by Cristina Chowath, Elite Real Estate Los Cabos Real Estate Advisor
Now that working remotely is becoming more and more common, you may know a friend, family member, or coworker who owns a primary or second home in Mexico. It may be your neighbor who’s planning to retire to their beach condo in the next couple of years. Or perhaps your parents´ friends who are tired of cold winters and dreams of seaside margaritas in the middle of December.
If moving to a sunny beach in Mexico has been a dream of yours, let me share five things that you need to know while considering the idea:
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As a foreigner you can own a property in Baja California Sur throughout a 50-year renewable trust called a Fideicomiso. As the buyer and beneficiary of the trust, you will enjoy all the benefits and responsibilities for your house, condo or terrain, which means you can use, rent, remodel, will to heirs, and even sell your property.
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Although most real estate transactions are completed in cash, you can apply to private lenders or developers for financing options. There will be certain criteria you need to qualify for, but it is an easy process guided by the experts in the subject.
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Quality healthcare, as well as fully bilingual education, are readily available. We are seeing a growing trend of empty nesters and families exploring the idea of living abroad and learning a new language, while having complete confidence that their needs will be well cared for.
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It is possible to rent your property. It doesn’t matter if you only plan to use it as a vacation home during the holidays (and rent it out the rest of the year), or to use it as a long-term-rental, you can generate income and keep your bills paid throughout the year. Platforms such as Airbnb or VRBO comply with national tax regulations, plus, a professional accountant can guide you through the process of observing the local laws.
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The expat community is strong in Baja. Wherever you go, whatever you do, there is a sense of belonging and ease of living. Our local communities’ welcome nationals and foreigners alike, making them feel at home.
If you have had a dream of investing in real estate in Los Cabos, or retiring in the near future, let me assure you that it is an enjoyable process that in the long run will benefit you and your loved ones. Rome was not built in a day. My suggestion is for you to start by asking questions, learn about the different areas and communities, and even visit us for a few days to soak up the sun and see what it truly feels like to live by the beach!
If you are ready to purchase your dream home in Los Cabos, or wish to know more about buying property in Mexico, please email us at Hola@ERELosCabos.com or visit us at www.EliteRealEstateLosCabos.com.
