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Buying Lake Chapala Real Estate – Checklist for “Other” Items to Remember


Jaime Niembro, lakechapala Broker By Jaime Niembro
2011-11-21

When you buy Lake Chapala real estate, it’s easy to get really excited about finding that perfect Mexico home for sale, which is natural and healthy.  Yet, there are some other major details you need to remember to get ready for life in this beautiful & quaint Mexican village.  Consider the following list of items to see how well prepared you are.

Mexico Insurance – When you move to Mexico, you will need to consider what kind of insurance you need and check to see if you have coverage for Mexico.  It’s almost always worth buying insurance directly from a Mexican provider since premiums tend to be lower.  Insurance you could consider include: property insurance for your new home on Lake Chapala to protect your investment; automobile insurance; water craft insurance, if you plan to take advantage of the wonderful boating on Lake Chapala; and, perhaps most importantly, health insurance.  The nearby city of Guadalajara (about 45 minutes away) includes many excellent options in health care.  It’s worth getting good coverage and checking which facilities are covered.  If you are travelling throughout Mexico, you will also want to check coverage throughout the country.

 

Automobile – Lake Chapala’s central location makes it an easy place to drive to from many parts of the U.S.  Other people buy a car when they arrive in Lake Chapala; some low-priced models are available here that are not marketed back home.  As mentioned above, having good insurance is important.  Many people also choose a car-free lifestyle which is very easy in the villages of Lake Chapala.

 

Banking Arrangements – It is important to know how you are going to access funds from back home.  There are various options.  Wire transfers are fairly straight forward and very secure, but they included a high fee.  Some U.S. and Canadian banks have arrangements with Mexican banks so clients can withdraw cash at their ATMs without fees – only the bank’s exchange rate.  Once you are officially residing in Mexico, you can also open a bank account here.

 

Property Care – Many residents of Lake Chapala stay for only part of the year – usually the winter.  If this is your plan, it’s worth considering ahead of time who will be caring for your property in Lake Chapala.  Do you want to rent it out, or simply keep it in order, having someone check the mail and pay the bills?

While you definitely want to spend some time simply enjoying the fact that you have your new property on Lake Chapala, make sure you also start planning ahead with these basic necessities.

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Region: Lake Chapala Real Estate Jaime Niembro has served on the board as vice president and treasurer. He also is an active member of the AMPI association having served as president including the Chamber of Commerce. Jaime is the owner broker of Ajijic Real Estate. For more information (512)-879-6546.

 

Jaime Niembro, call2