How To Buy Mexico Real Estate: Everything You Need To Know
Mexico has been a popular destination for Americans and Canadians for decades because of its beautiful beaches, mountains, and culture.
Mexico is a country that is rich in natural resources and opportunities. It has become a leading destination for American and Canadian expats who are looking to buy real estate in Mexico.
The Mexican real estate market is growing at a rapid rate. This makes it an attractive option for those looking to invest their money in the future. But how do you buy Mexico real estate when there are no real estate apps like ZIllow?
Buy Real Estate in Mexico With Zillow
Unfortunately, Zillow does not operate in Mexico, and Mexico does not have a MLS network like in the US and Canada either. The best option to review properties in Mexico is to contact a real estate agent that has a large network of real estate listings across Mexico.
Mexico Newsletter is a part of this network of Mexican real estate agents across Mexico and you can submit your contact information here to talk to a qualified agent in the area you are interested in.
Are There Any Real Estate Apps That Do Work in Mexico?
Yes, Icasas.mx and Lamudi are both real estate apps that work in Mexico and can help you find good properties in Mexico for sale or places to rent.
Icasas is available in Google Playstore, while Lamudi is a worldwide real estate company with an IOS app.
These apps are not as good as Zillow and have some shortfalls, but developers are working on them.
The best solution is to use these apps in conjunction a reputable real estate agent that will help a lot to find the perfect vacation property, Airbnb, or commercial property.
Despite the outbreak of COVID-19, it seems like the real estate market in Mexico is unstoppable. As per the Mexican Institute of Property, the real estate market in Mexico has seen a significant increase of 1.5% in home buying in 2020. Moreover, experts believe that the market will rise by 6.4% in 2020/21 and continue to rise in 2022.
Don't be surprised.
We can expect this from the Mexican real estate market that is home to the beautiful Caribbean coast and famous Riviera Maya. That is not all, Mexico has a great history coupled with mouthwatering cuisine.
Investors can take all these unique gems that Mexico has into consideration and have an idea about the ROI.
The real estate markets of such tourist areas are usually always booming, and it is no different for Mexico.
Investors in Mexico usually look for condos, villas, and other housing options since they can earn lucrative profits by renting out the property. At the same time, they can gain the investment back in a very short time.
If you are wondering how investing in the Mexican real estate market will add to your wealth, you must keep reading to learn more:
Future Self Security
We have heard from ages that it is best to invest in property as it is an asset that helps you create wealth. But how true is it for Mexico?
If you are looking forward to investing in Mexico's commercial properties, you will find out that the profits you will gain will be much more valuable than you anticipated. If we look at the statistics provided by Zillow Mexico and other Mexico real estate apps, then it is evident that the investment return is much higher than any other sector.
It is essential to understand that the return on investment relies on the type of property, the time of buying, and the demand for properties. If you are planning to invest in commercial properties or rent out the home you are buying, there are high chances that you will be eligible for a good return on investment and profits.
The best thing about investing in/or buy Mexico real estate is that it provides you an asset; the property is still yours; however, you earn by renting it out. It becomes even more beneficial if you have your own home – it is like earning without doing anything actively.
As the world moves forward, there has been massive awareness about passive income. Previously people used to go for active incomes. Still, now, since there are various options available, especially in countries like Mexico, people opt for passive methods of earning.
Don't have time? Contact us here to have one of our agents help you find your dream property today
Real Estate Capital Gains
As mentioned above, investing in a property can help you form assets, but what else can it do?
Let us tell you.
While the demand and supply mechanism keeps adjusting, the value of your property will keep increasing too. So the property that you bought in 2020 for $20, 000 might be for $40,000 in 2030.
We have explained above how you can earn from renting out your properties in Mexico, but the increase in the value of the property is an added benefit that you will enjoy if you buy Mexico real estate market at the right time. However, there are a few things that you must consider before buying a property in Mexico:
- Surrounding areas
- The location of the property
- Maintenance and the condition of the property
- Market standing
It is safe to say that the rise in Mexico's real estate market will help you earn a lucrative profit, and you will thank the day you invested here. Mexico is proof that the prices in Mexico are ever-increasing and will not come down any time soon.
Adding to the Mexico Economy
Almost all economies in the world have faced a hit because of the outbreak of COVID-19, the same is with Mexico. However, you can play your part by investing in the Mexican real estate market to join hands to bring up the economy all over again.
As you will invest in the economy, it will lead to cash flow in the economy – you will hire a business that will help you acquire the property.
- You will hire a real estate agent to get you the right property.
- The lawyer will assist in the closing of the property, and then an escrow to hold the payment from you and deliver it to the other party.
- That is not it; when you move into the house or renovate it for renting it out, you will have to hire contractors to work on the house.
These contractors will include blacksmiths, carpenters, painters, electricians, and many more. It will act as a cash flow in the economy, leading to the circulation of money reviving the economy, just like blood in our veins.
Personal Development Advantage
Investing in the Mexican real estate market not only provides you monetary benefits but also helps you in your personal development. When foreign investors buy Mexico real estate market and visit Mexico, they come across people of different nationalities and cultures.
Apart from the jaw-dropping places, Mexico is also known for its vibrant and colorful culture. It has been derived from the Mayan culture and cultures. The people in Mexico are diverse, with diverse cultures ranging from the ancient civilizations to the millennials.
As per Statista, Mexico welcomed 45 million international tourists in 2019. With these statistics, it's easier to understand how many people visit Mexico. When you come across these people, you take something from them and their cultures, adding to your life experiences and personality.
There are different cultures in Mexico. With so many different people around, you will experience the times of your life in Mexico – obviously with added monetary benefits.
Second Home to Americans
Did you know that there are more than 1 million Americans in Mexico? It not only allows you to see familiar faces, but the language barrier is also mitigated. Most Mexicans understand and speak English fluently, so you won't have any issues with dealing or traveling in Mexico. It is more like a home away from home,
When you buy Mexico real estate, you will be able to easily find English speaking real estate agents, lawyers, and other contractors who will assist you in setting up the property – whether for your own living or renting out.
Start A Business in Mexico
Mexican businesses are developing rapidly. The exports of electronics from Mexico rose three times from 2006 to 2013 to $78 billion, as per the Boston Consulting Group. The data allow us to understand how businesses are rapidly increasing, providing business opportunities to people. Moreover, Mexico has signed a free trade agreement. The agreement enables the traders in Mexico to trade in over 44 countries all over the world. It enters its goods to enter the U.S. duty-free.
Investors can buy real estate in Mexico and then even settle there and work there. Apart from lucrative rental profits and a boost in the value of the property and diverse cultures, now investors will be able to benefit from the increasing levels of business opportunities in Mexico. It will help them in keeping both passive and active incomes coming.
If you are someone who wants to invest in a sector that will provide huge returns, then investing in Mexico's real estate market is a great idea. You could refer to the Zillow real estate app to find properties easily and get acquainted with the real estate market statistics but its not available in Mexico. But what are some other Mexican real estate apps that work like Zillow?
What Mexico Real Estate Apps Are Available?
Icasas.mx and Lamudi.com.mx are both real estate apps that work similar to Zillow and can help you find good deals on Mexican real estate for sale or places to rent.
Icasas real estate app is available in Google Playstore, while Lamudi is a worldwide real estate company with an IOS app available for Mexico.
These apps do have some limitations, but developers are working on them to make them better.
Using these online real estate apps plus find a reputable real estate agent will go a long way to helping you find your perfect vacation property, passive income Airbnb or investment grade commercial property.
To buy Mexico real estate is not an easy task. It requires a lot of research and work to find the right place to buy. However, with the help of a good real estate agent or broker, it can be done.
The search process for finding a good property in Mexico can be quite tedious and time-consuming.