Are you still on the fence about buying a rental property in Mexico?
Countless Americans are taking the leap, with many even choosing to retire there, and there’s a plethora of motivations for this. Keep reading for our top 7 reasons why you should join them!
A1. Location, Location, Location
Mexico has easily ranked as one of the leading vacation destinations for decades! The country boasts gorgeous sunny weather year-round and rarely experiences natural disasters. Mexico is also home to some of the most loved food in the world. Whether you’re looking to have a wild bachelorette in Los Cabos, a romantic honeymoon in Puerto Vallarta, or a relaxing family vacation in Cancun, there is something for everyone!
2. Convenience & Easy Access
Secondly, Mexico is a short trip away from generally anywhere in the United States – whether it be by plane or car. It’s also a short flight away for our neighbors to the North, in Canada. It’s a particularly quick 2-4 drive for Californians and Arizonans who regularly vacation in areas like Rocky Point and Tijuana. Crossing the border is usually a breeze – The lines aren’t typically long unless it’s a high peak time such as Christmas time or Spring Break.
3. Easy Path to Citizenship
Mexico has a very quick and painless process to citizenship for both permanent and temporary residents. Simply by owning real estate in Mexico, you can qualify for a temporary resident Visa. (As long as the property has a value of equal to the value of 40,000 days of the general minimum wage in Mexico City) For more information on specific residency laws, visit the Mexican Consulate Website.
4. English Speaking Locals & Expats
One of the biggest reasons vacationers flock to Mexico is that Mexico is a very English-friendly country. According to Business Insider, in 2019, already an estimated 1.5 million Americans were living in Mexico. With so many expats and tourists, locals are generally bilingual and very welcoming! You can feel at ease knowing that there will likely be people that you can communicate with everywhere you go. In addition, it will also be fairly easy to get around since many signs are in English.
5. Rental Income Potential
When you’re not enjoying your property, you can rent it out and potentially make substantial income. Although renting out your investment property can be a huge headache, there are options such as working with a property management company like Casago. You can make income without any of the hassle or headache that comes with dealing with renters and coordinating maintenance. Check out the rates of some of the properties we manage to estimate you potential income!
6. Higher Value for Your Dollar
As you may know, the American Dollar is valued higher than the Mexican Peso. One U.S. Dollar is equivalent to about 20 Mexican Pesos. Due to the value of the dollar, many Americans are even choosing to retire in Mexico. Furthermore, The U.S. State Department says more than 1.5 million U.S. citizens live in Mexico today! With your money stretching further, it’s possible to live a more exciting and fulfilling lifestyle.
7. Cultural Familiarity
Due to being so close in proximity, many aspects of American culture have influenced Mexico. Likewise, there is a ton of Mexican influence within the U.S. For this reason, traveling in Mexico is not quite as much of a culture shock as another country may be. Many American franchises have even started to plant roots in Mexico too – Starbucks, Carl’s Jr, Sam’s Club, Little Caesar’s, and The Cheesecake Factory to name a few.
Consider This
Mexico is a beautiful country with a rich history and culture. Whether or not you choose to purchase a home now, the opportunity will always be there. The important thing is to do your own research and immerse yourself in the markets you’re considering – In other words, it is always a good idea to rent before you buy. When you’re ready to go for it, Casago Property Management can help you get on your feet and generate the rental income you’ve always dreamed of!
