Many of us dream about retiring to Mexico, after all almost a million foreigners have chosen Mexico as their home. According to the latest census, in 2010 there were 961,121 foreigners living in Mexico; this number had doubled in the last decade as there were only 492,617 foreigners living in Mexico in 2000.
While many chose to have a life of relaxation and comfort, many others look for new adventures for this new stage of their lives. Living and working in Mexico is ideal for those that look for a way to increase their income, and maintain an active life.
Owning a Boutique Hotel or B&B in the Yucatan Peninsula: Some Things to Consider
- Interests: Running a B&B will require that you engage in activities like cooking, gardening, interior design, advertising, bookkeeping and customer service. Make sure these are activities that you enjoy or you hire a qualified staff to cover the jobs that are not to your liking.
- Viability: If you are planning to run your B&B from home, it is important to consider the location of the property and the current state of that property. Nowadays you can use websites like Homeaway and AirBnB to assist you in renting your property or spare rooms to guests, but if you want a proper establishment you will need:
- Infrastructure: You will need beds, linens and equipment for your business
- Permits: There is a long list of Federal, State and County paperwork that has to be done. From having a tax number, to getting all the permits and registrations; getting all of these sorted out will take about three months.
- Business Plan and Marketing plan: You need to do your homework regarding the need of a B&B in your area, as well as ways to get customers to stay at your business.
Owning a Boutique Hotel or B&B in the Yucatan Peninsula:Â Buying an Established Business or Starting From ScratchÂ
If you want to start your business as soon as possible, maybe purchasing an established hotel or B&B is the way to go. This will also give you an idea of the income potential of this business and help you evaluate if the property and market is right for you.
The advantage of purchasing an already existing hotel or B&B is that everything is already done: the renovations, permits, administrative procedures and the staff are already in place. Providing you agree with the way the previous owner ran the business you only have to fine tune the business to fit your lifestyle.
If purchasing an established business sounds like something you would be interested in, have a look at these two boutique hotels in the city of Merida.
Hotel Villa Maria is popular boutique hotel is located in the Santiago neighborhood, and offers 11 junior and master suites, some with private terraces offering beautiful views of the historical center. Hotel Villa Maria also has a gorgeous functioning restaurant. The hotel is exquisitely decorated and immaculately maintained, and it is being sold completely furnished. The owner is also offering manuals and training on how to run the hotel and start making money in a short period of time.
Another option is a hotel located in downtown Merida, only 3 minutes away from the Zocalo. Hotel Trinidad has 18 air conditioned rooms. The property features large gardens and a rooftop deck with a Jacuzzi. Hotel Trinidad is fully staffed and currently functioning, just waiting for a new owner to step in and take over.
Many foreigners dream of purchasing a beautiful colonial home or even a majestic Hacienda to convert into a gorgeous boutique hotel or B&B. The Yucatan is a place that offers affordable real estate properties and is the ideal place to make your dreams come true.
Yucatan real estate has plenty of beautiful properties that can be easily be transformed into the B&B of your dreams. If you are wondering how much would it cost to purchase a property in Merida, here are some examples:
Hacienda San Jose was built amidst Mayan Ruins and it is very well preserved. This hacienda features five stunning architecturally designed buildings all situated on immaculately manicured grounds spanning 40,000 sq. meters. Additionally, Hacienda San Jose has a swimming pool where you can enjoy the warn Yucatan afternoons.
Would you like to live in the city, how about a beautiful mansion in downtown Merida? This amazing property has all the elements of a colonial building: thick rock walls, high ceilings with wooden beams and pasta tiles. This is one of the last truly old mansions in El Centro.
Owning a business in a foreign country is an adventure. Top Mexico Real Estate has experience in owning a business in Mexico. Our decade long real estate experience is proof that it is possible and profitable for foreigners to own business in Mexico.
Browse through our beautiful properties and contact one of the Top Mexico Buyers’ Representatives if you have any questions, we are here to help you find your dream property in Mexico.
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