What are the closing costs and ongoing maintenance expenses a Mexican citizen needs to pay on a property?

🧾 Closing Costs (Paid Once at Purchase)

Typically range from 2% to 5% of the property price, depending on whether you’re paying in cash or financing.

💵 If Buying in Cash:

Title insurance: ~0.5% – 0.75%
Recording & transfer fees: ~$500–$1,000
Attorney fees (optional but recommended): $1,000–$2,500
Inspection & appraisal (if applicable): $500–$1,000
Escrow/closing agent fee: $500–$1,000

🔎 Estimate for a $500,000 property (cash purchase):
~$10,000–$15,000 USD

🏦 If Buying with a Mortgage (Foreign National Loan):

All of the above, plus:
- Origination & lender fees: 1% – 2% of loan amount
- Prepaid interest/insurance
- Additional appraisal, credit verification, and compliance fees

🔎 Estimate for a $500,000 property with financing:
~$15,000–$25,000 USD

🔁 Ongoing Maintenance Expenses (Annual)

📍 1. Property Taxes

Approx. 2% of assessed value per year
Paid annually to Miami-Dade County

🏢 2. HOA or Condo Fees (if applicable)

$0.70–$1.50 per sq. ft. per month
For a 1,000 sq. ft. condo, expect $700–$1,500/month
Covers building insurance, amenities, reserves, security, etc.

🛡️ 3. Property Insurance

$1,500–$5,000+ per year, depending on:
- Location (e.g., flood zones)
- Property type
- Whether it's vacant, rented, or owner-occupied

🧰 4. Maintenance & Repairs

Budget 1% of property value per year
Includes A/C service, appliances, plumbing, cleaning, etc.

🧾 5. Management Fees (if renting it out)

Long-term rental: ~8–10% of monthly rent
Short-term rental (Airbnb): ~15–25% of gross revenue

📌 Example: Annual Costs for a $500,000 Condo

Expense	Approx. Amount
Property taxes (2%)	$10,000
HOA fees ($1.00/sq. ft.)	$12,000
Insurance	$2,500
Maintenance/repairs (1%)	$5,000
Total (without rental management)	~$29,500/year

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Antonio Aguirre

Meet Antonio Aguirre

Broker Associate | Realtor® based in Miami, FL

With over 20 years of real estate experience, Antonio Aguirre is a trusted expert helping buyers, sellers, and investors—both local and international—make smart, strategic decisions in one of the most competitive markets in the U.S.

Antonio’s career began by opening offices, recruiting, training, and mentoring agents across the U.S. and Latin America. His leadership and consistent results have earned him multiple industry recognitions, and his global perspective allows him to understand and meet the diverse needs of his clients.

Today, Antonio leads a multidisciplinary team committed to delivering comprehensive, transparent, and personalized service. Whether you’re investing in pre-construction, exploring private equity opportunities, or looking for existing properties, Antonio has the knowledge, network, and resources to help you secure the best possible deal.

A true Miamian at heart, Antonio is passionate about watersports and gastronomy—qualities that reflect his energetic, detailed, and client-centered approach to real estate.