The luxurious and private residential community of Punta Mita is laden with dream-worthy landscapes and breathtaking views making it one of the most ideal locations to own a home. While you may be looking to claim your very own piece of paradise, you like many others may not be sure on what to expect. In fact, a large percentage of buyers in the Punta Mita community are looking for their second home. So while you may be familiar with purchasing real estate, you might be unfamiliar with purchasing in Mexico and we have six tips from the director of Punta Mita Properties, Brendan P. Wood that will help make buying property in Mexico as enjoyable as living in it.
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- Wakika of La Punta Estates in Punta Mita
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- Casa Belleza of Las Punta Estates in Punta Mita
1. Understand the neighborhood/destination
On average, homeowners in Punta Mita stay three times prior to making a purchase decision. This is important as they can learn about each community’s unique features such as number of units, percentage of families that rent, private community amenities and services, etc.
Hint: Start with a Real Estate Professional with at least seven years sales experience in the area, who can highlight the unique features of each community with ease…you will be able to tell within the first 15 minutes if you have the right person.
2. Understand closing costs and carrying costs prior
In Mexico, the closing costs are higher as compared to US and Canada, due to the real estate transfer tax (2% in Nayarit). Also, depending on the property management services you select, monthly carrying costs do vary.
Hint: Prior to your initial deposit becoming non-refundable, request an estimated closing cost statement and an estimated pro-forma of monthly carrying costs & services from your sales professional.
3. Don’t try to guess the market
In most real estate and resort destinations, the best time to buy is when you find your perfect house / home site which you can afford it. Real estate is cyclical, and buying is both emotional and instinctual. Don’t obsess with trying to ¨time the market¨ just feel comfortable you’re getting a great house for a good value.
Hint: Ask for comps before making an offer, but always remember if you try to wait for the perfect time, you’re probably going to miss out.
4. Gather and review all documents pertaining to sale during
Regardless if you purchase developer direct or resale, make sure you receive and review all documents and information pertaining to the sale during the due diligence period.
Hint: Make sure the offer to purchase or purchase agreement has a condition requiring seller to provide all agreements and documents which pertain to the sale during the due diligence period including: a certified copy of the deed from public registry, a no-liens certificate, and a most recent receipt of property tax payment.
5. Choose a brokerage with an experienced in-house legal team or closing agent
An in-house legal team or closing agent at a brokerage is vital as they prepare sales documents and coordinate all aspects of the sale process. They will act as the liaison between seller, agent, and notary public throughout the entire sales process, and make the process smooth.
Hint: A good closing agent will be able to review a step-by-step process of what you can expect from initial term sheet through final closing binder.
6. Understand the special amenities
Each destination in Mexico has its own version of community amenities. Many resort-style communities such as Punta Mita offer community centers, sports centers, beach clubs, hiking trails, protected land, professionally managed Home Owner Associations and near-bye services such as hospitals. Make sure to understand these amenities to see if they are right for you.
Hint: Explore options in resort destinations or neighborhoods that have a history of bouncing back first when the market heats up. This is a good sign for resale but also that the developer or location has a history of performing and delivering on services.
Four Seasons Private Villas
The master-planned community of Punta Mita offers 9.5 miles of coastline with a slew of residential real estate options ranging from $700,000 to $11+ million. When fully built out, the community will feature 1,000 residences. In addition to swanky estates, ritzy haciendas and lush villas, the community also boasts The St. Regis Punta Mita Resort, Four Seasons Resort Punta Mita, two Jack Nicklaus signature golf courses, a tennis center and two residents’ beach clubs.
For more information on Punta Mita and to search for your new home, visit: puntamita.com
Featured Photo: Las Terrazas in Punta Mita