Unlock the Potential of Your Second Home in Mexico: Jill’s Success Story
Jill, one of our clients, purchased a vacation condo in Playa del Carmen, Mexico, last year as her second home. The two-bedroom property featured a lock-off, allowing her to use one bedroom for personal use and rent out the other. This arrangement has not only covered her carrying costs but also subsidized her annual trips to Playa del Carmen. Additionally, Jill deducts the expenses of her trips to Mexico every time she travels.
Jill’s success story showcases the potential of owning a second home in Mexico, turning a dream vacation spot into a profitable investment. By strategically choosing a property and carefully managing expenses, you too can enjoy the benefits of a self-sustaining vacation home while diversifying your investment portfolio. As you weigh your options, consider the following key factors to ensure that your Mexican property venture is a fruitful one.
5 Factors to Consider When Buying Property in Mexico for Investment
If you’re contemplating purchasing a second home in Mexico, keep these five factors in mind before making your decision:
1. Choose an appreciating real estate market.
Opt for property in markets that demonstrate a consistent upward trend. From 2018 to 2021, the average home price in Mexico appreciated by 39%. The Riviera Maya region, particularly Quintana Roo, offers a below-average price, making it an attractive option for potential buyers and investors.
Click here to learn more about Quintana Roo’s real estate market boom.
2. Diversify your investment in another country.
Investing in real estate beyond your home country presents numerous opportunities for growth. A rental apartment in Playa del Carmen, for example, can generate a return on your investment while allowing you to build capital in Mexico—a safer option than holding all your assets in US dollars.
3. Invest in areas undergoing significant development.
Regions with ongoing infrastructure improvements usually offer low-risk, high-reward investment opportunities. Mexico’s current infrastructure upgrades make it an increasingly attractive destination for tourists, adding value to property investments.
4. Be aware of the costs associated with buying and selling property in Mexico.
It’s important to understand the cost associated with the acquisition and selling of your Mexico property. While real estate agent fees are zero for buyers here in Mexico – there are other fees.
Depending on the company, purchasing a piece of real estate in Mexico can include some costs. And some agents charge a fee for helping you the buyer find a home.
Caribe Luxury Homes Real Estate agents do not charge finder fees for you the buyers. So you begin concentrating on finding your dream property in Riviera Maya Mexico with the help of our real estate agents.
But other costs you will need to think about: legal fees, notary fees, registration fees, title insurance, and transfer taxes.
It’s best to ask a real estate agent about how much the costs are ahead of time, so you know whats to expect.
Click here to contact our real estate agent today to get help.
5. Budget for maintenance and expenses of your Mexican property.
If you plan to rent out your second home in Mexico, you must account for repair, labor, and maintenance costs. Discuss these expenses with a real estate agent to have a clear understanding of the costs associated with your specific investment in Mexico.
Find your dream second home in Mexico with a real estate agent
Caribe Luxury Homes Real Estate agents do not charge finder fees, allowing you to focus on finding your dream property in Riviera Maya, Mexico. Click here to contact one of our real estate agents and embark on your journey to owning a second home in this beautiful region.
Click the links below to get listings:
Click here to view all Listings in Playa del Carmen
Discover Playa del Carmen Real Estate
Mayakoba residence & Golf course living
Discover Playacar Real Estate Real Estate
Corasol – Luxury Residence by the Sea in Playa del Carmen (Near Golf Course)
El Cielo Private gated community in Playa del Carmen
Beachfront Hotel Condos for Sale
If you’d like to read some Playa del carmen articles click the links below:
Can You Own Property In Mexico If You’re Not Mexican?
Moving To Mexico For Americans: 5 Facts And Statistics You Should Know
Why You Should Invest In Mexico Real Estate During A Recession
Buying Property In Mexico With Dual Citizenship For Americans
Escape To Paradise: 9 Reasons Why You Need To Retire In Playa Del Carmen
Read this guide to Playacar Real estate
Can you finance your property in Mexico?
What Mexico property appreciates the most?
Does Playa del Carmen Investment Property Make You Money?
Is Playa del Carmen Investment Property a Safe Investment?
9 Reasons Why Americans Love Moving to Mexico
Is Playa del Carmen a good place to retire?
Buying your property in Mexico: For Canadian & US Citizens
*The names in this article are changed due to the privacy of our clients.
