Blog | Thursday, October 15, 2020
6 Common Questions Asked By Luxury Home Buyers in East Cape
Luxury home buyers in East Cape have refined taste and high expectations. Affluent buyers like yourself will likely ask tough questions. You’ll want to know specific details about the area, the home, and its surrounding amenities. As you browse your East Cape real estate options, here are several questions that you should add to your list:
1. What makes this home so desirable?
There are many luxury homes scattered all over the world. From homes overlooking the Pacific Ocean in Malibu to sprawling countryside estates in France, there are other luxury homes to choose from, so what makes this one the right one?
To respond, an agent should be able to tell you what sets the home apart.
Homebuyers that purchase a home inside luxurious resort communities in East Cape, for example, are buying new, state-of-the art homes with an open floor plan, floor-to-ceiling windows, and beachfront access to the Sea of Cortez. The picture-perfect weather is always inviting, the views are unparalleled, and the privacy is ideal for any high-end buyer who’s looking for peace and quiet.
2. What kind of amenities are nearby?
Luxury home buyers in East Cape are buying more than a home, they’re buying a lifestyle. Aside from purchasing an expansive home on the beach, you should know what access you have to amenities.
East Cape real estate inside Costa Palmas, for example, offers a host of favored amenities. From an 18-hole golf course and on-site restaurants to a beach and yacht club, the amenities here are just as impressive as the homes.
The golf course is one of the newest in the area. Designed by golf legend Robert Trent Jones Jr, this course accommodates players of all levels and provides picture-perfect views of the Sea of Cortez and the marina.
The restaurants on the grounds are easy to walk to and offer a great array of food and drinks. Enjoy fine dining at Estiatorio Milos, a Mediterranean seafood restaurant founded by acclaimed chef, Costas Spiliadis, or grab a nighttime cocktail at an outdoor bar, Limon.
The beach and yacht club offers exclusive beaches, adventurous trips on land and sea, and organized activities for kids. With a club like this, you’ll never be bored.
3. What can the property earn?
Affluent buyers want to know that they’re making a sound investment. To make that decision, buyers often ask what the property can earn either in resale or via rental income.
As a buyer, you want to know that if you sell this property in a few years it will be profitable. Aside from being profitable, you should also ask how long homes are typically on the market. You don’t want to list a home only to have it sit there for a year.
You may also decide to rent the property out when you’re not using it. If that’s the case, you should start by asking if that’s allowed and then follow that up with questions about potential rental income.
4. How convenient is the area to get around?
There are some luxury homes that are located in a city center where traffic is heavy and other homes that are so far into the country that it takes 30 minute to get to a main road. It’s always important to consider a home’s proximity to necessities and the time it takes to get there.
When it comes to swimming or hopping on your boat, East Cape real estate couldn’t be more convenient. Four Seasons Residences, for example, sit right on a two-mile stretch of swimmable beach with a marina on the property.
Access to the airport is fairly simple as well. As a buyer, you’ll likely need access to the private airport to come and go as you please. The private airport is a 40 minute drive from East Cape and boasts an upgraded facility and quick deplaning tactics.
5. What kind of privacy is there?
Buyers in this demographic not only have a high net worth, but are sometimes well-known to the public. Celebrities and other millionaires usually want privacy, which is why it’s usually one of the questions asked.
The home that you’re interested in should have multiple privacy and security features. Ideally, these features are built it and aren’t displayed in an obvious, unobtrusive way. You’re looking for homes with smart designs that use natural barriers like a well-groomed tree lines and bridges to keep people at a distance.
Design is important, but so is technology. Many East Cape homes come equipped with a home security system that can be controlled remotely with a smartphone. This kind of technology gives you peace of mind, especially when you’re away.
6. What’s the home buying process in Mexico?
You may have purchased other homes in other countries, so you know that the rules can differ from country to country. In Mexico, the biggest difference is that a foreigner can’t hold property in their name. However, foreigners can set up a fideicomiso, or a bank trust, which allows foreigners to make a purchase.
Here’s a quick look at the home buying process in Mexico:
- You’ll make an offer through a promissory agreement .
- Next, you prepare a fideicomiso, which is long-term bank trust, which holds the title of the property for foreigners. However, the rights to own, lease, remodel, sell or giveaway the property are yours.
- Set aside 10% earnest money, which can be held in escrow in a U.S. bank. Once the offer goes through, the money is transferred at the current exchange rate.
- Get title insurance to make sure the title is clear.
- Draw up a purchase sales agreement, known as a contracto de compraventa.
- Close on the property.
- The notary will register the deed with the land office. (It’s important to mention that notaries aren’t bound by the same laws as they are in the U.S. so selecting a reputable notary is important).
Buying a luxury vacation home in East Cape offers an escape like no other. The area along Baja’s southernmost point is sunny, vibrant, rich with culture, and amazingly beautiful. It’s not surprising to see luxury home buyers in East Cape real estate. If you’re a buyer looking in the area, remember to ask the questions above before moving forward with a purchase.
