Once you acquire a condo in Mexico, especially in high demand areas such as Riviera Maya, many people focus only on the price of selling. However, there are additional expenses that you need to consider beforehand to plan your investment in an informed way. If you are considering projects such as Selva Escondida II, this article will help you to understand the real costs of acquiring a property.
1. Deed registration and notary fees
One of the first costs is the one related with deed registration and notary fees. In Mexico, deed registration is obligatory and need to be done with a authorized public notary. The costs may go from 4% to 7% of the total value of the property, depending on the state where the property is located and if it is a direct purchase or through financing
You can consult more details in the official website of the Colegio Nacional del Notariado Mexicano.
2. Taxes and rights
You will also need to pay the ISAI (Impuesto sobre Adquisición de Inmuebles) (Real Estate Acquisition Tax). This generally goes from 2% to 3% of the total value of the property, although it can vary depending on the federal entity. Also, there are registration fees payable to the Public Property Registry.
3. Maintenance and administration fees
If you invest in a development like Selva Escondida II, that offers excellent amenities like pool, outdoors gym, yoga area and private security, you will need to consider the mensual or annual payment of the maintenance fee. This fee covers cleaning, security, caring of the shared spaces, etc. It can go from $1,500 to over $3,500 MXN a month, depending on the size of the condo and offered services.
4. Furnishing and equipment
Another common expense that it is not often considered is the cost of furniture and equipment for your condo. Some developments offer equipped condos but in others you’ll need to equip it yourself. A basic package of furniture can go from $80,000 to $150,000 MXN. Equipping your kitchen with a fridge, stove, microwave, washing machine and air conditioner can also be a big expense.
5. Bank trust for foreigners
If you are a foreigner, you need to consider the cost of establishing a Bank Trust that allows you to acquire properties in restricted zones like Puerto Morelos. This procedure has an initial cost that goes from $2,000 to $2,500 USD, plus an annual fee that goes from $500 USD.
You can find more information in the official website of the Gobierno de México
Investing in a condo in Riviera Maya is an excellent decision thanks to the high potential of capital gains, but it is fundamental to know all the extra expenses that you may have to avoid surprises. If you’re looking for a property to live, rent or spend your vacations, developments like Selva Escondida II in Puerto Morelos offer you clarity and support in every step of the way, including notarial procedures, legal fees, and amenity options that increase the value of your investment.
