.svg){kind=small}
Tulum, famous for its breathtaking beaches, vibrant jungles, and deep cultural roots, has become a hotspot for real estate investment. Its commitment to sustainability, along with a steady rise in tourism and exciting infrastructure projects, makes Tulum a must-watch for those chasing high returns on property investments.
But if you're new to the game, the buying process here can feel a little overwhelming. Don't worry! In this complete guide, we’ll break down every step of the process of buying a property in Tulum, making the journey smooth and straightforward.
Understanding the Market
Before diving into the process, it's crucial to grasp the dynamics of the real estate market in Tulum. With the recent inauguration of the Tulum international airport and the upcoming Mayan train and Jaguar national park, Tulum has witnessed remarkable growth, enticing investors globally.
This surge in demand has naturally led to rising property prices and a diverse array of investment properties, nevertheless when choosing wisely Tulum still offers excellent value compared to other popular destinations.
Key Considerations
When setting out to buy property in Tulum, several key considerations warrant attention:
1. Legal Framework: The process of buying a property in Tulum as a foreigner entails navigating specific regulations. While foreigners are allowed to own properties in Mexico, there are restrictions within 50 km of the coastline. To facilitate these transactions, the real estate is typically acquired through a Fideicomiso, commonly known as a bank trust. A Fideicomiso operates as a three-party agreement wherein the seller transfers the property to a bank, which then holds the legal title on behalf of the buyer. Through this arrangement, the buyer enjoys full ownership rights and privileges. Notably, the trust agreement is renewable every 50 years, ensuring long-term security for the property ownership.
2. Costs: Beyond the initial purchase price, buyers must account for various additional expenses. Closing costs on properties in Tulum, typically amounting to 6% to 7% of the property's value, include notary fees, transfer taxes, and registration fees. Moreover, it's crucial to ascertain what amenities are included in the property's price, such as appliances and furniture.
When evaluating properties for investment purposes, interior design plays a pivotal role in maximizing rental potential. Allocate approximately 10% to 15% of the property's value towards preparing it for rental use, ensuring both aesthetic appeal and functional efficiency.
3. Financing Options: While some buyers may choose to pay in full, opting for presale condos in Tulum can unlock unique financing options like interest-free financing. This allows buyers to leverage their investment without the burden of interest payments. Financing a property in Mexico may differ from what buyers are accustomed to in their home countries, so it's essential to explore various lenders and understand the terms thoroughly. Check out our guide on financing to gain a clear understanding of financing options available to buy an apartment in Tulum.
4. Location: Tulum offers a diverse range of neighborhoods, each with its own unique charm and appeal. Whether you prefer the bustling town center or the tranquility of the jungle, there's something for everyone in Tulum. In our guide about unique neighborhoods in Tulum we delve deeper into the unique character of some of the most popular neighborhoods in Tulum.
5. Quality: Given Tulum's demanding environment, meticulous attention to detail is paramount when you buy a property in Tulum. From scrutinizing construction materials and architectural integrity to assessing infrastructure, fixtures and appliances, every element plays a crucial role in ensuring long-term satisfaction and savings.
6. Efficiency: With Tulum's tropical climate characterized by heat and humidity, prioritizing property efficiency is essential. Considerations such as property orientation, cross ventilation, shading, ceiling heights, window quality, and high-efficiency appliances form the foundation of a modern, climate-responsive property. Good insulation system that allows you to eliminate external noise and outside heat or humidity is also one of the important things to have in mind when buying a condo in Tulum.
7. Environmental Impact: As Tulum’s rapid development races ahead of its infrastructure, paying attention to the environment is crucial when you buy a property in Tulum. Prioritizing developments that offer clean water supply, effective wastewater management, and preserve green spaces with native plants not only boosts the long-term value of your investment but also helps maintain the area's ecological balance.
Opting for new construction projects in Tulum that prioritize sustainability not only aligns with eco-conscious values but also ensures the lasting appeal and future marketability of your property.
Process of Buying Property in Tulum
Now that you're familiar with the key considerations let's walk through the process of how to buy a property in Tulum:
1. Research: Begin by researching the market and defining your priorities, including budget, preferred areas for Tulum investment, property type, size and desired amenities. As many investors doubt which type of property in Tulum to invest in, explore different investment properties in Tulum first to make an informed decision that aligns with your financial goals and personal preferences.
2. Property Search: With your criteria in mind, start browsing listings online. There are also good deals when working directly with the developer of real estate in Tulum.
3. Due Diligence: Before making an offer, conduct thorough due diligence on the property. This includes reviewing the title and ensuring there are no outstanding liens or encumbrances.
4. Negotiation: Once you've found your perfect property in Tulum, it's time to negotiate the terms of the sale. Research the prices of similar real estate in the area. Determine your budget and the maximum amount you are willing to pay for the property in Tulum. Make a reasonable offer, be patient and stay flexible throughout the process.
5. Closing: Once an agreement has been reached, the closing process begins. This typically involves signing the purchase agreement, transferring funds, and completing any necessary paperwork with the assistance of a notary public or if remotely with the use of digital tools to share, sign and manage digital documents.
Mayab Tulum: Your Gateway to Paradise
At LOAM Desarrollos, we understand the irresistible charm of Tulum and are dedicated to help you buy a property in Tulum and turn your dream of owning an investment condo into a reality. Properties at Mayab Tulum present a unique opportunity to own a prime investment property in Tulum’s real estate market.
Whether you're looking to buy property in Tulum as a vacation home, rental property, or investment opportunity, Mayab Tulum offers the perfect blend of luxury, functionality, and comfort.
