owning retirement property in mexico

Old Mar 5th, 2011, 08:30 AM
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owning retirement property in mexico

I have been considering Mexico as a retirement place.
Mazatlan, PV or Playa del Carmen. If anybody has an insight that would like to share, I will be very happy. I like to know things like quality of the beaches (sand), water temperature,
windy conditions, rain, security...Is it possibly to own a beach side condo close to amenities??...Thank you all!! Ammonite
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Old Mar 5th, 2011, 10:40 AM
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We chose not to buy in Mexico, because our understanding is that foreigners can't actually own beach front land. We just didn't like the idea of long term leases. So, we bought in Belize, couldn't be happier with our choice.
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Old Mar 5th, 2011, 01:09 PM
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The property you purchase in Mexico is held in trust for 50 years through a bank unless you set it up as a corporation. That is for property that is within a certain distance from the water. Not all places in Mexico have this restriction only those close to the beach. There are several books that outline the process of purchasing in Mexico and www.mexexperience.com also is a good source for info. Do a lot of research before purchasing including whether the building is in good shape with administration and solvency in the HOA, talk to owners, work with several realtors and a good attorney. Talk to expats in the community and spend as much time in your place of choice before purchasing. Renting for an extended period of time to get a feel for the area is also a good idea. Do your homework. It is possible and many expats enjoy Mexico as a place to retire.
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Old Mar 5th, 2011, 06:45 PM
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Basically you must be 30 miles from the coast to be a full owner

Most beach properties "owned" by foreigners is held in a "bank trust" which for all practical purposes is equivalent to ownership. You can sell it & leave it to your heirs. There is a yearly fee paid to the bank.
A Lawyer is essential to purchasing land in Mexico. Been lots of tragic stories about folks who thought they could do it themselves.
I am a partner on a townhouse in Ixtapa/Zihuatanejo so have had some experience in these matters.
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Old Mar 5th, 2011, 06:46 PM
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PS You can also have a Mexican Partnmer but this can be dangerous as Gringo's seldon win leagal batteles with locals.
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Old Mar 6th, 2011, 07:14 AM
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I can only speak to Puerto Vallarta of the towns you mentioned. But lots of people retired, full or part time, and other ex-pats live there. Some buying into condos others renting.

sand/beaches: good
water temperature: depends time of year
windy conditions: not an issue
rain: depends time of year
security: PV is a safe city

Go to amazon or google and search 'retiring in Mexico'. There are loads of good resources, websites and books, available on the topic.
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Old Mar 6th, 2011, 05:51 PM
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Just remember that anywhere on or near the coast is miserable during the summer/rainy months. Best to visit potential areas during those months to see if it works for you.
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Old Mar 6th, 2011, 06:57 PM
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I spend every summer there and have never been miserable. Pretty strong statement.It is hot though.
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Old Mar 8th, 2011, 04:29 AM
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Do consider your potential liability in the case of a hurricane. The oceanside condos/homes in Cozumel were destroyed during Hurricane Wilma. It is the one thing that keeps me at a timeshare or rental rather than owning. After Wilma, our out of pocket was $100 "donation" to a fund to help the staff of our condo until it opened again. The owner of the condo put $12 million USD into repairs when the insurance companies went belly up and defaulted on everyone due to the massive claims throughout the Yucatan.
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