Buying a condo in San Jose Del Cabo

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Buying a condo in San Jose Del Cabo


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Old 7th February 2013, 12:37 AM
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Default Buying a condo in San Jose Del Cabo

Hi,

I'm planning to buy a condo in San Jose Del Cabo soon. Any advice? It looks like there is an ample inventory.

My biggest question is what amount of a discount one should expect off the seller's asking price? It depends, of course, but what is a typical one? I wonder if it is very different from the US (5-10%).

Any other gotchas (other than the obvious ownership through banks, etc)?

Many thanks for any info.

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Old 7th February 2013, 01:30 PM
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1. Rent before you buy. At least 1 year minimum.
2. Utilize the services of an attorney to advise you, someone whom comes personally recommended by someone you trust in the community.
3. Confirm that if you don't already have a visa in an appropriate category that you understand and meet the qualifications set forth in the new immigration rules and regulations.
4. Best of luck.
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Old 7th February 2013, 08:03 PM
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Default Getting a deal on a Condo in SJ del Cabo

Longford gave you excellent advice.

You might be able to get a better deal on one with a owner from the USA?

You see with the new INM Visa requirements for a foreigner couple to get a Permanent Resident Visa to retire here as non Mexican couple would need nearly $5000.00 USD monthly combined income for the both of them to show on Bank Statements to get that Visa. It's even worse as they can't combine their income, half of that needs to be shown by each spouse. This no doubt is going to drive a lot of Foreigners that had taken funny money out of their home in USA in the form of a 2nd Mortgages during the height of the Real Estate Bubble and bought in Mexico will now be wanting to dump their investment (meaning can get at at a lower price). That and if they had counted on some sizable rents received to maintain the cost of ownership - now they're SOL with the decreased visitors to Mexico because of all the Drug Cartel violence in the past. Also decreased amount of Foreigners now wanting to retire here with the combination of the Drug Cartel violence and the new Visa requirements. It's going to be a double whammy for foreign investors.

Mexicano's owning that same condo will take a much longer approach to that investment. First Mexicano's have a tradition of putting their money into land and or homes instead of in the banks that pay so little on the investment (when you consider historic inflation). The Mexican owner typically will hold onto the investment for the long term as they think of it like a bank account, but in this case one they can go spend vacations and holidays at.

I'd look or put your own add in big City USA Newspapers in USA or on Craigs List. Make sure you check out what it will cost you yearly to put the property on a Bank Trust, as you can't own the land under which your condo sits. You can't own within 50 kms from the coast Fee Simple. Oh, and remember it takes a lot longer when you go to sell this condo if you need to our because of of your death than your heirs would expect to sell a similar property in say Florida or Texas. Make sure you go get a legally recorded will at a local "Notario" when you make your new purchase.

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Old 7th February 2013, 10:04 PM
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Quote:
Originally Posted by cuylers5746 View Post
Longford gave you excellent advice.

You might be able to get a better deal on one with a owner from the USA?

You see with the new INM Visa requirements for a foreigner couple to get a Permanent Resident Visa to retire here as non Mexican couple would need nearly $5000.00 USD monthly combined income for the both of them to show on Bank Statements to get that Visa. It's even worse as they can't combine their income, half of that needs to be shown by each spouse. This no doubt is going to drive a lot of Foreigners that had taken funny money out of their home in USA in the form of a 2nd Mortgages during the height of the Real Estate Bubble and bought in Mexico will now be wanting to dump their investment (meaning can get at at a lower price). That and if they had counted on some sizable rents received to maintain the cost of ownership - now they're SOL with the decreased visitors to Mexico because of all the Drug Cartel violence in the past. Also decreased amount of Foreigners now wanting to retire here with the combination of the Drug Cartel violence and the new Visa requirements. It's going to be a double whammy for foreign investors.

Mexicano's owning that same condo will take a much longer approach to that investment. First Mexicano's have a tradition of putting their money into land and or homes instead of in the banks that pay so little on the investment (when you consider historic inflation). The Mexican owner typically will hold onto the investment for the long term as they think of it like a bank account, but in this case one they can go spend vacations and holidays at.

I'd look or put your own add in big City USA Newspapers in USA or on Craigs List. Make sure you check out what it will cost you yearly to put the property on a Bank Trust, as you can't own the land under which your condo sits. You can't own within 50 kms from the coast Fee Simple. Oh, and remember it takes a lot longer when you go to sell this condo if you need to our because of of your death than your heirs would expect to sell a similar property in say Florida or Texas. Make sure you go get a legally recorded will at a local "Notario" when you make your new purchase.
From what I can tell, one spouse can have less income, and come in as the "dependent" of the other.

Nevertheless, knowing the rules beforehand is important, as is coming down and looking at properties. You may, as suggested, do better buying directly from the owner, although you would still want legal representation, so that you could be more sure that the t's had been crossed and the i's dotted.

If you can speak and read Spanish well, you are much better off, because you can avoid the gringo prices that are rampant with the properties you see on English language sites on the internet.

Instead of googling "condos SJ del Cabo", try googling "se venda".

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Old 7th February 2013, 10:59 PM
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Originally Posted by mickisue1 View Post
Instead of googling "condos SJ del Cabo", try googling "se venda".
That should be "se vende".


Last edited by TundraGreen; 8th February 2013 at 03:34 AM. Reason: Fix quote
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Old 7th February 2013, 11:17 PM
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Originally Posted by Isla Verde View Post
That should be "se vende".
Thank you for the correction. I KNEW there was an error, but couldn't put my finger on it.

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Old 7th February 2013, 11:25 PM
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Originally Posted by mickisue1 View Post
Thank you for the correction. I KNEW there was an error, but couldn't put my finger on it.
Happy to help. In a previous life, I was a Spanish teacher. By the way, the infinitive of the verb is vender, hence, vende, instead of venda.

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Old 8th February 2013, 03:35 AM
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Originally Posted by Isla Verde View Post
Happy to help. In a previous life, I was a Spanish teacher. By the way, the infinitive of the verb is vender, hence, vende, instead of venda.
Venda would be subjunctive. (Ojala que se venda, if you were selling a house)

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Old 8th February 2013, 04:21 AM
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looks like another thread being hijacked over spelling...

Anyway my question is does a foreigner need a fedicomiso for a condo, timeshare or fraction purchase in the federal zone?

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Old 8th February 2013, 05:05 AM
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Originally Posted by chicois8 View Post
looks like another thread being hijacked over spelling...

Anyway my question is does a foreigner need a fedicomiso for a condo, timeshare or fraction purchase in the federal zone?
Only near the coast and borders, not in the State of Mexico, Mexico City or Distrito Federal.

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