Buying property in Mexico is a great investment compared to the real estate available in the United States and in Europe, and includes houses, condos, apartments, luxury mansions and resort living like that offered here at Villa La Estancia Residences. The prices of property in Mexico saw a downturn after the recession of 2009 but are on the increase, so be sure to act soon to get the best prices.
Pros and Cons of Buying Property in Mexico
As in any country, you may hear ‘horror stories’ related to buying property, but generally speaking, purchasing property in Mexico is very easy and goes smoothly. The land in Mexico is low in price, and low local labor costs mean that maintenance is much cheaper than back home, so too are the taxes and your utility expenses. Likewise the actual cost of real estate is generally very affordable in Mexico.
The reasons for purchasing property in Mexico will be different for each and every person reflecting your personal circumstances. Maybe, you have been residing in Mexico for several years, renting property after property, which is always a waste of money in the long term, or maybe you are looking for an investment that will bring in extra income. For example, the most common reason for purchasing property in Mexico at Villa La Estancia Residences is to have a second home where you can stay for vacations both long and short-term.
Choosing the Best Investment
Property in Mexico increases in value just like in other countries, however it is worth noting that property prices and their rate of increase will depend very much on the popularity of the location you are choosing for your purchase. For example; is it in a popular city like Puerto Vallarta or on the beach? Is there a large development like a shopping mall, airport or highway planned for your area? There are three key factors which can help you choose property in Mexico that is likely to rise in value which include: the location of the property, the attractions near the property, and if the property is located by the airport or busy highways.
When you purchasing property in Mexico, one of the key factors is to think about the current level of development of the area and its potential. You might buy a property at a low price while there is very little to do in the way of attractions, restaurants and access to other major cities or an airport, and then see a great rise in your property value as development begins to happen in that area, like a new highway or shopping mall. However, beware that this may take some years or never happen in particularly rural areas. Mexico is nearly 2 million square kilometers and many of the country is not accessed easily. The highways and roads are improving, and roads are being added to the remote areas, so be patient as this does take time.
Before you purchase property in Mexico you should first do research on the property and the area that it is located in, then make sure you choose the location very carefully. You should always hire a professional to conduct the purchase of the property, so that the legal transaction follows the laws in Mexico.
There have been thousands and thousands of foreigners that have purchased property successfully in Mexico. You can be another foreigner that purchases property in Mexico too.
Why not come and visit us at Villa La Estancia Residences on a Try and Buy visit to start the ball rolling. Click here for more information about our TRY AND BUY scheme. Before you know it you will be a property owner in Mexico.