Monday, December 1, 2014

Renting or Buying Real Estate in Mexico, What is Better for a Foreigner?

Renting or buying? Many foreigners moving to Mexico ask themselves this question. Experts in relocation and expat websites always suggest visiting a place first, make sure you like your new area and get used to your new life before jumping into buying real estate in Mexico.

Renting or Buying in Mexico: 5 Advantages of renting

    1.        Forget about the upkeep, it is your responsibility to look after the place; but serious problems like changing the water heater, wiring or plumbing problems, are the owner’s responsibility.

    2.        Renting a property in a tourist area gives you freedom, you can often rent a property for just a week, a year or anything in between. But you might pay inflated prices during mid and high season.

    3.        There is some financial flexibility when renting a property. If you runs into financial trouble, it is easier to reduce your monthly expenses.

    4.        Gives you mobility:  If you do not like something like a neighbor, the area or your building, you can go to the end of your contract. You just need to find a new place and move.

    5.        Renting can save you some headaches, after all you are living in Mexico; when things happen more slowly than back home you can expect repairs to take forever, good thing you landlord has to deal with all the hassle. 

Renting or Buying in Mexico: 5 Advantages of buying

    1.        You will feel that you have a roof for you and your family, also the prices of property in touristic areas are always on the rise; so you are building equity faster than back home.

    2.        It gives you stability and options. Having a permanent residence allows you to live in it full time or part time and rent it out as you choose. Making your life easier, allowing you to come and go as you like.

    3.        Could represent tax savings, in some countries if you are a permanent resident in a foreign country your taxes will decrease, the same with property taxes; which are dramatically lower in Mexico.

    4.        As an owner you can have the house of your dreams, you are completely free to pick out every detail to your specify taste like color, furniture and lighting.

    5.        Building credit history, if you get a mortgage to pay for your new home this benefit your credit history in the new country. Even if you pay in cash, owning a property always gives financial institutions the feeling of stability on your part.

Now if you have any question about this or any of the TOP MEXICO REAL ESTATE properties we have listed in Playa Del Carmen, The Riviera Maya or anywhere throughout Mexico, please feel free to contact any of our TOP BUYER’S REPRESENTATIVES and we will be glad to help you find your very own piece of paradise.
And remember, here at TOP MEXICO REAL ESTATE…
We make it happen!

Tuesday, May 21, 2013

Modern Caribbean Dream Home in Progreso, Yucatan - Casa Deco

This beautifully remodeled home is in the quaint beachfront town of Progreso, Yucatan. Progreso is about 30 minutes away from the colonial city of Merida; besides the city's famous colonial charm, it is the largest city on the Yucatan Peninsula, offering all services, modern stores, shopping centers, sports complex, excellent hospitals and much more only a short drive away.

Progreso is a small town that combines the charm of Mexican colonial style with Caribbean relaxation and comfort.  Casa Deco offers a beautiful hybrid of colonial and contemporary style ideal for comfortable living.  The rooftop offers views of the sea, only a short block away!; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely.

Mexico Real Estate - Find the best communities in Mexico to live and enjoy the live.

Tuesday, May 14, 2013

Mexico Real Estate - What Will The Neighbors Be Like? Part 2 - Mexicans

Mexicans are very welcoming in general. They have a very distinct culture, but unlike many parts of Europe, the majority of Mexicans do not have a “protectionist” way of thinking; they don’t see outsiders or newcomers as a threat to their culture.  On the contrary, most feel that “gringos” have something good to offer their country.  This is not only in economic terms, but they also appreciate and like the North American way of thinking! (It’s very unlikely they would adopt it, but they do welcome it.)
Mexican Neighbors
When Americans and Canadians buy Mexico real estate, most will have a few middle-class (and perhaps even upper-class) Mexican neighbors; many of these will know English and will be people you can get to know as good neighbors.
 The Other Mexicans …
As most people very quickly realize, class distinctions are much clearer in Mexico than back home.  Most of those enjoying Mexico retirement (as well as other expats) will also have regular contact with the lower-income working class, perhaps the gardener or cleaning lady, or the guy who runs the convenience store on the corner.  Some will know some English, and will be as happy to chat.  Even those who don’t know any English may try to strike up a conversation; as your Spanish becomes better, you’ll find greeting, chatting and interacting with these people a pleasant experience.  They’ll definitely see you as a wealthy person (even if you’re nowhere near what you would consider “wealthy”) but it’s very rare that they would resent your financial comfort.
 Neighborhood life in Mexico is just that – neighborly.  Back home, Americans and Canadians tend to be friendly but often somewhat distant.  Mexicans, in contrast, will be both friendly and very open to starting closer friendships; expats who have been in Mexico for a while usually pick this up.
Visit TOP Mexico Real Estate; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely
Mexico Real Estate - Find the best communities in Mexico to live and enjoy the live.

Tuesday, May 7, 2013

Is Owning Mexico Property Financially Feasible for Retirement? Vacations?

OK, so a brief glimpse at prices has convinced you that Mexico real estate costs less.  But still – aren’t you just adding more expenses to your lifestyle; even if a condo on the beach in Mexico is a quarter of the price of one in Hawaii, you’re still spending $200,000 USD, adding another property to maintain, more travel expenses, right?
While it’s always good to balance every opinion with another, a closer look will show that this is, in fact, NOT the truth the situation.
Briefly, let’s consider the main reasons people buy in Mexico:
  1. Mexico retirement  – part time in Mexico
  2. Retirement – full time, permanent in Mexico
  3. Vacationing
If you are buying for any of these reasons (as well as others not listed here) buying a property in Mexico will NOT pose any additional expenses.  Essentially it would replace a property you would own elsewhere.  If make the leap 100% and make Mexico your full-time residence, then you would sell your property back home and the savings would be obvious; if you are vacationing or living part time in Mexico, than the property would simply replace a second property in your home country.
In either case, it would offer considerable savings for the following reasons:
Cost of living in MexicoThe home would be less expensive. Whether you’re replacing your permanent home or second property, you’re replacing a property worth $300,000 USD, for example, with a Mexico home for sale that might cost $200,000 USD. Of course, the difference could be more or less or on a larger or smaller scale depending on your situation, but in any case, you’re adding a very large lump sum to your savings.  How can you go wrong with that?
The cost of living is significantly lower. Many expats feel that on average living costs about half that in the U.S. or Canada.  A handful of items are more expensive, but by and large day to day expenses, bills, traveling, groceries, furniture, dining out, etc. are significantly less costly.  Some people will choose to spend their extra savings on living more comfortably, traveling more, etc.  But either way, you win in the end.
But what about travel expenses? But won’t you be spending all of this back in travel?  If you make the move permanently, this isn’t even a concern.  However, even if you make frequent trips home or if you are only living in Mexico part time, the travel expenses are probably lower than you would think.  Good prices on return flights from Canada to Cancun or Puerto Vallarta range between $400 and $600.  That’s about as expensive as it gets, unless you’re looking at a less popular location that requires various flights.  However, in that case, the savings on properties and cost of living would be that much greater.
Cost of living in MexicoNow let’s compare.  For most North Americans, the flights are only slightly more than most flights to warm weather locations in the U.S.  In some situation there is no difference.  But let’s be generous and assume that the difference is $200 per return flight.  Let’s say you’re back and forth often – 4 times a year.  That’s an added expense of $800 USD per year.  It would be rare that you’d actually arrive to the point of spending this much more, but, just for comparison …
If you consider a cost of living that’s about half of that back home, for some people that would mean saving up to $2000 per month.  Let’s just say $1000 to avoid going overboard.  With 12 months in a year, that makes for $12,000 USD savings per year.  If you’re spending only part of the year in Mexico, then we could say half of that – $6000 USD. And don’t forget about that huge chunk you saved on the property in Mexico – $50,000 maybe even $100,000?  So, how does $800 USD more in travel expenses, which you may not even spend, compare to that?
The savings are most certainly a HUGE point in favor of owning a property in Mexico.  Of course, probably the bigger point is getting used to living in another country.  That’s probably easier than you think too, but that’s a different topic.
Also visit TOP Mexico Real Estate; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely
Mexico Real Estate - Find the best communities in Mexico to live and enjoy the live.