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Does Owning A Home In Mexico Really Save You Money?
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Everyone says that owning a home in Mexico saves you money. How true is this? After all, the beachfront properties you like start around $250,000 USD and you can get a nice house in your home town for less than that.
The bottom line is that living in Mexico – including owning a home here – does save you money. Let's consider the areas where you see savings to help understand exactly what this means and where you'll see savings.
1. The Relative Cost of Homes
When you look at those beachfront condos for $250,000 USD, you have to remember that the same condo in the U.S., on a beach that's probably not as nice, would likely be well outside of the average American's – or even most above-average Americans' – budget. The fact that the average buyer can even consider a beautiful beachfront condo is amazing. But, if you're looking for a lower price, then this fact, as true as it is, doesn't help you much – which leads us to the next point.
2. The Low Cost of Comfortable Homes
In Mexico, you don't have to look to far away from the beachfront to find excellent prices. Only a 10 – 15 minute drive away, and suddenly you're looking at prices below $100,000 for a nice, comfortable home. Retirees who only need a small but pleasant home in a spacious and quiet community could easily find the right property for $75,000 or even less. Again, we're talking about properties that are within a short drive to the sand of some of the world's most beautiful beaches, or up on a hillside overlooking a beautiful lake and quaint, old town. To see examples of excellent-priced homes for sale, click here.
3. The Cost of Taxes, Maintenance, etc.
In all cases – even for the pricier homes – taxes, maintenance costs, HOA fees and other expenses are noticeably lower than in the U.S. The cost is also lower for renovations, expansions or other improvements.
4. The Cost of Living
The cost of living is a big point. Many expats find they can live on about half of what they do in the U.S. or Canada, or just a bit less but significantly more comfortable.
5. Rental Income
If you choose a property in the right location (direct beachfront is a favorite,) not only will it cost you less, but it will also offer the possibility of generating income through rentals, either as a full-time investment, or short-term when you're not using it.
So, the savings of owning a property in Mexico are real, and they manifest themselves in different ways. Just talk to anyone who actually lives here, and they'll tell you!
The TOP Mexico Real Estate Network; “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”
TOP Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!"
Region: Playa del Carmen real estate
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOP mexicorealestate, you can contact him at (512) 879-6546.
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