Maybe you've already arrived into your 50's, and you don't have a large amount of savings for retirement yet; maybe you don't really have a plan about what you'd like to do with retirement. Maybe you do, but you don't think you'll have the funds. If your retirement dream includes living in a warm climate on the beachfront, in a place where the cost of living is low, or even if this has never been your plan, but too many cold winters make it sound interesting, Cancun real estate could be part of the solution to obtain the retirement you want, and deserve.
You're probably asking now, how can I be thinking about beachfront real estate when I feel like I'm struggling to get back home to get enough saved up. The reality is that a property in Cancun can actually help you move towards a stable financial position. Condos directly in Cancun, on the beachfront, can be found for very reasonable prices, starting under $100,000 U.S. Small, comfortable homes in nearby communities can be found as low as $50,000.
In a low-budget price range you can find a property that will be comfortable for your retirement. This same property can bring you a rental income. If your budget is tighter than you'd like, the property can be dedicated entirely to rentals; let the property pay for itself. The day you're ready to begin your Mexico retirement, the house or condo is paid for, your savings are in tact, and you're ready to enjoy a comfortable retirement at a low cost in Mexico, where these savings will go a lot further.
If you feel it works better for your financial position, there is also the option of a mortgage from a Mexican banking institution, which will cover up to 75% of the purchase (on a home or condo over $100,000), and seller financing is becoming more and more common. In this case as well, rental income can allow you cover most of, or all of the cost, allowing you to continue with your savings program back home. If you're 50, in 15 years you can have the mortgage paid, ready for retirement.
In the end, if you choose not to retire in Mexico, you may re-sell the property, or continue renting it out to enjoy another source of funds for your retirement. But chances are, you will choose the opposite; sell your property back home, and and use these funds to enjoy a less expensive retirement with a few more luxuries in warm weather.
To explore what possibilities could work for you, and what type of property in Cancun is ideal, contact an experienced, qualified Mexico agent.
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Region: Cancun Real Estate by Cyndi Ader, originally from the US, has been living in Cancun, Mexico for 17 years. She is a member of A.M.P.I. (The Mexican Association of Real Estate Professionals) and is currently a member of the International Relations Committee. She is also an international affiliate of NAR (National Association of Realtors). She is the owner/broker of Cancun Properties Real Estate and specializes as a buyer’s broker.
