When choosing to buy property in San Miguel de Allende it is important to consider many things before and after you decide to purchase your property. What type of property are you looking at? Are you able to purchase it? Is there a financing option? What does it mean to you as a foreigner to own property in Mexico? Property taxes and many other aspects of purchasing your home all come into play when choosing to buy in San Miguel. There was a time when foreigners were unable to purchase a home or property in Mexico. Recent developments have changed those rules allowing foreign buyers to choose Mexico as their next home site. Of course, if you're not a native of Mexico, there are many things you must look into before making your purchase. The most common question that many have when choosing to buy in San Miguel is: What are the financing options in Mexico? There are three main types of real estate financing currently available to foreign buyers in San Miguel and they include:
- Traditional Bank Loans
- Developer Financing
- Owner Financing
Traditional bank loans are relatively new in Mexico and are secured with the Mexican property as collateral. Loan amounts vary and qualification is based on cash, credit scores and earnings in combination.
Developer financing is one of the easiest ways to buy property in Mexico. It does however usually include a down payment. Interest rates may be higher, but terms are shorter generally. This is frequently used as a viable short term option. Owner financing allows terms and rates to be negotiated at the time of the offer. Like developer financing, this is a creative and generally short term solution for buying in San Miguel. It is important that before you buy in San Miguel, you find out all you need to know about buying in a foreign country and what it means to you. Avoid common buying errors, learn about appraisals, property management, escrow services, taxes, financing and more before you buy. We can help you navigate the waters when you're buying in Mexico. If you have questions on buying in San Miguel, call us at 415-152-0286/154 5731, or 713-574-6829 from the United States, or use the form below to send an email. We have the expertise to make your Mexican real estate transaction as easy as possible.
Dotty Vidargas Real Estate
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