Many people who desire to make the decision to relocate to Mexico for a long period of time may wonder which option is better: buying or renting. The overall situation of that person will come into play when answering that question because the benefits will be dependent on their knowledge of the area, their financial situation and their long-term plans.
Benefits of Buying Real Estate in Mexico
Foreign investors, new families and retirees are seizing the opportunity to buy property in Mexico to alter their current lifestyle. That’s because buying real estate in Mexico has several benefits:
Real Estate in Mexico is a Sound Investment
- Buying a real estate in Mexico is by far one of the wisest investment decisions you could ever make. This is especially true if your property is in one of the hot tourist spots that don’t seem to be decreasing in action for a while to come.
Real Estate in Mexico has Great Potential for Appreciation
- Real estate in Mexico tends to increase in property value, so it is very possible to make money from selling your property later.
Real Estate in Mexico is More stable
- Buying a property in Mexico is more stable than getting a rental property because you don’t have to worry about the owner putting you out because s/he is ready to sell the property. Also, if the owner of the rental property dies while you are renting from him/her, you can’t be certain your contract will be upheld.
Real Estate in Mexico Brings you Freedom
- Buying a property in Mexico provides you with the permission to transform your house the way you want it. Any upgrades done to the house will surely help the property appreciate more. Keep in mind that income can be generated from the renting of your property when you are back in your home country.
Advantages of Renting in Mexico
- Renting a property in Mexico may be your best option if your financial situation dictates it. It may also be a wise idea to rent a property before purchasing it to determine if the property you’re your needs.
Renting in Mexico Means No long-term Commitment
- While some landlords offer contracts as long as two years, rental contracts can be monthly or annual. In either case, appropriate notice within a reasonable time is always recommended when desiring to terminate your contract. Therefore, shorter commitments mean more ability to shift locations.
No Need for a Large Investment when Renting in Mexico
- One of the greatest benefits of renting in lieu of buying is the need for less money to invest in securing the property. Most rentals in Mexico can be obtained by paying the first month’s rent and a few month’s-worth deposit.
Less Responsibility when Renting in Mexico
- You don’t have to worry about being involved in handling repairs and up-keeping the property is you are renting. That means the yard will be upkept by the landlord/lady, and things like a leaky roof would be the responsibility of the landlord/lady—from seeking a repairman to paying for the cost of repairs.