It’s always amazing to live in a new city, let alone a new country. It’s definitely an adventure if one is up for it.
But before you take that plunge and move south of the border, I have questions: Have you checked out where you want to live in Mexico? And have you nailed down a neighborhood that you see yourself living in for a long period of time? Are you familiar with the property taxes, insurance, and other costs you’d have to bear for the home you’re planning to buy in Mexico?
Putting aside the nitty-gritty details like income tax and insurance costs, instead focusing on the home you’re about to buy, the property market is definitely more interesting in Mexico because you have more options to choose from.
The price can vary significantly, depending on where you look.
The median home price in Mexico was 881,000 pesos ($44,000) as of June, according to a report by Sociedad Hipotecaria Federal, a government financial agency. Home prices are up 8% from last year.
‘Are you familiar with the property taxes, insurance, and other costs you’d have to bear?’
But if you’re looking to buy a beachfront property, such as in Cabo, Cancun or in Tulum, that price tag can run up to a million, or even as steep as $40 million at the high end of the luxury market, Ed Eakin Jr., a realtor in Dallas who also operates a brokerage in Mexico, told MarketWatch.
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Source: MarketWatch
