If you’re interested in buying or selling real estate in Cabo, or any of the amazing towns in Baja Sur, you’ve come to the right place. In today’s episode of the Nick Fong PODCAST, Nick meets with Javier Madero, a local real estate lawyer, who explains the process of buying and selling property in Mexico.
During their meeting, the two of them reveal what is called the “catastro value,” so you can learn what it is where to get it. Nick is the founder and broker of Ronival Real Estate and has grown his brokerage to become the largest and fastest-growing real estate firm in all of Baja Sur. That means, his inside information will inform you of the most important news and aspects regarding Baja Sur.
Read on to build your understanding about the catastro value and of the buying and selling process in Mexico.
Questions answered from Ronival Real Estate staff
In the video, Nick tells Javier that his staff has assembles some questions for him for this PODCAST. These questions come from the many clients of Ronival Real Estate, which covers all of Baja Sur. The most frequently asked questions have the highest priority to be answered by Javier.
What is the catastro value?
The first question is specifically about the catastro value – what it is and where to get it. In short, it defines the real value of a property without considering many factors that commercial values use, like the property location, how it was built, and some other factors.
The catastro value is the home’s value from the eyes of the government for tax purposes. This value is adjusted every year since taxes must be paid yearly. As Nick mentions in the video, this value has experiences a few increments lately due to the amazing growth in real estate values across the board in Baja Sur.
Now that many properties have been sold recently, due to the great increase in value, along with the many new developments built and sold lately, the government has made adjustments to better reflect actual values. As Javier explains, the catastro value was originally set too high at the beginning of 2022. But now, they’ve reduced it to better reflect reality, which is great news for home owners in Baja Sur.
Fortunately, if the catastro value is higher than what your property is actually worth, there is recourse you can take to correct this. Javier explains to Nick some examples and what steps can be taken to make that adjustment before you pay yearly taxes. During their conversation, they explain capitol gains taxes and reverse capitol gains tax.
See the latest immigration process in Mexico
Prior to buying a home in Mexico, make sure you have a proper immigration form. Not long ago, the process for filling out that immigration form has been updated. Therefore, the latest immigration process is to fill it out online. This isn’t required for the average tourist visiting Mexico, but for those who wish to purchase Mexican real estate.
What’s important to know is that if you intend on buying a home in Mexico, you need a tourist visa to close on a sale of your home. In the video, Nick mentions how many of Ronival Real Estate’s clients do not have that tourist visa when they begin the process. As such, he informs them quickly that once they choose a home to buy, at closing, they need that visa to present to the notary.
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Baja California Sur real estate
Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.
Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!
If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions You can also schedule a time to show you around this breathtaking location.
Ronival on YouTube
See Nick Fong in action on his Ronival YouTube Channel. Find his videos on the Rovival VLOG, where you can read a short, yet in-depth post. Below is an example of one of Nick Fong’s Ronival videos:
Thank you for reading What is the Catastro value when buying a home in Baja Sur?. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.