advice wanted re. purchasing property in Cozumel

[rmssetc]

I'm considering purchasing a condo in Cozumel for use as a rental + vacation home.

I would greatly appreciate any advice and conversation with anyone who's done this recently (or is in the process, or has backed out).

Please contact me directly.​

All replies & conversation will be kept private, except for possibly sharing an anonymized summary, with approval.

 

[manta_man]

I'm considering purchasing a condo in Cozumel for use as a rental + vacation home.

I would greatly appreciate any advice and conversation with anyone who's done this recently (or is in the process, or has backed out).

Please contact me directly.​

All replies & conversation will be kept private, except for possibly sharing an anonymized summary, with approval.

My advice is to get a good lawyer who works with an accounting firm. Gisela Rodriguez---gisela@cozumellawyer.com----is just terrific.

 

[judydivescoz]

We bought a house to live in full time. A great real estate agent is a good first step. A notary is used to close the transaction. In Mexico, a notary is an experienced lawyer with additional education. A lawyer and an accountant to set up your rental business is essential. Gisela is a great lawyer recommendation. We did a major house remodel and used her to translate and review our contract and multiple addendums with an architect. Our agent was Karen Bloemhoff. She was wonderful, a great communicator that patiently explained the process. Her entire team was a pleasure to work with. www.cozumelkarenrealestate.com.
if you have any questions feel free to send a message.

 

[mediumone]

We bought a house to live in full time. A great real estate agent is a good first step. A notary is used to close the transaction. In Mexico, a notary is an experienced lawyer with additional education. A lawyer and an accountant to set up your rental business is essential. Gisela is a great lawyer recommendation. We did a major house remodel and used her to translate and review our contract and multiple addendums with an architect. Our agent was Karen Bloemhoff. She was wonderful, a great communicator that patiently explained the process. Her entire team was a pleasure to work with. www.cozumelkarenrealestate.com.
if you have any questions feel free to send a message.

Real Estate Cozumel - to buy or sell a property in Cozumel Mexico

Real Estate Cozumel - Looking for property in Cozumel Mexico. Contact your local real estate expert Karen Bloemhoff (+52) 987 103 57 22

www.karencozumelrealestate.com

Fixed the link for you.

You've given the op excellent advice and a great summary.
Karen is the best on the island.

 

[judydivescoz]

Real Estate Cozumel - to buy or sell a property in Cozumel Mexico

Real Estate Cozumel - Looking for property in Cozumel Mexico. Contact your local real estate expert Karen Bloemhoff (+52) 987 103 57 22

www.karencozumelrealestate.com

Fixed the link for you.

You've given the op excellent advice and a great summary.
Karen is the best on the island.

Gracias

 

[rick00001967]

my advise....don't. unless you get a steal of a deal that you cannot lose on.

i went through a very lengthly search for property (looked on coz but primarily in playa) and came very close to pulling the trigger during covid when prices were down.

there are many factors in deciding whether or not to do it, so it is pointless to try and list them all.

in the end we decided against it and i am glad we did.

someone once said online in a discussion......"it is easy to buy property in mexico. it is not so easy to sell it."

all that said, if you are set on doing it, makes sure you have a trusted agent (many have zero clue how to do their job properly), lawyer, property manager, and accountant.

makes ure you understand all the tax consequences (assuming you are doing it all legally and not shady like most prperty owners down there) for the income you may earn when renting and the capital gains you will have to deal with when selling.

imho, i would only look at buying a new developement. there were too many crooked sellers and agents asking the buyer (us) to lie about the sale price in order to put more money in their own pocket. buying a new place takes some of that off the table.

 

[Asteve]

I'm considering purchasing a condo in Cozumel for use as a rental + vacation home.

I would greatly appreciate any advice and conversation with anyone who's done this recently (or is in the process, or has backed out).

Please contact me directly.​

All replies & conversation will be kept private, except for possibly sharing an anonymized summary, with approval.

Here a link to a thread that has information Buying property vs renting for longer term stays

 

[NDL_Diver]

Like Asteve said, get a long term rental to start for a year. While in long term rental get your Mexico Residency card. You need to stay a minimum of 6 months without leaving country to obtain. You can leave once you obtain it. Once you get your Residency card you can own and register a car. If after a year you still want to own, find a good property lawyer. During that year you will find living somewhere and visiting two different things. You need to figure out your daily routine to keep active.

The buying process is long and complicated from what I have been told. It will take several, several months to purchase.

 

[ChuckP]

Steve gave you a great person to work with but the one thing I will add - get some thorough knowledge of what happens when you sell, what happens when you remodel - a very large % number came come out of nowhere.

Everyone wants to sell you on the good things of buying but sometimes life doesn't always go as planned and no one wants to tell you the exit strategy.....

 

[PARADISE HUNTER]

someone once said online in a discussion......"it is easy to buy property in mexico. it is not so easy to sell it."

Why is it not easy to sell a property if it is easy to buy one?