From its stunning beaches, interesting history, and rich culture, to mouth-watering food specialties, Mexico has so much to offer. As a result, Mexico has become of the top vacation destinations in the world and many foreigners want to invest in real estate in Mexico. Interested in your own piece of paradise? See below for advice on buying real estate in Mexico.
Don’t hesitate – Property Values are rising!
Wondering whether now is the time to invest in real estate in Mexico? Recent trends indicate that property values are rising and expected to continue rising substantially. There are many new constructions going up across Mexico, and real estate prices are increasing, especially in popular beach resort towns. The good news is that in general, real estate in Mexico is still more affordable than beachfront real estate in the United States or Canada. A huge benefit to owning real estate in Mexico is that annual property taxes are low, and the cost to maintain and upkeep your property are reasonable.
Can Foreigners Purchase Real Estate in Mexico?
Have you heard that foreigners are not able to own real estate in Mexico, especially near the border or in coastal areas? In fact, this is not true as the loophole exists where you can create a trust and have the trust hold title to your property. This way, you can still purchase the property of your dreams even if you are not a Mexican citizen. The cost to establish a trust varies, so contact a local notary in the area to get precise estimates on the legal process. Another benefit of purchasing real estate in Mexico is that it’s a great way to make extra money through rental income. Besides wasting your own money on hotels for your vacations, you can lease out your property to other vacationers when you are not there to earn some added cash. Since tourism in Mexico is its number one industry, you will likely have no problem renting it out, especially if it is located in a desirable vacation hot spot.
Retirement Life in Mexico
Real estate in Mexico is a good investment for now, and if you plan ahead you could even retire in Mexico. One important thing to consider for those who plan to retire in Mexico is to make sure you meet the requirements to obtain an immigration permit or visa. The guidelines are constantly changing, so please check with Immigration to make sure you can prove you meet the income requirement for foreigners wanting to retire in Mexico.
Use a Licensed Realtor
If you want to purchase real estate for your retirement, also take care to enlist the help of a licensed realtor for your purchase. In addition to doing your own research on any potential properties, a licensed Realtor will walk you through the purchase process and are a great resource to avoid any real estate related issues.
Whether you plan to purchase real estate in Mexico as a second home, rental investment, or retirement abode, make sure you do your research ahead of time and use a licensed realtor. It will make the process faster, more efficient and more secure. Happy house hunting!