Buying property in Mexico continues to be a great investment. If you do your research and choose your property wisely, you can create an unbelievable stream of monthly income by renting your property as a vacation rental. Areas like Los Cabos, have a high season which runs from late October to May, and condo/home rentals are in high demand.
If you plan on buying property to use as a vacation rental, I suggest you look in areas like Los Cabos, Puerto Vallarta and Cancun/Riviera Maya. Why these three areas? Cities like Rosarito, San Felipe, and Rocky Point can all be reached by car from Arizona and California. To get to Los Cabos, Vallarta and the Riviera Maya, people have to travel by plane which translates to a longer stay in most cases (not as many "weekenders").
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Have you ever thought about buying a second home in a foreign country? Most of us have spent a few minutes online drooling over some of these properties. However, most of us quickly let the dream fade away when we realize how complicated and risky this venture can be.
The hardest part about buying property abroad is that every country, state, and city has different rules and conventions. So to be smart about it we usually start by researching foreign ownership restrictions, tax ramifications, currency issues, etc. This can be very time consuming, costly, and may even lead to out dated and incorrect answers. Along with this, doubt usually sets in; what if the property is over priced and I’m the only idiot in the world who doesn’t know it?
The best way to purchase real estate in foreign places is to contact a trustworthy, local, real estate professional. A local real estate agent will be familiar with the market value of properties in the area you are searching, and they understand the local laws. Your next question is probably; how do I find a trustworthy local real estate agent?
There is a website called UniFersal.com. You can find properties in over 50 countries, look at pictures, and even chat, call, or message a pre-screened, local real estate professional who speaks your language and specializes in the particular city you are searching in.
UniFersal.com does a background check on all of the real estate professionals that would love to help you buy real estate in their city. They confirm the professional’s real estate expertise in that city, and even ask for references.
If you are serious about buying a property in a foreign country, don’t try to do it alone. Use the internet to drool over properties, then get serious and contact a local professional.
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