Lower cost of home ownership and more
Inexpensive real estate and the American dollar having an excellent exchange rate with the peso isn’t the only reasons why Mexico’s real estate is booming. Other expenses come into play when purchasing an international property. You have to figure in taxes, insurance, upkeep and HOA fees – if applicable, as well. We would like to address some of these key factors in the following paragraphs. The content will reinforce the articles subject line.
Let’s start out by addressing property taxes. It is true that you pay an upfront tax fee to the State within Mexico where you are purchasing your property. However, your annual tax assessment will hover somewhere around $100 to 200 USD, equates to approximately .0008 percent on a $250,000 evaluation. This doesn’t include the discount you get if you pay 2 months before your due date. Compare that with the average .01335 percentage that a homeowner pays on the same evaluation in the US. It is very obvious that annual taxes are much less in Mexico. For more information regarding taxes in Mexico go to “Focus on Mexicoâ€.
Homeowners insurance, like in the US has so many variables that support a policy. The cost can vary depending where the property is located. The only sure thing to do is go online and ask for a quote. I would not hesitate to say that it could be somewhat comparable to the States. Since most homes and condos are owned straight out, you really don’t have to have insurance and believe it or not, most don’t. Upkeep on a free standing home is rather inexpensive. Pool and landscape services can be contracted for a $100 a month or less. Labor and materials for repairs and/or upgrade cost are very reasonable as well.
Home Owners Association
If you are looking at purchasing a condo or a home in a gated community, the HOA (Home Owners Association) fees are much lower than in the states. They typically include pool maintenance, landscape – green belts & parkways, security, common area maintenance – BBQ equipment. Some associations even include periodic exterior building maintenance. Several HOA in the US are notorious for imposing large annual assessments to fund extravagant amenities for personal use or preference by the governing board. But that is another article in its own.
Last but not least, purchasing a home or condo in Mexico allows you the absolute pleasure of enjoying a lower cost of living. This particular advantage has to be one of the most contributing incentives why Mexico’s real estate is booming. You can live in Mexico for approximately 50 to 60 percent less than the United States. Without going into exact details, having tens of thousands of retirees and expats exploiting their first hand experiences can vouch for the statements made. Adding to this known fact, you can live very comfortably on a modest income derived from Social Security, a pension and/or a retirement account.
“Mexico’s real estate is booming for all the right reasons”
Understanding the basic reasons why you should purchase property in Mexico is an inviting opportunity that won’t last forever. Mexico’s real estate is booming for all the right reasons. The time is right to make the decision. Can you afford not to take the obvious option presented to secure your future with an investment that will do nothing but increase in value? The last article in this series will outline the many ways you can enjoy owning a home or condo in Mexico. Stay tuned.
You can start your dream of owning in Mexico now! Go to our website and start looking for the property of your dreams. And remember, at Top Mexico Real Estate… We make it happen!
