You have not missed the boat when it comes to investing in vacation rentals in Mexico as there are prime locations and properties in Mexico that include Los Cabos, Puerto Vallarta, and Cancun. Today is just as wonderful for foreigners to invest in vacation rentals in Mexico, especially since the websites Airbnb and Craigslist that allows you to advertise your vacation rental properties. Would you like to invest in vacation rentals in Mexico? If you would, then continue to read below:
Invest in Vacation Rentals in Mexico
Anywhere in Mexico foreigners can purchase real estate, but you should remember about certain regulations for purchasing property within the restricted zones, which include 50km on the coast and 100km on the borders. When you have purchased any real estate in Mexico, then you can start the task of letting the real estate work for you, which can be done by renting the real estate out short-term and long-term. Tourists that are visiting Mexico are searching for vacation rentals as it is a popular choice for them. The vacation rentals are high in demand and only rising more and more each day. Last year there was a nine percent growth for real estate in sought out destinations in Mexico, which means the occupancy rates are only raising too.
Potential Income with Vacation Properties
Anytime you purchase Mexican real estate that will be used for vacation rentals you have the chance for potential income. You, as the owner of the vacation property can advertise the vacation rentals in Mexico, but the rent in US dollars, which basically means you will get higher rates and income, especially if you plan on renting the vacation properties during the winter months, which is peak season in Mexico. As you will be charging in dollars, but your expenses, maintenance and upkeep costs will be paid with pesos, so you will be making more money in the long run, and your vacation property will only appreciate over the years.
Tax Must be Paid on Vacation Rentals
Years ago, any money that was made with vacation rentals in Mexico was under the radar, but recently the tax laws clearly state that all vacation property owners and their investors must pay taxes on any income from these properties. To make sure that you pay all your taxes on vacation rental income, then contact an attorney who specializes in Mexico real estate and taxes, so you don’t get in any trouble.
Vacation Property that You Can Enjoy
One good thing about purchasing vacation real estate in Mexico is that you not only will have a wise investment, but you will also have a vacation property that you can enjoy too. You can choose to rent out your vacation property or just enjoy and use it yourself. You can easily invest in vacation rentals in Mexico.