When you decide that the day has finally come to live out your dream in a warm-weather lifestyle in Mexico, one of the earliest decisions you’ll have to make is whether you’ll buy Mexico real estate, or find a nice Mexico vacation rental to meet your needs. Both have real advantages to consider.
Advantages of Owning Mexico Real Estate
- Modifications – If you own the property, you can modify, renovate, redecorate, extend, etc. with a greater amount of flexibility and freedom. Of course, if you are in a condominium complex, there may be limitations on certain modifications, but for the most part, owning offers the most flexibility in this area. This allows many owners to feel more at home.
- Better Long-Term Investment – While you have to pay more upfront for your own property, in the long run it can help you save since you will be investing your funds into a property you own; even if you buy through financing, you will eventually have your property paid off and enjoy more income at your disposal.
- Investment Income – If you research your area, property type, real estate market and tourist market, you can increase your probabilities of enjoying income from investment from a property you own. This can come in the form of value increase or rental income.
Advantages of Renting in Mexico
- Flexibility – Many people who rent are attracted by the flexibility, since you can change property in the near future, whether you feel it’s not right for you, or if you just like change. Many properties in Playa del Carmen are rented fully furnished, which also makes it easy to settle in and change when necessary.
- Lower Short-Term Expense – Renting requires very little initial investment, besides the usual first/last month payments and moving expenses, which, of course, are very low compared to buying a property outright or making a down payment. While most people like to consider long-term expenses as well, this advantage can help you save up for a while.
- On-Site Property Search – The option of renting is often used by those who are considering buying a home but want to spend some time right in the market. This option can give you extra time to search and search right in the market making it easier to go see a good property that happens to turn up.
The choice between buying and renting can sometimes be a tough one, but working with an agency that works with both can help to make the decision easier and compare the options available in both markets.
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