Buying property in Mexico, whether its land, an apartment or a house, can offer good value for money in comparison to prices in the US and Europe, although prices in some areas have appreciated dramatically in recent years and care should be taken in assessing a property's true value. Mexico's land costs can be lower, building and maintenance is cheaper, cost of ownership (taxes, utilities) is very low and the overwhelming majority of all real estate deals go through legally and smoothly.
The reasons to buy Real Estate in Mexico could be many. Perhaps you will be living in Mexico for some years and you see long term rental as 'wasted' money, or perhaps you're looking for an overseas property investment that will surrender a rental income, while providing you with a place to stay on holiday when you visit.
Property values in Mexico tend to increase year-on-year, as they do in most places, but in many places (with notable exceptions in popular cities and coastal areas) not as significantly as prices have risen in the US and Europe in the last few years. And as with all property, the relative value and appeal of land and property in Mexico comes down to the three key factors: location, location, location.
Another important factor to consider when buying Real Estate in Mexico is the developed state of local and surrounding infrastructure in the location you're looking at. Not all areas are well developed, and property prices will be cheaper in those that are not. However if, for example, a high speed road is built connecting a previously 'remote' location to other, better developed places, you may see a property investment in that area increase substantially. Mexico is a vast country - at nearly 2 million square kilometers - and not all of it is easily accessible. Road infrastructure is improving every year, with most major places now adequately connected, and work continues to connect the more remote areas, but this will take time.
If you're considering the purchase of real Estate in Mexico, you will need to undertake extensive research, choose your location and property very carefully, and ensure that you hire the right professionals and that the letter of the law is followed. Thousands and thousands of foreigners have successfully purchased land and property in Mexico.With the right approach and plenty of homework, there is no reason why you should not become one of them if you want to.
Monday, January 29, 2007
Guide to Buying and Selling Real Estate in Mexico
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