As beautiful and modern as Cozumel is, visitors must remember
that it is a foreign country is not part of America, although it
caters quite well to American tourists. Everybody on Cozumel
speaks English, some with little or no detectable accent. The
atmosphere on the island is extremely international so the
frequent traveler or long term guest may forget that it is in
fact Mexico he is visiting and not Hawaii with a Spanish flair.
Buying or owning some property on the island is not the same as
buying or owning property in America. Foreigners are allowed to
buy property on the island, but you must use the services of an
experienced real estate attorney. If the property is in a
restricted zone such as along borders, coastal areas or wildlife
preserves, you must first obtain a “fidei comiso” or bank trust
instrument established and recorded by a notary public.
Home and property prices are cheaper in Cozumel than in the USA
, and the price depends, as it does anywhere, upon the size and
location of the property. Obviously beachfront homes and
property will cost more than a similar sized investment inland.
Homes and property in town are cheaper than those on the rest of
the island. Condominiums, dotting many locations, are available
depending upon your tastes and budgets. Lately, timeshares have
become all the rage as tourists can “own” a piece of the island
that is theirs to enjoy for a modestly small investment.
Currently, the overall real estate market on the island is
definitely a “sellers” market so you must be prepared to spend
some time and do your research to find just the right piece of
paradise for your budget.
Interview several real estate agents out of the many that are
available on the island before you settle on one who can handle
your purchase. Decide whether you’d like to purchase some raw
land and build your island dream home on it or purchase a
finished home out of the many that are available. The realtor
will give you listings of available properties and escort you to
them for viewing. If you’ve found something you like, he can
then instruct you on the best way, using the most secure
methods, to complete the transaction. It may take several trips
to the island or more time than you had anticipated to find just
that right slice of heaven to call your own, but in the end it
will be worth it.
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