I bought my house here 3 months ago. My purchase fell into the guidance I researched and was also provided by the consultant I hired to represent my best interests: What are the administrative costs for the purchase? Buying a house in Merida entails the following costs derived from administrative procedures: Property acquisition tax: 0.18% to 4.65% of the price of the property you buy. Notary fees: 0.075% to 1.125%. Registration fee: 0.02% to 1.82%. Real estate title insurance: 0.5% to 0.7%. Other taxes: 0.5% to 1.00%. This will cost you between 1.13% and 4.69% of the value of your new home. In Mexico, the seller is responsible for paying the real estate agency fee.
@@MexitplansMy total closing costs on the house including the laundry list of fees was 7% of purchase price. The bulk of was fidecomiso, notario, and transfer taxes.
If you’re actually going to live in Mexico go with a Mexican phone service, Telcel has a great North American plan and very cheap. If you’re renting in Mexico try to get everything included- electric, Wi-Fi, muchacha, etc. in the rent. Makes things easier. Also, try to pay your rent in dollars and not pesos. In pesos, your rent will more than likely be different all the time because of the varying exchange rate. Paying the same dollar amount every month will actually work out better for the landlord and save you a monthly budgeting headache.
Yes. I’ve considered moving to Telcel. It’s faster service than AT&T. The folks at the local AT&T store at the urban center almost guaranteed that I would switch. The service at that location is the worst. Avoid it.
@@MexitplansTelcel switches over to T-mobile in the states and Canada. Also having a Mexican phone number will make renting easier. It’s shows you’re serious about staying.
Since the Mexican peso is Mexico’s official currency; WHY would I want to pay in USD? The price in pesos remains the same. However, due to currency volatility, I may end up paying more in USD.
You’re so right about the cellphone plans. I have AT&T myself, I am really happy that this phone work anywhere around the globe but the bills 🤯🤯is just too much. I recently spent about 3 weeks in the Dominican Republic just to come back to a 500 dollar phone bills.
When you purchase property in Mexico be very careful to locate a reputable recommended real estate agent and absolutely use your own 'NOTARIO' that you pay. The notario will verify the sellers own the home they are selling, that the deal is legit. ALWAYS use a notario!!
I switched from Telcel to At&t because the GPS on my phone kept failing when I was in the city. Having no GPS as a newbe wasn't fun. I've had no problems since I switched to At&t.
Can you tell us what city you are talking about? I’ve got US T-Mobile that uses Telcel when I’m in Mexico, and I’ve had calls drop pretty frequently and I was told that it is probably bc I’m a second class customer from Telcel’s perspective… 🤷🏼♀️
I was surprised when I had a procedure at a private hospital the other day (Pachuca). I don't have insurance yet. They didn't collect the payment until after I woke up.
In Mexico there is a National Association of Real estate agents so seek out agents that belong to it. Also, there is no such thing as title insurance or title searches. You buy a property and some grandson says they have a legal interest in the property and it should not have been sold... Get ready to get tangled up in a legal fight
Good informative video. I did buy a condo in Puerto Vallarta and got a financial loan thru BBVA been a US Citizen, my credit report was done in US. BBVA have branches do not operate as a regular banking branches but they deal with property loans for Mexico property purchase. Has to be a new property to make sure complies with all building new regulations. Not a property it’s been built with no architect.
Thanks for the information. I gave a bit of a caveat because I know in tourists zones that these types of loans exist. I appreciate you sharing your experience with the other MexitPlanners.
@@Mexitplanslet me be clear, I have dual Citizenship, for foreigners there’s restrictions if buying by beach zone but still there is a way thru a Fideicomiso (Bank trust) rules apply.
Yes. I am familiar with the restricted zones. However, do you think that you were able to obtain credit because you are a citizen? Did you have established credit in Mexico as well?
@@Mexitplans The Mexican Bank (BBVA) requirements were that, If I was US Citizen, working in US, to show income taxes reports, job length of time working for the Company and education level, to make sure you have the job for qualifications and not for luck and capable to pay debt. I had no credit buildup in Mexico but, after purchase got it
Appreciate you family super informative What is a good reputable website to look for property in Mexico specifically the Yucatan .... if they even exist. Thank you and sending love and positive vibes to u n the entire family
@@Mexitplans If possible could post any websites you may be aware of and/or post a link to a video you may have did for individuals who are not in Mexico... but want to research the real-estate market in the Yucatan. Thanks again
That’s tough. Insurance is very different here. I’m having an insurance expert speak in my new program to familiarize students with the options and restrictions. Check it out: mexitplans.thinkific.com/courses/RoadmaptoExpatCoaching
Thanks for this valuable info! Is it true that there are a lot of fraudulent airbnb listings? (False pictures, false info, etc.) And can you recommend a good central hotel?
Yes. The listings are real but the pictures might be hella old. Hyatt, courtyard Marriott, Rosa’s y xocalate for upscale boutique. There are lots of nice hotels in centro. There are also others in the north that are equally nice. Camino real is one that comes to mind.
Another informational vid Monte! Is there any bill as a renter that you cannot put in your name? How do people protect their MONEY when transferring large sums to purchase a house?
@@tracylindsey4199 great question. Yes, the electric bill and water bill remain in the landlords name as the owner of the house. Once you buy, you can have those transferred into your name. It’s crazy all the reasons you will need your utilities bills and they aren’t even in your name.
This is great information. There are inexpensive cellphone plans in the United States. You can pay as low as $12 US dollars per month if you pay for the whole year.
I have both Telcel and AT&T Mexico and no major problems with either. I would say my only beef with AT&T MX is when I went to buy a couple more years worth of service and they made me get a new number, which was a pain because I had to update my banking app, etc. How do you sign up for electronic payment with Japay?
I appreciate your information so much. It will help me a lot in 2025. I'm taking notes. Thank you Monty ❤
So glad you found it helpful.
I bought my house here 3 months ago. My purchase fell into the guidance I researched and was also provided by the consultant I hired to represent my best interests:
What are the administrative costs for the purchase?
Buying a house in Merida entails the following costs derived from administrative procedures:
Property acquisition tax: 0.18% to 4.65% of the price of the property you buy.
Notary fees: 0.075% to 1.125%.
Registration fee: 0.02% to 1.82%.
Real estate title insurance: 0.5% to 0.7%.
Other taxes: 0.5% to 1.00%.
This will cost you between 1.13% and 4.69% of the value of your new home. In Mexico, the seller is responsible for paying the real estate agency fee.
@@HeatherICreateMyPath thanks for the information. This is very valuable
@@MexitplansMy total closing costs on the house including the laundry list of fees was 7% of purchase price. The bulk of was fidecomiso, notario, and transfer taxes.
If you’re actually going to live in Mexico go with a Mexican phone service, Telcel has a great North American plan and very cheap. If you’re renting in Mexico try to get everything included- electric, Wi-Fi, muchacha, etc. in the rent. Makes things easier. Also, try to pay your rent in dollars and not pesos. In pesos, your rent will more than likely be different all the time because of the varying exchange rate. Paying the same dollar amount every month will actually work out better for the landlord and save you a monthly budgeting headache.
Yes. I’ve considered moving to Telcel. It’s faster service than AT&T. The folks at the local AT&T store at the urban center almost guaranteed that I would switch. The service at that location is the worst. Avoid it.
@@MexitplansTelcel switches over to T-mobile in the states and Canada. Also having a Mexican phone number will make renting easier. It’s shows you’re serious about staying.
@@r-cdmx yes. I agree with the Mexican number. I have one with AT&T. It makes life a little easier.
Since the Mexican peso is Mexico’s official currency; WHY would I want to pay in USD?
The price in pesos remains the same. However, due to currency volatility, I may end up paying more in USD.
Thanks Monty!!!! Good Information my friend!!!
Thank you! 🙏🏽
Muchísimas Gracias!!!! And greetings from California.
Thanks 🙏🏽
Thank you for all the information, it was very helpful.
Thank you
Thank you for the content brother! 👍
My pleasure.
As always, great information. Thank you.
Thanks for watching!
Great video & soundtrack Monte. 👍🏾
Thank you
You’re so right about the cellphone plans.
I have AT&T myself, I am really happy that this phone work anywhere around the globe but the bills 🤯🤯is just too much.
I recently spent about 3 weeks in the Dominican Republic just to come back to a 500 dollar phone bills.
That’s craaaaaay craaay.
When you purchase property in Mexico be very careful to locate a reputable recommended real estate agent and absolutely use your own 'NOTARIO' that you pay. The notario will verify the sellers own the home they are selling, that the deal is legit. ALWAYS use a notario!!
@@carlab3866good advice
I switched from Telcel to At&t because the GPS on my phone kept failing when I was in the city. Having no GPS as a newbe wasn't fun. I've had no problems since I switched to At&t.
Good to know.
Can you tell us what city you are talking about? I’ve got US T-Mobile that uses Telcel when I’m in Mexico, and I’ve had calls drop pretty frequently and I was told that it is probably bc I’m a second class customer from Telcel’s perspective… 🤷🏼♀️
@@user-bg9em7ch6k Im in Merida
@user-bg9em7ch6k Sure. I'm writing about Mérida. I definitely felt like a second-class customer with Telcel.
I was surprised when I had a procedure at a private hospital the other day (Pachuca). I don't have insurance yet. They didn't collect the payment until after I woke up.
That is a surprise.
In Mexico there is a National Association of Real estate agents so seek out agents that belong to it. Also, there is no such thing as title insurance or title searches. You buy a property and some grandson says they have a legal interest in the property and it should not have been sold... Get ready to get tangled up in a legal fight
I wonder if they are accredited here in Yucatan.
Good informative video.
I did buy a condo in Puerto Vallarta and got a financial loan thru BBVA been a US Citizen, my credit report was done in US. BBVA have branches do not operate as a regular banking branches but they deal with property loans for Mexico property purchase. Has to be a new property to make sure complies with all building new regulations. Not a property it’s been built with no architect.
Thanks for the information. I gave a bit of a caveat because I know in tourists zones that these types of loans exist. I appreciate you sharing your experience with the other MexitPlanners.
@@Mexitplanslet me be clear, I have dual Citizenship, for foreigners there’s restrictions if buying by beach zone but still there is a way thru a Fideicomiso (Bank trust) rules apply.
Yes. I am familiar with the restricted zones. However, do you think that you were able to obtain credit because you are a citizen? Did you have established credit in Mexico as well?
@@Mexitplans The Mexican Bank (BBVA) requirements were that, If I was US Citizen, working in US, to show income taxes reports, job length of time working for the Company and education level, to make sure you have the job for qualifications and not for luck and capable to pay debt. I had no credit buildup in Mexico but, after purchase got it
Really, thank you for sharing this experience.
Appreciate you family super informative
What is a good reputable website to look for property in Mexico specifically the Yucatan .... if they even exist.
Thank you and sending love and positive vibes to u n the entire family
There really aren’t any. The websites are very outdated posts. Each real estate agency maintains their own.
@@Mexitplans If possible could post any websites you may be aware of and/or post a link to a video you may have did for individuals who are not in Mexico... but want to research the real-estate market in the Yucatan.
Thanks again
Good show very informative i would say for myself to avoid many pitfalls i would get connected with a good local attorney and a political figure
Having a good attorney is definitely a good recommendation.
Thank you for your information I like to know which health insurance you recommend Thanks
That’s tough. Insurance is very different here. I’m having an insurance expert speak in my new program to familiarize students with the options and restrictions. Check it out:
mexitplans.thinkific.com/courses/RoadmaptoExpatCoaching
Thanks for this valuable info! Is it true that there are a lot of fraudulent airbnb listings? (False pictures, false info, etc.) And can you recommend a good central hotel?
Yes. The listings are real but the pictures might be hella old. Hyatt, courtyard Marriott, Rosa’s y xocalate for upscale boutique. There are lots of nice hotels in centro. There are also others in the north that are equally nice. Camino real is one that comes to mind.
@@Mexitplans Thank you!
Another informational vid Monte! Is there any bill as a renter that you cannot put in your name? How do people protect their MONEY when transferring large sums to purchase a house?
@@tracylindsey4199 great question. Yes, the electric bill and water bill remain in the landlords name as the owner of the house. Once you buy, you can have those transferred into your name. It’s crazy all the reasons you will need your utilities bills and they aren’t even in your name.
@@Mexitplans Wow. okay
Great tips! Can you pay your bills a year In advance?
Unfortunately no. You have to wait until they are published to pay. I wouldn’t recommend doing that either.
Refunds are another difference here.
This is great information. There are inexpensive cellphone plans in the United States. You can pay as low as $12 US dollars per month if you pay for the whole year.
That is good to know.
@comounaverduara...Could you please share the company and service plan you are talking about?
@@tracylindsey4199 you have to investigate companies such as ultramobile, mint mobile, h20, lycamobile, etc.
I have both Telcel and AT&T Mexico and no major problems with either. I would say my only beef with AT&T MX is when I went to buy a couple more years worth of service and they made me get a new number, which was a pain because I had to update my banking app, etc. How do you sign up for electronic payment with Japay?
I put in my service number on their website and pay it from there.
@@Mexitplans Got it, but is there a way to receive your bill by email? This is my only paper bill and it often blows away.
Tmobile is 40.00 unlimited service for 55 years old and older .....
That’s a great price. I’m not there yet but soon.
I've had trouble paying my telmex bill online from the US. I've tried changing my location with a vpn, but have had no luck.
That’s one of the reasons I put my on autopay with my Mexican credit card.
@@Mexitplanswhat MX credit card do you have? We are in Merida too.
@@dianacook6337 I have cards issued through my local bank.
Hola amigo!
Hola!
$290 USD a year of cellphone service? man you are being scammed! AT&T in Mexico sucks! get a VIP plan at telcel for half of what you pay !
For real? I’m on it as soon as my plan expires.
I use Telcel and it costs 140 USD a year. It works in USA, Canada and Mexico.
@@luikmex defínete reason to switch