and higher interest rates compared to U.S. financing. It’s also common for foreign buyers to obtain financing through a U.S.-based lender or use private financing for property purchases in Mexico.

What are the additional, ongoing yearly or monthly fees?

In addition to your mortgage (if applicable), there are ongoing costs associated with owning property in Mexico, including:

  • Property Taxes (Predial): Generally lower than in the U.S. and depend on the property value and municipality.
  • Homeowners Association Fees (HOA): If the property is in a community or gated neighborhood, you may have monthly or yearly HOA fees.
  • Utilities: Water, electricity, gas, and internet bills.
  • Maintenance Costs: Regular upkeep of the property, such as landscaping or pool maintenance.

These fees can vary significantly depending on the type of property, location, and whether it’s part of a community with shared amenities.