There are plenty of reasons for downsizing in Mexico. Maybe they are retiring. Perhaps their kids are already grown and living on their own. Or they have a huge space, and they have got tired of maintaining it. Or the most common now, they want to save money. Either one or the other, there are easy ways to make the transition.
What to ask yourself
Some factors a buyer should be reviewing when looking into the option of downsizing in Mexico are:
So, this is a great moment to look at the different locations and see if that weather and in a smaller, downsized property.
Location is one of the most important aspects to consider. You must think about the weather, what exactly has been your dream. Is it a beachfront house in Mexico?
Is it a new house with views of a mountain, or maybe a lakeside property where you can go out and jump on a pontoon boat?
Or is it an exotic Spanish Colonial town in Mexico where you go walking to get to a cafe in the mornings or dine in international restaurants?
You also must consider your lifestyle. What are your hobbies, and what activities do you love to do? having a clear mind about your activities should always be one thing to think about when looking at and defining a new zone to move to.
Also, consider the costs of a new property in this new neighborhood, city or country. Are these costs within the budget?
Cost of living and utility services
So, along with the costs of the initial purchase or investment of property go month-to-month living expenses. We mentioned that the property costs might be less in smaller. So, maybe you need to compare other cities similar to your first option but less expensive.
You’ll be surprised that your daily expenses in smaller towns could be substantially less expensive than in larger cities.
For instance, the gas prices, electricity, and even the products you buy in the grocery store could be much cheaper.
Living in a smaller house means less expense to heat up or cool down an entire five-bedroom house. However, if you need an extra-large guest room or bungalow in the backyard to receive visits, you can always choose a less expensive area. That will also help you lower your day-to-day expenses.
Less maintenance responsibility or less maintenance work, and less money spent on maintenance. How much less time and maintenance could I be saving if downsizing in Mexico? For instance, the time of having to go cut the lawn.
Traveling back and forth
Another point you may want to be aware of is whether you expect to have a lot of guests visiting your new home or if you want to visit your hometown.
Therefore, you need to evaluate how easy it is for your family and friends to come down to visit you. And that goes vice versa if you’re living out of the country, how easy is it for you to go visit your family and friends?
You want to be able to find airline tickets easily. You need to find out if there are common direct flights to your hometown. That is ideal once you live in these other states or other countries.
In a city that’s a long distance from major airports, the expenses and the logistics of moving back and forth begin to mount up and quickly. Over the years, it could be cost-prohibitive.
Fewer mortgage payments
Take into consideration that you currently have a mortgage on your larger home. If you purchase a smaller home or in a less expensive area, the burdens of your monthly expenses will come down as well. And that’s a positive side.
Additionally, you may want to keep an eye on the insurance. And see how much you can save in property insurance or hurricane insurance if you’re going into a zone of that aspect.
You must consider heating and/or cooling expenses and compare from one property to the next. You must consider the new location if it’s a completely new warmer weather location.
Maybe this is the time to move all the way South to warmer, spring-like weather year-round. This could be the perfect time to evaluate and consider this obviously, being in warmer climates is the dream and the desire of 90% of the people.
Something that we need to plan ahead and that we sometimes overlook is the furniture. It’s always nice moving into a new house with brand new furniture. That is, if you buy a smaller home and you can just sell or give away your furniture to goodwill, it doesn’t take that much money to put in new furniture.
Now, if you have sentimental value in furniture, consider putting that into the new home. If the size becomes a big issue, warehouses are available in all locations, sizes, and shapes. You’ll see that it makes economic sense too. Instead of having a large five-bedroom property to keep 12 furniture items, it makes a lot more sense to store those in a warehouse and reduce your month-to-month expenses.
Downsizing in Mexico
Whatever your reason, if you have decided on downsizing in Mexico, contact one of our Top Mexico Real Estate reps and downsize in paradise!