Many tourist who desire to live in Mexico at specified times of the year will most likely wonder if it’s better to buy or rent in Mexico. To answer that, one should take into consideration the person’s overall financial situation, life goals and experience with Mexican life.
Here are some tips to help you know if you should buy or rent in Mexico:
Benefits of Buying Real Estate in Mexico
There are several benefits of purchasing property in Mexico, which makes it no surprise that foreign investors, retirees and young families are gravitating to the change of pace in their daily routine:
- More stable
Choosing to buy a home in lieu of renting one gives you more permanence and security. For example, if your landlord/lady decides to sell the property, you risk being asked to leave. Also, if the owner dies while you are under contract, there may be difficulties in having your contract upheld by the replacement owner.
One great benefit of purchasing real estate is the freedom to make your property look the way you want it to look. Therefore, any remodeling or enhancements done will add value to your home. Also, keep in mind that when you are back in your home country, you can rent your property.
- Potential for appreciation
Another great benefit of purchasing real estate is the probability of the property increasing in value over time. So, you could stand to make a reasonable profit if you choose to sell your property years later.
- A sound investment
There’s no doubt that purchasing real estate in Mexico is one of the best investment moves you could ever make—especially if your property is in one of the popular tourist locations that don’t seem to be going out of style for years to come.
- Benefits of when you rent in Mexico
Your financial situation may warrant that you rent instead of buying a property in Mexico. However, if you decide to save and buy the property later, renting may be the best way to decide if the property is worth the financial risk.
- Less Responsibility when you rent in Mexico
Renting a property is the same as saying you have placed all upkeep and repairs in the hands of the landlord/lady. That means if the boiler just happens to shut down, your landlord/lady will absorb the worry of finding a person to fix it and paying for it. Also, if your roof must be replaced, you are not responsible for its upkeep because that’s the owner’s responsibility—your landlord/lady.
- No long-term commitment
No long-term commitment means you have the flexibility to relocate more often. You can get a rental contract as short as a month, a year or even two years. To terminate your contract, it is ethical to provide notice within a specified period.
- No need for a large investment
One of the biggest advantages that comes when your rent in Mexico instead of buying is being able to secure a property with a small investment. Most rentals in Mexico can be obtained by paying the first month’s rent and a deposit the equivalent to a few months.