Real Estate Facts
A 2022 Forbes article highlights the explosive growth of US and foreign ownership in Cabo. 80 % of the luxury buyers are from the US, and the current property appreciation rate is 5 to 10 % annually. Real Estate in Cabo will continue growing and expanding since becoming a famous tourist destination, even in 2007 and 2008. There will be no stopping in sight.
Owning property in Rancho San Lucas and the Norman Estates means that you get to enjoy the lifestyle as well. While Cabo offers year-round activities, fishing, boating, surfing, whale watching, and many more; Rancho San Lucas provides off-the-beaten-path luxury. Hiking and biking trails, yoga classes, stargazing experiences, an award-winning farm-to-table restaurant, surrounded by Cabo´s most sought-after Greg Norman signature Golf course.
TThe first step is finding a development or agent, and narrowing down your purchase area. Once you have found a home, developers usually issue a Reservation Agreement for a short time in which you decide if to move forward or not. Rancho San Lucas and Norman Estates earnest money is refundable if you cancel within the time indicated.
If you buy a home turn key the closing process will take 45 to 100 days here in Los Cabos. It also depends upon your approval for financing and how long the bank takes. Pre-construction purchases at Rancho San Lucas and the Norman Estates are usually closed in 14 to 24 months.
It is an economy in which the availability of homes is limited, and sellers can keep prices high.
It is an economy in which many homes are on the market, and buyers can keep prices down.
You do not have to pay somebody to buy a house. The agent's commissions are being taken care of by the Seller.
Every development has different requirements - from 5 to 50 %. However, 40 to 50 % is standard for an already-built property. Rancho San Lucas is asking 30 % for a pre-construction Villa. The balance in milestones during the construction period.
Recommended is a minimum of 3 to be able to compare. Your agent of Rancho San Lucas and Norman Estates has access to all the available options.
Earnest money is the first payment towards a contract.
If you buy a resale home, you should order a home inspection. However, if you purchase a home from the developer at Rancho San Lucas or the Norman Estates, then no home inspection is necessary as the house will come with guarantees.
TThe Customer Service Supervisor of your development. For Norman Estates and RSL please call 624 980 0284 ext. 5800.
Gains from the sale of an asset you have held for longer than a year are known as long-term capital gains, and they are typically taxed at much lower rates than short-term gains and ordinary income - from 0 % to 20 %.
The home-buying process is no longer complicated. On the contrary, buying and selling a home in Mexico is easy. The procedures are safe, more straightforward, and take less time. As always, we work with a reputable developer, and a proper title search is essential if you purchase from a private person. At Rancho San Lucas, we have our legal department and closing agent. English is spoken.
Within 90 days of your closing date, the Mexico Public Registry issues the final deed or "escritura" to your property, and now it's yours!
An escrow is a legal arrangement in which a third party temporarily holds the money until a particular condition has been satisfied. Escrows are common in the Cabo area. The buyer is typically responsible for set-up fees of approx. USD 650. However, if you find your dream property and they do not offer escrow, then there are other ways to ensure your transaction is safe. First, ask your Rancho San Lucas agent.
The first thing to learn is property ownership in coastal areas like Cabo is through a familiar, safe, long term and transferrable bank trust called a Fideicomiso. It is a Mexican property trust with an annual fee that allows homeowners to purchase lands in the zone near the border or 50 km from the coastline. Since Los Cabos is within that zone, Foreigners must use a fideicomiso to hold title to Real Estate. A property owner typically becomes a beneficiary of the Fideicomiso trust for 50 years. After the term ends, the trust can automatically be renewed and does so indefinitely. You can hold title without a Fideicomiso if the property is outside a coastal or border zone or if you establish a Mexican Company, similar to an LLC. The fideicomiso in no way inhibits selling a home and profiting by appreciation.
A valid passport, Proof of US address and KYC form (address, email, phone# etc.) A Know Your Customer (KYC) document is a formal document that can be used to confirm the identity and address of a customer, like a passport or utility bill.
Look for an AMPI-certified real estate agent. Let them help you with all your questions; they speak English and are responsible, just like an agent in the US. For example, all of the developer's agents at Rancho San Lucas and the Norman Estates are AMPI-certified.
Most high-end communities provide property managers who offer full vacation rental marketing, complete maintenance, and repair services. They can stock the fridge, pick you up at the airport, have windows opened and the house cleaned before you or your guests arrive, and many more tasks. Ask your RSL & NE agent.