Renting Versus Buying: Which Is Best for a Foreigner Moving to Mexico? Thomas Lloyd - TOP Mexico Real Estate | |
go to original October 8, 2016 |
Renting or buying? This is a common question among foreigners moving to Mexico. Experts in relocation and expat websites always suggest renting for a certain period of time; this will allow you to have a sense of the city or neighborhood before jumping into buying a property.
Renting or buying in Mexico:
5 Advantages of Renting | 5 Advantages of Buying | |
Forget about expenses and taxes. It is your responsibility to look after the place, but serious problems like changing the water heater, wiring or plumbing problems, are the owner’s business. As well as paying the yearly taxes. | You will feel that you have a roof for you and your family. Also the prices of property in touristic areas are always on the rise, so you are building equity faster than back home. | |
Rents are cheaper than a mortgage, you can have a better house for the same monthly payment. | It gives you stability. Having a permanent residence will make your life easy when getting services and contracting services. Forget about having to change your address in every single piece of paperwork, do it once and for all! | |
Your rental most probably will have a better location, since new houses tend to be in the outskirts of the city. | Could represent tax savings. In some countries if you are a permanent resident in a foreign country you get a tax cut. If you own a property, the income you need in order to get your permanent resident visa is dramatically reduced, and also if you are over 65 years of age you can get a discount on your property taxes. | |
Gives you mobility: If you do not like something, you can leave when your contract expires. Either it’s a neighbor or the area, or maybe your building or unit may have hidden defects, in such case you just need to find a new place and move out. | As an owner you can own the house of your dreams and decide on the color of the walls, modify the distribution or even plant your own garden. Every detail in your home can express your personality, taste and interests. | |
You can save a lot of headaches. Sometimes even easy repairs can take forever, but if you rent, it is your landlord who has to deal with all the hassle. | Building a better credit history, if you get a mortgage to pay for your home, this will benefit your credit history in the new country. Even if you pay in cash, owning a property always gives financial institutions a feeling of stability. |
Read the rest at The Yucatan Times
Related: Tijuana Condo Boom: The New San Diego? (San Diego Union-Tribune)
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