We’re sure that as you start to consider a retirement or investment property here in Mexico, you will have some questions. Here are some of the ones we hear most frequently. We hope this will provide you with a good basic understanding for you to begin your decision-making process. For additional information, reach out to us and one of our sales agents will be happy to help!
What is included in the price?
Images are illustrative. Condos and houses are not furnished.
For the condos, you will receive:
- 710 sq. ft. two-bedroom, one bath living space
- White painted walls
- Tiled flooring
- Plumbing (including plumbing for wall AC units) and electrical
- Water holding tank on the roof
- Propane gas line for cooking
- Sliding glass door for first floor condos, exterior door
- Interior doors on bedrooms and bathroom
- Five finished windows
- Breakfast bar
- Kitchen sink
- Bathroom sink, tiled shower
- Utility room off kitchen with washer hookup
Kitchen and dining area: Three ceiling lights, five outlets, three light switches
Bathroom: One light switch/outlet, one ceiling light, one vanity light fixture
Bedrooms: Two outlets, one light switch, one ceiling light
We are also offering single-family, townhouse-style homes in phase two, that include:
- 668 sq. ft. land including natural earth backyard area
- Tiled front porch area and palapa covering
- Concrete driveway
- Garden hose spigot
- 610 sq. ft. two-bedroom, one-bath living space, without utility room. All other specifications are the same as the condos.
Do you offer different floor plans or modifications?
Selva Escondida does not offer alternate floor plans from what you see in the model. All of our units are delivered the same.
Can I make my modifications?
Yes. Our condos are highly customizable. Once you have paid in full and have the keys, you are free to create your dream living space as long as it meets the approval of the HOA. Labor is relatively inexpensive here, which allows you to customize your home to your tastes.
What stage is the project in?
We are currently in phase two which includes condos and homes. Phase one was single-story townhouse-style homes, and they are completely sold out.
Do you offer financing options?
Selva Escondida does not provide a conventional mortgage or loan to foreigners. We offer three payment plans:
- One payment: If you choose this option, the full purchase price of the property is required within eight days. Depending on the completion date of the condo or home, this may qualify you for a discount. Be sure to ask your sales agent to see if a discount applies.
- Monthly installment plan with the last payment being on or before the completion date. The completion date will be specified on the Purchase Order. Check with your sales agent for the current availability of condos and homes that are eligible for the monthly installment plan.
- 10% down, and then the balance due on or before the completion date. For this option, depending on the completion date of your condo or home, there may be a fee because it requires us to hold the property without full assurance on your end that you will purchase. Please ask your sales agent which homes and condos in our development are eligible for the 10% deposit, and what the current fee is.
What is the deposit arrangement?
If you would like to place a hold on a home to think about your purchase but don’t want to lose the property in the meantime, you have the option to place an 8-day hold on the home for 20,000MXN. If you cancel the hold before the 7th day you will get a full refund. If you cancel after the 7th day, you will forfeit the hold. This hold may not be available for already completed homes or condos.
To begin the contract and purchase order process, a 10% deposit of the total home price is required. If you placed a hold already, the hold amount will be applied. If for whatever reason you need to cancel the signed contract and purchase order, there is a 10% penalty of the total amount of the house.
What are the closing costs?
Selva Escondida can provide a Notaria, or a lawyer, for all closing costs. The Notaria charges approximately 8% of the total contract purchase price of the home. You can hire your own Notaria but that is at your discretion.
For foreigners, a Fideicomiso is also required, which is a bank trust allowing you to own the property. It costs approximately $2200 USD to set up the Fideicomiso and is required before closing. Our lawyer can handle this process, or you are free to hire your own. There is about a $550 annual fee due thereafter to the bank that holds the trust.
Will I receive a title to the property?
Yes. The fideicomiso gives all the same legal rights to the property as in the States, and you will receive a title deed stating that the property belongs to you. You are free to will the property to whom you choose.
Are there any recurring fees I should know about?
Yes, there is an HOA fee and of course, you have your property taxes to pay annually.
What is the HOA fee and what does it include?
The HOA (homeowners association) fee will be approximately $40 USD per month. This includes care for all the grounds, groundskeeping such as mowing and trimming around plants, pool upkeep, and 24/7 neighborhood watch and security. This also covers the maintenance of and the guarding of the entry and exit gates to the community.
Does my property come with a warranty?
Yes. There is a five-year warranty for structural issues, three years for waterproofing, and one year for hidden manufacture defects in electrical, hydraulic, and sanitary installations.
Is the home delivered fully serviced?
Yes, all of the homes at Selva Escondida come fully serviced with city sewer and water. You will need to set up the accounts in your name with the city of Puerto Morelos. You will need to set up your internet with a local provider.
Is the water safe to drink?
We have yet to hear of anyone who drinks tap water here in Mexico, even the locals. The reason for this is not so much cleanliness, but the high mineral content. Over time, it’s simply not good for you, although It is perfectly safe for showering, brushing your teeth, and other household use. You can easily order drinking water, and they will drop off the drinking water in five-gallon bottles right to your home.
What should I expect to pay in utilities?
Of course, this can vary upon your usage. Moderate use of electricity can be $30 USD a month. Moderate use of water can be $10 USD a month. Gas for cooking can be $35 USD for a 50lbs tank. Internet can be around $25 USD a month. These are all estimates to get an idea of costs.
Would Selva Escondida/Puerto Morelos be a suitable location for a retired couple?
Yes, the size of the unit is perfect for two people. Since the homeowners association takes care of groundskeeping, pool care, and garbage disposal, life at Selva Escondida is very low maintenance. You can also easily hire extra help for housecleaning, cooking, laundry, and general home maintenance if you desire. And Puerto Morelos itself is well suited for retirees with plenty of dining options, easy beach access, and conveniently located directly between Cancun and Playa del Carmen.
I’m planning to use my home as an investment property. Can I rent it out?
Yes, you can. The current HOA for Selva Escondida has no restrictions on using your home as a rental property, and the state of Quintana Roo allows it as well.
Would you consider Selva Escondida/Puerto Morelos to be a rentable location?
Absolutely. Puerto Morelos is located directly between Cancun and Playa del Carmen, making it a highly desirable vacation location, and the area is only increasing in popularity.
Should I be concerned about safety?
Most of the Yucatan is safe in general, as the Mexican government works diligently to protect the tourism industry and ex-pat community, which brings millions of dollars to the area. Puerto Morelos especially is safe, and you will feel comfortable to go out walking, shopping, dining, and so on. Also, Selva Escondida has a security booth and gate, which will be manned 24/7. The entire community is also patrolled day and night.
Is the area prone to flooding?
No. Selva Escondida has all the proper drainage systems installed, so average rainfall will not affect your property. The ground in the Yucatan peninsula consists of permeable limestone bedrock that allows adequate drainage as well.
What is the exact address of the property?
Av. Las Palmas SM 41 MZ 1 LT 1-50, 77580 Puerto Morelos, Q.R. Keep in mind it is a brand new development, and you may not be able to locate it on some maps.
Where in Puerto Morelos is Selva Escondida located?
The town is divided into two sides, the ‘port’ or beach side, and ‘colonia’ our neighborhood side. Highway 307, which runs from Cancun down to Belize divides the sides. Selva Escondida is on the colonia side, ten minutes from the beach. It is the furthest development back from the highway, nestled in behind other gated communities, making it safe, quiet, and peaceful. One huge advantage to being on this side of town is Selva Escondida’s electricity and water rates are locally zoned, making them very affordable, unlike the designated tourist zones on the beach side of the highway.
Who is responsible for the project?
Grupo Miraro Land Developers are proud to bring you Selva Escondida. They are a serious, well-funded developer. They have an excellent reputation and are well established, with completed and delivered projects in Cancun, Puerto Morelos, and Mexico City.