Is a Home in Mexico the Right Choice for Your Family?
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 Many
US and Canadian citizens turn their annual Mexico
beach vacations into a solid real estate investment.
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in Mexico.
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Discuss these four questions with your family before committing
to a home in Mexico
If you’ve recently experienced the low stress and beautiful
scenery of Mexico during your annual vacation, you will naturally
begin to fantasize about buying a second home or retirement home
south of the border. Wouldn’t it be wonderful to “get
away from it all” in a place where prices are lower, people
are friendlier, and everything seems to slow down to a more human
pace?
However, before you call a real estate agent in Cancun or Baja,
there are 4 questions you should ask yourself. The answers will
help you know if a casa in that quaint little village you remember
will really be the answer to your dreams.
1. What type of activities do you really enjoy?
On a one-time vacation, everything about a new and foreign destination
is exciting. You enjoy the weather, the sights, the unfamiliar
food and the friendly people. However, imagine if you lived in
that same location for a month every year, or even if you lived
there year round. Will there be enough activities to keep you
busy? Would you still enjoy the weather if you experienced it
day after day, year after year?
For instance, if you vacationed in Cabo san Lucas, you may have
chosen that location for the fishing and the dreamy, quiet nights
on the beach. Would those activities keep you entertained and
happy if you actually lived there? Or would you prefer the lower
temperatures and cosmopolitan night life of Guadalajara?
2. Does everyone in the family enjoy the same activities?
The people in most families have very different personalities
and needs. If one of you could spend hours every day on a sailboat
in the Sea of Cortez, someone else in your family might prefer
taking art classes in San Miguel de Allende, many miles from the
sea. Take a careful inventory of everyone’s wishes, and
then do some research to find a spot that gives all of you an
opportunity to do something you enjoy. Once you pick a spot, spend
time there before committing to a real estate purchase.
3. If you buy a home in Mexico, how much time will you
really get to spend there? If you can only spend a few
weeks a year on your vacations, you may still want to consider
buying real estate to use occasionally now, and to live in when
you retire. However, if you won’t be there to look after
your property, you’ll need to find someone to house sit
to keep it from becoming a likely target for thieves or vandals.
Another alternative is to rent out the home to help pay for it,
but being a landlord is a difficult proposition even if the rental
property is right next door – for a property in another
country, you’re likely to need the services of a reputable
real estate management company in the local community. While this
could be a practical solution for your eventual retirement, there
are many legal and emotional pitfalls, so take your time to think
it through before making a decision.
4. How long will you be keeping your Mexican home?
Do you think you’ll be keeping it for many years and handing
it down through the generations, or are you considering the home
as an investment?
If you would like to keep the home for a long time, and share
it among many family members, you might want to do some research
and find out if the Mexican government has designated the area
you love for major tourism activities in the future. You might
not want to share your little piece of paradise with the hordes
who find the area next year.
On the other hand, if you are considering an investment, you
will want to buy in an area where it will be possible to sell
at a later date. There are no guarantees with real estate, no
matter what country the home is located in. However, it’s
always easier to sell in an area that has been “discovered”
than in a quiet backwater place that remains a beautiful well-kept
secret.
Remember that real estate markets change in ways that you can’t
always anticipate. Destinations that are “in” this
week may be abandoned by the trend-setters next week, and this
will have a big effect on your ability to sell.
Discovering the perfect place for your Mexican home may take
several years, or even longer. However, the research you do now
will help to assure you that you choose just the right location,
with great weather and plenty of activities to keep you and your
family happy for many years to come.
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