As one of the most up-and-coming destinations for retirement, permanent immigration or “snowbirding”, Mexico offers a variety of options when it comes to making the country your home. From fractional ownership, vacation clubs to rentals and real estate, it is easy to make Mexico your home. At our Garza Blanca real estate offer, we get a number of queries from clients looking to purchase real estate in Mexico about whether it is better to buy or rent in Mexico. So we thought we’d tackle this question.
Buy or rent in Mexico?
Whether to buy or rent in Mexico depends on several factors such as your experience in the country, your overall goals, and your financial capabilities. Both choices offer benefits.
Advantages of Renting Properties in Mexico
Your financial status at the moment may be suited to rent a property instead of buying one. There are also individuals or families who would be best to rent for a certain time until they are sure that the property is indeed the best alternative for them, then finalize their decision by purchasing it. Here are some benefits that you can get even while you are renting.
When you rent, you don’t shoulder the task of maintaining the property and spending on such repairs. These are responsibilities of the landlord/lady. Anything that needs to be fixed – roofing, leakages, boiler, etc. – will be covered by the landowner and the expenses that go with it.
Renting generally costs less in the short-term (though renting works out more expensive as the years roll on). You just have to pay the first two month’s advance deposits and the first month’s rental fee, and you’re ready to move into your new rented property.
Rental contracts are generally short-term commitments, usually monthly or yearly. There may be some landlords offering two-year contracts. This setup provides more freedom as to where you want to stay and up to how long, as long as you are satisfied.
Advantages of Buying Properties in Mexico
If you have the financial capacity, purchasing real estate in Mexico provides far greater benefits than renting.
Owning your own property means you can stay in your own space without having to worry about other people like your landlord/lady. When you don’t own your home, there is a risk that you will have to move out on the whim of another. Having your own property gives more security of your stay.
Buying your own house is one of the best investments you can make. It’s even more special when you make your purchase in Mexico, being one of the top and most fashionable tourist destination in the world.
Staying in your own real estate means you have more liberty to personalize the space and really call it your home. Additional improvements and renovations will even add up to the value of your property. You can also use it to gain extra money if you decide to rent it instead because you have bought another or you have decided to go back to your home country. Nothing is wasted and all efforts you put into your house will have its rewards.
Real estates have the potential for financial appreciation and this is one economic benefit you will get if you decide to sell your house in the future.
If you are still confused about what is best for you, renting or buying real estate, have you considered Fractional Ownership?