Responding To Your Questions

We would like to know more about the property Resale process and if it is easy.  P.P.U, Seattle, Wa.

The sale of a property is a fairly straight forward process. Once you have decided to sell, you should start by signing a listing with a reputable brokerage and a realtor with plenty of experience. Make sure you have all your papers and responsibilities in order (deed, ensure property taxes paid, and that maintenance fees are paid if you are in a condo).

The notary public is responsible for all the legal work required to transfer title to the buyer. For the most part l you need is a good realtor, notary, and all the paperwork in order so that you can proceed with the sale process.

What is the price range of property in Mazatlan? M. M, Seattle, Wa.

One of the most attractive features of Mazatlan's real estate market is that there is real estate in every price range.  The price will depend  on the location of the property you are searching for, type (home, condo, lot), size, and other aspects similar to what would determine the price of a property in the US and Canada.

Property prices range from $120,000 USD to over 1 million USD. Typically prices increase if the property is located on the beach, marina and golf course. The average condo price is approximately $310,000; the average home price is $350,000.

 

Can a property be owned regardless citizenship? M.M, Seattle, Wa.

There are two ways for foreigners to acquire property in Mazatlan: a) through a bank trust (“Fideicomiso”) or b) by forming a Mexican company and acquiring property through that company.

If the property is for personal use, the simplest way to acquire a home is through a bank trust. Once you acquire property in Mexico through a bank trust, you have all the rights and responsibilities of any homeowner. That is, you may remodel, sell, transfer, and lease your property; and you have to pay property taxes and maintenance fees (if you live in a condo or gated community).

Can I, and how would I, transfer property ownership to my kids if I own through a bank trust? D.P. Seattle, WA

As mentioned in the previous answer, once you acquire property you can sell it or transfer it if you wish. In order to transfer ownership you should contact a reputable and experienced realtor to assist you in the process.

You may also name your children, other family members or any another person as a substitute beneficiary on the trust.

I would like to know more about taxes. S.V. Seattle, WA

Property taxes are very low in Mexico. For example, if you own a property worth $300,000 USD the approximate rate for your property taxes would be $320 USD per year.  

What are the recurring costs that would need to be paid once I have acquired property? G.D., Seattle

  • There is a yearly fee for the Trust. Trust fees for one year range from $300 USD to $500 USD. Costs vary from bank to bank.
  • maintenance fees if you live in a condo or gated community
  • property taxes
  • Utilities

I would like to know more about renting-out my property while in Canada. E.L Edmonton, AB

The price at which you can rent out your property depends on its location, and whether you wish to rent it part time or full time. If your property is in a condominium tower, you may want to look into the building’s rental pool as many condominium complexes have their own pools.

Regardless of the type of property you own there are property management companies that can assist you with leasing your property, as well as suggesting rental rates.

It would be important for me to integrate into the Mexican community and the culture. How would one do this if not interested in just living in a property built for Gringos? CS, Richmond BC

Mazatlan is different from many other resort destinations in that it has a thriving local Mexican community that, in most cases, lives side by side with foreign part or full time residents. Most developments where Americans and Canadians live are also have local Mexican residents; as well as Mexicans from other parts of the country who are also increasingly purchasing recreational property in Mazatlan.

One way to become a part of the community and the culture is to join the many social clubs and non-profit organizations in town. If you are interested in the arts or learning new artistic activities, you can enrol in the arts school in the historic center of town and take painting, sculpture and music lessons, among other courses they offer. Many people speak English, if this is a concern, but you may also take Spanish lessons (another good way to meet people).

We would like to know more about medical accessibility and quality of Health Care. EC, Calgary, AB

There are many good English speaking doctors in Mazatlan; some of whom have studied medicine in the US and Canada, as well as important Mexican medical schools. One of the reasons, Canadians especially, appreciate the health care provided in Mazatlan is that patients do not need to wait weeks and months for having important tests done. It generally takes a few days to have tests done and get results back (though there may be exceptions).

There are several hospitals, and among them you will find SHARP HOSPITAL, which treats many foreign tourists as well as foreigners who travel to Mazatlan specifically for medical attention . You can visit http://www.hospitalsharp.com/Home_ev.htm to find out more information about the health care services Sharp Hospital offers to all patients, and the administrative support they can offer to Americans and Canadians.

You can also find excellent dental care and eye care, at often more affordable prices than in the US and Canada.

How can I find a good qualified real estate agent, notario and bank when acquiring property? IK, Calgary, AB.

It is always a good idea to ask for references when looking for a realtor. There are realtors and developers, such as those that are a part of this association, who can provide references, and have proven track records in their field as well as in their community involvement. Your realtor should be able to recommend good notaries that work with foreigners, as well as banks.

Regarding banks, it's a good idea to compare prices for Fideicomisos, as they may vary.

Can Mazatlan compete with Phoenix, AZ on price & facilities? R & J S, Edmonton, AB

Mazatlan and Phoenix are very different on many levels so they are difficult to compare. Regarding price and facilities Mazatlan can compete with Arizona. First of all Arizona is in the US which is more expensive on everything from food to property taxes. Even though property prices may have dropped significantly in many places in the US, the property taxes still do not compare to those in Mexico where you may pay around ($200 USD a year on a $150,000 USD property). Mazatlan also has the facilities most people look for in a retirement destination for health and recreation, often also at more reasonable prices.

Having said that, one of the differences that make them difficult to compare (other than the obvious fact of being in different countries) is size. Even with 500,000+ residents Mazatlan is much smaller than Phoenix (metropolitan area pop. 4mill +). You may have to travel to get a feeling for what Mazatlan offers and compare the exact prices on features that are a part of your personal lifestyle. Curiously though, for decades, many people from Arizona have chosen Mazatlan as their destination for retirement and recreation, being one of Mazatlan’s most important markets!

I would like to have more information on financing options. D.M, Edmonton, AB

Several developments offer their own financing, so it is a good idea to find out what kind of plans the development (s) you are considering offer. Certain institutions such as Scotia Bank and Conficasa -among others- provide mortgages to Americans and Canadians for properties in Mexico. Depending on the extent of the financing you require, your local bank may also be able to offer financing options (other than a mortgage).

I would like to know more about renting-out my property while in Canada. E.L Edmonton, AB

This depends on the location of your property, and whether you wish to rent it part time or full time.

If your property is in a condominium tower, you may want to look into the building’s rental pool as many condominium complexes have their own pools. If you own a home, there are property management companies and individuals who provide this service.

What are the Costs associated with Trusts (Fideicomisos)?

There is a one-time charge for the Trust permit of approximately $1,000 USD. The trust fees for one year range from $300 USD to $500 USD. Costs vary from bank to bank. It is important to understand the clauses outlined in your trust deed, as they may mention provisions for increases in fees, though they rarely take place.

We post new Q&As periodically, so check the section often. If you have any questions, you can send a message through our contact section.