Lots: Types, Considerations and Options
Currently, Vallarta · Nayarit offers diverse real estate investment options, such as luxury condominiums, residences and villas, with different styles that include modern minimalist designs or preserve traditional Mexican architecture. However, this sector continues to expand through the offering of lots, which have become an excellent option when entering these coasts of the Mexican Pacific.
To delve into the topic, Benny Love, director of the real estate agency Wanderlust Real Estate + Development, shares more information about it, as his company stands out for offering a wide variety of lots in San Pancho, Nayarit. According to our interviewee, the trend in the purchase of these properties is growing, thanks to the major developments that have begun near the area, which have served as an influence on new investors seeking more private natural landscapes.
Benefits of Buying a Lot
Among the advantages of buying a lot, Love explains that it is usually more economical, as it represents a great savings if you have an adequate work team to build to the taste and needs of each project. For this, the investor must be clear whether what he is looking for is a view of the beach, privacy or something closer to the city. Another advantage is the fact that its acquisition, in most cases, may be simpler compared to the purchase of a finished property.
Prior Considerations
Before buying a lot, Love recommends that the interested party consult with a professional real estate agency endorsed by AMPI, which should know the property’s legal status. In addition, it is necessary to start with the budget and the land’s characteristics to consider whether the kind of construction planned will be viable (in fact, this will determine the project’s degree of difficulty and the construction price). Finally, it is necessary to reconsider whether the land really meets the desired expectations, that is, if it will be large enough to fulfill its main purpose, be it for the construction of a residence, a luxury real estate development or a commercial plaza, among other options.
Types of Lots
According to its purpose, size and location, a lot can be of a residential, commercial, industrial or green type (the latter intended for ranches, farms or crops).
Love explains that, at least in San Pancho, you can find mainly residential lots within the city and near the beach from 2,152 square feet, as well as green lots established for the construction of one house per hectare (so that the surroundings conserve the jungle environment and privacy sought by many new residents and investors bringing real estate projects).
“In most cases, foreign buyers are required to have a Fideicomiso (bank trust). However, agreements with a foreign-owned Mexican corporation are becoming more frequent (with this, the trust would no longer be necessary, since the corporation would become the owner of the land and would hold the deed). This is very common in the purchase of large plots of land.”
Purchase-Sale of a Lot
According to Love, the purchase-sale process takes an average of 45 to 60 days and is unique for each case, as these are pieces of land with different circumstances and characteristics that require specialized treatment. For the operation to be successful and efficient, it is necessary to have an interested buyer with sufficient capital and an owner who wants to sell, who must have the lot’s legal deed (or trust) signed and registered with the municipality, as well as proof that there are no payments due, such as property tax.
Due to the great real estate boom, as well as the region’s potential, more and more investors are looking for lots of certain dimensions to create residential or commercial spaces in contact with nature.
“Development in some areas seems inevitable, but we see a stronger push toward environmental awareness. We have opinions about the development of our beautiful coast and would like to see as much care for the natural environment as possible.”