The people, the proximity, the Peso. These are three reasons why our neighbor to the south, Mexico, is increasingly becoming a choice for foreign investors around the globe.
In particular, US Citizens have become a major force in Mexico’s booming real estate market. Baby boomers are a growing middle class in Mexico. With the passage of the North American Free Trade Agreement and numerous other factors, Mexico is realizing its full potential as a major player in world politics and economics. The Peso is trading at 13.22 to 1 against the dollar. The bottom line is today’s Mexico is a lot different than the country of the past century.
Banking has become easier in Mexico. Bancomer USA now has a retail business unit. Its basic goal addresses the financial service needs of foreigners. They provide retail services like credit cards, debit cards, checking accounts in dollars, in pesos, and even car loans. Several lenders including BBVA Compass Bank and Bancomer also offer mortgage loans for Americans who are buying in Mexico and can finance up to 80% of the value of the property.
Mexico has laws that are a little bit different than ours but mostly parallel our economy. The biggest upside for an American when they buy property in Mexico is that the taxes, home maintenance and cost of living are all less expensive than in the U.S. If you want less risk, buy property that already has title and has been sold several times already to other people. Get the title and the property correctly registered before you go ahead and disburse the remainder of the purchase price.
Take advantage of the “fly and buy” and “play and stay” offerings. For about $300 you and a companion can travel to certain resorts in selected areas. They will wine and dine you, and of course do a hard sell. There is no commitment to purchasing. It’s a great way to do research [for more information, complete the form at www.IncomePropertyInvestmentTalk.com/112608].
If you would like more information about how to find a real estate professional in Mexico contact bill.swanson@cbshome.com.
In particular, US Citizens have become a major force in Mexico’s booming real estate market. Baby boomers are a growing middle class in Mexico. With the passage of the North American Free Trade Agreement and numerous other factors, Mexico is realizing its full potential as a major player in world politics and economics. The Peso is trading at 13.22 to 1 against the dollar. The bottom line is today’s Mexico is a lot different than the country of the past century.
Banking has become easier in Mexico. Bancomer USA now has a retail business unit. Its basic goal addresses the financial service needs of foreigners. They provide retail services like credit cards, debit cards, checking accounts in dollars, in pesos, and even car loans. Several lenders including BBVA Compass Bank and Bancomer also offer mortgage loans for Americans who are buying in Mexico and can finance up to 80% of the value of the property.
Mexico has laws that are a little bit different than ours but mostly parallel our economy. The biggest upside for an American when they buy property in Mexico is that the taxes, home maintenance and cost of living are all less expensive than in the U.S. If you want less risk, buy property that already has title and has been sold several times already to other people. Get the title and the property correctly registered before you go ahead and disburse the remainder of the purchase price.
Take advantage of the “fly and buy” and “play and stay” offerings. For about $300 you and a companion can travel to certain resorts in selected areas. They will wine and dine you, and of course do a hard sell. There is no commitment to purchasing. It’s a great way to do research [for more information, complete the form at www.IncomePropertyInvestmentTalk.com/112608].
If you would like more information about how to find a real estate professional in Mexico contact bill.swanson@cbshome.com.
Posts
No comments:
Post a Comment