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.
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!