Select Mexico Properties

The cost of living in Mexico has been low for a long time, so why only now are people making Mexico their number one retirement destination? Things have changed significantly in Mexico in the past several years, making Mexico much more attractive to foreign investors.

First, buying property in Mexico had been a “cash-only” proposition until recently. Financing wasn’t available, and few people have enough cash to buy property outright. Real questions existed about the ability of foreigners to take title to land in Mexico, and peso devaluations were common,

Several years ago, the system was changed to enable buyers to borrow the money they needed to purchase land or improved properties. The process of taking title to the land was clarified, and the value of the Mexican real estate market has put lenders’ minds at ease. You can finance your purchase of Mexican real estate using a Mexican or US lending institution. If you use a Mexican institution, your lender may increase the interest rate on your loan to accommodate devaluations in the peso that occur after your loan has been made but before it’s been paid back. If you use a US lender and pay back your loan in US dollars, your loan is immune to changes in the status of the peso.

Combined with the low cost of living in Mexico, these changes have made Mexico the number one retirement destination for North Americans. It’s hard to argue the logic of moving to an area where the cost of living is lower, especially when you’re trying to make your retirement dollars go farther.

In the US, stagnated and declining property values can put a real pinch on your retirement plans. If you’ve always counted on being able to draw a certain amount out of your family home when you are ready to sell, the current market uncertainty may make it difficult for you to look forward to retirement. Further, your retirement accounts may have sustained actual losses in value.

You may think you’ll never be able to afford retirement, but with Puerto Vallarta as your retirement destination, you’ll be able to afford retirement in style. You may even find that the appreciation in your property values will make up for the losses you’ve experienced in your other retirement investments.

Contact a Select Mexico Properties sales representative today and find out why so many US and Canadian citizens are making Mexico their number one retirement destination.

Photo Credit: Matthew Schubert