More and more Americans have been buying property in Mexico either for living, vacationing or retirement. Property in Mexico is generally much cheaper than the U.S. and the overall cost of living is also lower. In fact, over 1 million Americans already live in Mexico. Below are some of the pros and cons of buying property in Mexico:
1. Affordability: Rentals cost between $500-$650 per month, while many homes cost about $75,000. For water front properties or properties in hot tourist resort cities such as Cancun, Cabo San Lucas, Puerto Vallarta and Mazatlan, you might need to pay $300,000-$500,000, which is still about a third of what you need to pay for a similar property in the U.S.
2. Healtchare: Affordable healthcare system.
3. Transportation: Decent public transportation.
4. Residency: Simple residency requirements.
5. Vacation Rentals: With 28.5 million visitors, property owners in Mexico’s tourist spots have an opportunity to generate income by renting their homes as vacation property.
6. Legal Protection: Foreigners are allowed to buy property in Mexico, except in some restricted areas, and are afforded full protection of the law.
7. Proximity to the United States: Mexico is only a few hours from most American cities, especially cities in the Western and Southern U.S.
1. Safety: Certain parts of Mexico can be dangerous, especially in light of an intense war against drug cartels.
2. Pollution: Water and air pollution in certain areas are considerably higher than those in the U.S.
3. Language Barrier: Unless you speak Spanish, communicating can be difficult.
4. Rip Offs: Buyers must do their homework, especially in terms of brokers, escrow companies, developers and local laws. Many Americans have been conned or ripped off by unscrupulous sellers or developers.
Links About Buying in Mexico
- Listings: http://www.investmentpropertiesmexico.com/mexico-real-estate-listings
- Mexico Real Estate Blog: http://www.investmentpropertiesmexico.com/mexico-real-estate-news-blog/2016/09/5-best-countries-for-expats-to-move-abroad
- Guide for Foreign Buyers: http://www.theyucatantimes.com/2015/01/a-guide-for-foreigners-seeking-to-buy-property-in-mexico/
- Top Retirement Spots in Mexico for Expats: http://money.usnews.com/money/blogs/on-retirement/articles/2016-10-04/10-top-retirement-lifestyles-in-mexico