Mexican Lifestyle: Is it for you?

Many people have been lucky enough to visit beautiful Mexico a time or two for vacation. Thanks to its excellent year round climate, reasonably priced accomodation & restaurants, and endless stretches of stunning beaches, Mexico has long been a top tourist destination. Now the question is, did you fall in love with Mexico and are considering buying a second home or even moving full time to this wonderful country? Here are some of the things to consider if you are itching to give up the fast-paced American (or Canadian) way of life and ready for an authentic Mexican lifestyle.

Rich History
Some of most attractive elements to Mexico is its rich and interesting history. From its incredible Mayan archaeological ruins to the detailed Spanish influenced architecture and religious practices, Mexico has a lot to offer. There are a large amount of museums, cathedrals and art galleries located in the majority of Mexican cities, especially the two largest cities of Guadalajara and Mexico City, now better known as Ciudad de Mexico or CDMX for short. Even in the smaller towns, you will find cathedrals and interesting Mexican history in every corner if you look for it.

Cultural Festivities
Another important aspect of Mexico is the culture you will be surrounded by on a daily basis. Mexico loves a good party, and there are plenty of bank holidays and religious holidays which means a great time is virtually guaranteed. With festivals and cultural events held on a regular basis, you can be sure to enjoy how colorful and exuberant Mexico and its heritage is at its core. Whether you socialize with the locals or find yourself in a group of expats who have also decided to make Mexico their home, you will never run out of things to do. Your social calendar will likely be much fuller than it was at home where work can interfere with down time with friends and family.

Colorful and Relaxed
In addition to valuing down time, Mexico is truly a country that shines from within. From its food, flowers, street art and colorful buildings, Mexico loves a good color palate. The amazing colors of Mexico create a feeling of coziness and peace that you can’t find everywhere. Another point about living a Mexican lifestyle is that you need to be ready to adapt to a slower paced life in all areas. While most people enjoy relaxing on the beach, be prepared to deal with a lack of punctuality when dealing with businesses and workers. Knowing ahead of time that it is acceptable to arrive late in general, you can avoid stressing yourself out or feeling frustrated by this apparent lack of respect. It is simply part of the culture and can take some getting used to. However, showing up on time for work or appointments is standard practice.

Quality Luxury Beachfront Real Estate
Another huge benefit to a Mexican lifestyle is the opportunity to own a little piece of luxury beachfront real estate. With some of the most beautiful beaches in the world, Mexico is a great spot to invest for a vacation home or relocation. When compared to luxury beachfront real estate in the United States or other countries, Mexican real estate in coastal towns is still well priced, especially considering the natural beauty and charm that Mexico offers. Wondering where some of the best Mexico beachfront real estate is found? Check out Villa La Estancia Real Estate at https://www.villalaestanciarealestate.com. With amazing properties in both Riviera Nayarit and Cabo San Lucas, Villa La Estancia offers high quality construction with luxurious finishes and amenities that are hard to beat.

villa la estancia residences riviera nayarit

Does this Mexican lifestyle appeal to you? Are you ready to make the move to Mexico yourself?

Property Ownership in Mexico

Costs Involved with Property Ownership in Mexico

Besides a sunny climate, great food and a fun-loving lifestyle, one of the main attractions of property ownership in Mexico is the lower costs involved when compared to the USA, Canada and Europe. Not only will you find that luxury properties with pools and other great amenities are more affordable, you will also find that taxes, housekeeping services, and maintaining your property is much cheaper.

Here are some of the direct and indirect costs involved with property ownership in Mexico that you should consider when purchasing real estate.

Real estate

The most significant and direct cost involved in property ownership in Mexico is the actual cost of the property you are purchasing, which will vary according to location, size and amenities, just like real estate in any country.

Closing fees

When calculating your overall investment when buying real estate in Mexico, you should take into consideration the cost of lawyers, in particular, notary fees, sales taxes and agency fees.

Mexican Property Taxes

All Mexican property ownership is subject to annual fees called “predial” which you pay at your local mayor’s office. The rates for these property taxes in Mexico differ from state to state but are usually only a few hundred dollar depending on the size and location of your home. Be sure to keep on top of these taxes as in some areas you will not receive a bill.

Fideicomiso – Land Trust

Foreign residents need a special land trust known as Fideicomiso from a bank in order to purchase land that is located within 50 km (30 miles) from the Mexican coast or 100 km (60 miles) from a border. You will be expected to pay an upfront fee and then a yearly payment which can range upwards from around $500 USD depending on your property.

Homeowners Associations

For those opting for property ownership in Mexico within a gated community, as when purchasing a condo, apartment or within a golf or country club, you will need to include the costs of your maintenance fees and HOA’s dues when calculating your yearly costs.

Energy

Relative to what people earn on average in Mexico, the cost of services like gas and electricity are high in Mexico although still lower than north of the border. When it comes to electricity, what you should take into consideration is that the more you use, the more expensive each unit of energy becomes, and if you go over your “allowance” then the government subsidy per household is removed and you have to pay the full cost of your electric bill.

Insuring your home

Home insurance is another cost involved in property ownership in Mexico which can cover both the property itself as well as contents. When living by the coast, you should makes sure that your plan covers storms and other phenomenon like flooding.

Have we missed any costs involved in property ownership in Mexico? Add your comments.