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Home to many popular tourist destinations, such as Cancun, Acapulco, Puerto Vallarta and Baja California, Mexico is also fast becoming a popular destination for those looking to purchase a second home for vacation, retirement or investment.
As more and more families seek to balance their hectic, high-stress lifestyles, having a second home is gaining appeal as a way to get away from it all, reduce stress, participate in recreational activities and enjoy more quality time together, and all while making a good investment for the future.
Located north of Central America, Mexico is an exotic and affordable choice for second homes. At nearly three times the size of Texas, Mexico boasts over 5,500 miles of coastland. The country is graced with a temperate climate year round.
Because real estate in domestic locales such as Arizona and Florida has become so expensive, vacationers and retirees are seeking out more affordable locations. Mexico is an attractive alternative due to its tropical climate, lower cost of living and welcoming attitude towards foreigners.
Its affordable real estate allows U.S. investors to purchase a luxurious second home at prices 20% to 50% less than they would pay for a comparable property back home. And, as demand for these properties increases, owners can expect their investment in Mexico real estate to appreciate.
A variety of quality properties is available for foreign investors seeking second homes in Mexico. Developers are meeting the surge in demand by constructing resort-like, master-planned communities brimming with luxurious amenities such as golf courses, infinity pools, full-service spas, state-of-the-art fitness centers, fine-dining restaurants and exciting entertainment venues.
International buyers appreciate that Mexico offers an attractive infrastructure similar to that of the U.S. It boasts good main roads, Internet access, cable television, good cell phone reception, and availability of many American-style products and services. New and improved airports and frequent flights to and from major U.S. cities, make Mexico easily accessible.
Though Mexican law once prevented non-citizens from purchasing property within 31 miles of the coast, the government has introduced a system known as “fideicomiso” (fee-day-e-co-me-so), a title-holding trust that allows non-citizens to own property inside of the restricted zones. Therefore, many of the new vacation homes being developed and marketed to foreign investors are built near Mexico’s beautiful beaches.
Financing for properties in Mexico has become easier to obtain as developers work in tandem with lending companies in Mexico to offer favorable loan packages to international buyers. In addition, U.S. lenders are starting to offer loans for properties in Mexico.
Mexico is clearly worthy of consideration for those looking to own a second home that will provide years of enjoyment and also offer the potential for appreciation and profit in the future.
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