First-time buyer guide to purchasing real estate in Rocky Point
Are you a first-time buyer, or a first-time buyer of real estate in Puerto Peñasco, Mexico? This guide is written to help you understand your options. Here, I’ll reveal the small hurdles you’ll encounter. And, I’ll show you just how easy and safe it is to buy real estate in Mexico.
What an exciting time to purchase real estate in Puerto Peñasco. Prices are steadily rising, additional resorts and communities are being built, and two cruise liners are scheduled to start docking in Puerto Peñasco by 2020. That’s only two years away! Therefore, Puerto Peñasco, also knows as Rocky Point, Mexico, is quickly becoming “the place to buy” in Mexico.
Real estate in Rocky Point
As a foreigner, you may purchase all types of real estate in Puerto Peñasco, Mexico. There are only a few simple requirements to fulfill, which I’ll detail below. Therefore, whether you’re looking for a beach home, a condominium, a piece of land to build on, or commercial property for a business, you may purchase any real estate in Puerto Peñasco that you wish – the sky is the limit.
Rocky Point is a very safe port city in Sonora, Mexico. That being said, you may also consider buying real estate within town, to save money. There are condos, homes, and lots available within the city, for a fraction of the price. And, some of them are very nice, and just walking distance or a short drive from the beach!
Requirements for foreigners buying real estate in Puerto Peñasco
This is the easy part. And, your real-estate agent in Rocky Point will help you through the process. Therefore, don’t be vexed! Your attention should lie in finding the right real estate in Puerto Peñasco that fits all of your needs and desires.
- You’ll need your Passport, from the country that you come from
- You must attain a Mexican Temporary Residency Visa, which is designed for foreigners who intend to stay in the country for more than 180 days
- Since the real estate in Puerto Peñasco is within 50km (31 miles) of the coast, you must purchase a fideicomiso, which is a trust, held by a Mexican bank in your name – more on this below
Mexican Temporary Residency Visa
Foreigners who intend to buy real estate in Mexico must attain their Temporary Residence Visa. Typically, you will be asked to provide documents proving your income and showing that you can support yourself while living in Mexico. Of course, if you’re an investor, or you already own real estate in Mexico, you may already qualify for a Temporary Residency Visa.
The Temporary Resident Visa is designed for foreigners who intend to remain in Mexico for more than 180 days, and up to four years. This visa will only be granted for one year. Then, after the first year, temporary residents may apply for one, two or three years renewal of their temporary resident card.
Your real-estate agent will help you navigate this simple and inexpensive process.
Mexican bank trust – fideicomiso
Article 27 of the Mexican constitution requires that any foreigner buying residential property in the restricted zone (50km from the coastlines and 100km from the border) must acquire the property rights through a Mexican bank trust, known as a fideicomiso. This type of bank trust is good for 50 years. And, it’s renewable thereafter by you or your heirs. The average cost is about $1600 to set it up, and about $600 per year to maintain. Of course, that cost will vary based on the amount of your purchase.
Property values are rising
With economies around the world getting stronger, more and more people are purchasing real estate in Puerto Peñasco. The weather is great, and the sunsets on the Sea of Cortez are spectacular. Also, many wonderful businesses have made Rocky Point their home. Along with the many great Mexican businesses like Super Ley, which is like Safeway, and Oxxo, the Circle-K of Mexico, there are some terrific American businesses in Rocky Point. From Little Caesars and Burger King, to Sams Club, you can always get a taste of home while you’re here in Rocky Point.
Rocky Point real estate
Are you ready to take advantage of the steadily-rising real-estate values in Rocky Point, Mexico? Every possible opportunity is here, no matter what your looking for, and Susie Flinn’s Rocky Point Real Estate By the Sea is here to serve you. From beach homes or bare land, to condos on the beach, Rocky Point real estate opportunities abound.
Come visit soon!
So come visit Rocky Point and discover the closest beach town to Phoenix, Arizona, only about 60 miles south of the border. And remember – after you visit, you’ll return frequently. So, when that happens, remember Anchor Storage: the place to keep your things secure in Rocky Point. It’s always easier to store your beach things, jet skis, and other large and small items than it is to haul them down time after time.
Thank you for reading First-time buyer guide to purchasing real estate in Rocky Point, written by Greg Hixon of REMEX-IMAGE. Be sure to check out other posts here in the Anchor Storage blog. You’ll uncover the many wonderful aspects of Rocky Point, Mexico, from blog posts like this.