Mexico is one of the top vacation destinations in the world. Due to its gorgeous beaches, rich history and culture, delicious cuisine and so much more, Mexico has something for everyone. Many foreigners that visit this beautiful country fall in love with Mexico and want to buy a piece of real estate paradise for themselves. Read below if you are considering buying real estate in Mexico.
Property Values are Rising
Real Estate in Mexico is hot right now and property values have risen significantly in recent years, especially in the most popular beach resort towns. As new constructions take shape and more people want to invest in real estate in Mexico, property values are increasing steadily, However, it is still far more affordable to buy real estate in Mexico than it is in a coastal town in the United States or Canada. One of the best benefits of buying real estate in Mexico is that maintenance of your property is relatively low. Property taxes are also much less than the average property tax level in the United States.
Foreigners Can Purchase Real Estate in Mexico
Foreigners can own real estate in Mexico, even near the border or in coastal areas, and a permanent resident card is not required in order to be a landowner. However, you do have to establish a trust in order to buy a property and the title of the property will be in the name of the trust. For details on how much it costs to establish a trust to purchase a property, contact your local real estate agent for further assistance. Do you love Mexico and want to stay long term? If so, it may be more cost-effective to invest in real estate in Mexico, as opposed to wasting money on hotels. Mexico is a top tourist destination, so depending on the exact location you decide on, you will likely have the ability to earn rental income on your property if you lease it out when you are not there.
Use a Realtor
A real estate investment for retiring in Mexico is a good value for your money, but make sure you use a licensed realtor for your purchase. As with any property, make sure you research the home completely before you begin the purchase process. A licensed realtor is a great asset to guide you through the process and to help avoid any issues or unexpected delays.
Another important thing to note regarding retiring in Mexico is that you do have to obtain the proper permit with immigration to prove you have a regular income. Check with your local immigration office to confirm the latest eligibility requirements.
Whether you plan to use your home for a rental investment, second home or a dream retirement, buying real estate in Mexico is a solid choice. Time to start the home search!