5 things to think about when buying real estate in Mexico

Are you looking for an affordable place to retire where you can realize the dream of luxury amenities and easy access to all of life's conveniences in a warm, exotic location? With miles upon miles of white sandy beaches, amazing Caribbean sunsets, eco-activities, the ancient Mayan culture and much more, it’s easy to see why the buying real estate in Riviera Maya is of the most sought after destinations in the world.

Here are our Top 5 things to think about when choosing to buy real estate in Riviera Maya courtesy of our partners in real estate, TAO Inspired Living:

Cost of Living

It is said that living in the Riviera Maya is around 40% less than in the U.S, Canada and Europe. Utilities such as water and gas can vary considerably depending on the use of the A/C. Local markets are filled with local organic fruits and veggies, both healthy and cheap, and if on the off chance you can’t find what you’re looking for, the big chain supermarkets will sure have it.

Homes in beautiful neighborhoods can typically be purchased for half the U.S. cost. Actual costs like these are possible but the relative luxury and feasibility will range from place to place.

Healthcare:

U.S. Medicare is not accepted in Mexico, but Americans and Canadians can purchase health care insurance from the national insurance program at about $300 a year. Many writers indicate they are pleased with the quality of Mexican healthcare. If you cannot speak fluent Spanish it is a good idea to bring a friend as interpreter however many hospitals in the Riviera Maya are bilingual. In Playa del Carmen there is an excellent Spanish hospital called Hospiten 

Property:

Americans can purchase real estate in the Riviera Maya and pass it on to their heirs. Obviously it is a foreign country so one is well advised to hire a competent advisor to help negotiate any local difficulties.

Purchasing property in Mexico is very easy. There are several ways that a foreigner can purchase property in Mexico, and the easiest and most common one is through a Trust known as a “Fideicomiso”, and is similar to trusts set up in the United States and Canada.  

Taxes:

Mexico has a value added tax. Property taxes are low relative to the U.S. residents who own a home in the U.S. and derive most of their income outside of Mexico will generally not have to pay Mexican income tax. But they might have to pay more taxes in connection with the sale of any real estate in the Riviera Maya.

Danger:

Mexico has a certain reputation as a dangerous place and in some cases it is well deserved, depending on where you live. Mexican law enforcement standards are probably different than most U.S. citizens expect. Many Americans choose to live in gated communities for this reason.