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Is it Better to Buy or Rent in Mexico? 

Qroo Paul's Corner
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Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide
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DISCLAIMER: I am not a lawyer, real estate professional, immigration specialist, import broker, financial advisor, major league umpire or astronaut. The information provided in my videos is based on my own experiences and/or research and is not intended to serve as professional advice. I make no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of said information. In other words, take some responsibility for your own life choices and conduct your own research before making important decisions.

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16 окт 2024

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Комментарии : 198   
@qroo
@qroo Год назад
Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide bit.ly/3SICdD0 Boost Your Spanish ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Nzc1oRSAPQ0.html
@JuanMoreno-wo5yb
@JuanMoreno-wo5yb Год назад
Hi Paul: I agree with it all. About buying in Mexico: I heard several years ago that you never really own the property you buy in Mexico. I heard that you can’t transfer it to relatives like when you die and it is only so called yours for 99 years which in my case I am getting too close for comfort physically and mentally. Well, maybe I need to see your video on that. btw, do you know anyone who sells back the time I have wasted years and years being a dumb drug addicted drunk?? Your advise is getting back on track! Thanks!!
@johnpetry5321
@johnpetry5321 2 года назад
I agree with everything being said in this video but I want to add my own two cents. I have been coming to Mexico since around 1990. I initially came on short vacation stays but because of my work, I was able to come three or four times a year for a couple to three weeks at a time. Most of that time was spent in Puerto Vallarta although I did travel around. I usually stayed in a condo that belonged to an acquaintance. I really liked the building and the colonia [neighborhood]. I also enjoyed Puerto Vallarta a great deal. I became friends with several of the other owners of condos in the building. Around 1996, one of the owners told me he was looking for a larger condo in the same colonial and was considering selling his place. We sat down and discussed terms. I bought the place. My intention was to use it as a vacation home and also rent it out to people I knew who also liked to come to Puerto Vallarta. Then later, when I was ready to stop working in the states, I would move down PV permanently and live in the condo. Now, that has worked out well for me. When I decided to stop working, I would come down and spend around 5 to 6 months in the condo and then spend the rest of the time helping my sister with caring for our mother. So it worked out for me and still does. Oh, one important point. If you buy property, become a permanent resident. If you do not do so and later decide to sell your property, you are going to be hit with a big capital gains tax bill when you sell. If you decide that you might enjoy living in Mexico there are several things you might want to consider. As suggested, rent a place and also move about. Do that both in terms of different areas of Mexico, as well as different locations in the city you think is your preferred location. Also, make sure you spend time in that location at various times of the year. The weather in any particular location can vary dramatically over the course of the year. The Yucatan/Q'roo area, like Puerto Vallarta, has some hot and humid weather at certain times of the year. Think of summer in Miami or Houston. PV, for example, is in the high 80s and low 90s starting sometime in June and more importantly, can get humid. The rains start in July and August and it will rain, pretty much every day until October. This is usually similar to South Florida where it will cloud up in the later afternoon and then rain like crazy for an hour or a little less or more. August, September, and October are usually the worst. So, make sure that you experience the climate throughout the year in the places you are thinking about settling. Another factor is the people factor, especially if you are considering an area where there is a lot of tourism, like PV, the Riviera Maya, San Miguel de Allende, Lake Chapala, etc. In the High Season, the Zona Romantica in PV is packed with tourists staying in hotels or condos. It is a great place to stay on a vacation as it is right by the beach, there are lots of great restaurants and shops, and plenty of entertainment options. I certainly recommend it for a place to spend a vacation. I would never live down there and exactly because it is packed with tourists. It is crowded and noisy, there is no parking to speak of, and it can be a pain the arse to live day in and out. You are surrounded by people who are there for a week or three and they are having a blast. But you might not appreciate the guys in the place next to yours who are blasting music late into the night with 15 of their new best friends. This brings up a slightly different issue. Mexico has a very different culture than is found in the States. Mexico has several cultural/religious events that happen each year. In early December, the Feast of the Virgin of Guadalupe is held. Semana Sancta [the week between Palm Sunday and Easter] is another. Your city may have celebrations where people pour into town, roads are blocked off, and it can be quite a party. Samana Sancta in PV means thousands of people pouring in from Guadalajara, Mexico City, not to mention just about every university student in Mexico who is not in Cancun. Additionally, depending on where you live, the neighbors might decide to have a little party called a posada, sometime in the second half of December. They will block off the block of your street, set up a street party, and have a band or DJ until the wee hours of the morning. Now the good thing is that it is likely that they will invite you to join in and it is a really great way to make new friends. The bad thing is that you might want to use earplugs that night if you want to get to sleep before they decide to stop the party. So, as I said, spend some time in any neighborhood you are thinking of buying in. If you are going to buy property, you might want to consider having someone manage your unit for you when you are not there. It depends on the Condo Association you are buying into. They might have some arrangement in place. I have a very helpful person who watches my place when I am not around. He also makes certain the electric bill, internet/telephone bill, and property tax [$82.00 USD/year] are all paid timely. He has a person come by and clean, as well as, water the plants at my unit. If I need to repair something inside my unit, he has a list of reliable people who take care of leaky faucets, non-functioning water heaters, etc. And he does a weekly check on the place to make sure nothing weird is going on in the unit when I am not there. Also, if you are buying a condo, the person you are buying from is supposed to obtain a certification from the condo association and the local government that all the condo association fees and property tax payments are up to date. This information is supposed to be provided to the Notario prior to the closing of the sale and issuance of your fideicomisio. But you might want to check prior to the closing to ensure this has been done. One of my friends had an issue in the building they bought into where the seller forged the certification regarding the condo fees and half a year's association fees were outstanding. Fortunately, someone in the building suspected something was up and tipped them off that there were outstanding fees owed so they refused to close until the fees were paid. If it had closed with fees owed, guess what would have happened? Finally, living in a foreign country has its blessings and it has its problems and it has its weird, odd things. Mexico is not the USA or Canada. Too often I have met people who decided to move to Mexico because they fell in love with it on vacation. But then they moved down and after a bit discovered that things are not done in Mexico exactly the way they are done in Des Moines. The people here are friendly, they are kind, they work hard, and they are not the same as people in the US. This may confuse you and may sometime frustrate you, especially if you are trying to negotiate with someone for some service - say to have repairs or renovations. Or that perfect chair you want for your place. It might take longer than you thought it would. Roll with the punches, make friends with others who have learned how to negotiate the ins and outs of life in Mexico, and most importantly, make friends with Mexicans. They will help you navigate your way through your first few years with fewer issues than you might otherwise have. And if you make friends with your Mexican neighbors, you will discover that you have friends for life.
@LJ-jq8og
@LJ-jq8og 2 года назад
Thanks for the prolific insights... Helps a lot !
@bananapatch9118
@bananapatch9118 2 года назад
Our daughter built a house 25 minutes outside of Queretaro. 2500 sq ft, very nice. She has no desire to rent it because rents are about $150/month ! I don’t want to live 25 minutes away from downtown but it is still super cheap to rent nice places. She said a basic 1/1 apartment rents for about $60/month in thst area.
@Stephan2P
@Stephan2P 2 года назад
Great advice. Will keep that in mind..."motivated sellers."
@Mexitplans
@Mexitplans 2 года назад
Since selling my house this has been on my mind a lot. I’m currently taking your advice and waiting for the fire sell that I’m sure will happen because so many people jump in heart first and mind second. Excellent video, perfect timing, and perfect length.
@MelissaMarieMinistries
@MelissaMarieMinistries 2 года назад
I am impressed with your videos regarding Mexico, seriously! You are answering questions that I ponder on as an adult with a family. Too many videos out about food, food drinking, tours around the towns which are fine but one can only take so much of the filtered, reused content! I'm glad I stumbled upon your video - a wealth of information that I appreciate you putting out there. Thank you for all your hard work!
@qroo
@qroo 2 года назад
Thanks for watching. We occasionally do one about food and drinking, but to be honest, we are really bad at those kind...lol. I prefer to make the informative ones.
@tmueting
@tmueting 2 года назад
Thank you for the video. The plan you suggested is exactly what my wife and I have decided to do. Thank you for reinforcing our plan.
@deejay4837
@deejay4837 2 года назад
The look on his face when he said the "happy wife, happy life".....said it all. I feel ya man.
@BuceriasRodHardy
@BuceriasRodHardy 2 года назад
Been coming to Mexico for over 19 years and decided to retire a couple of years ago. We bought our house in Bucerias which we have been to many times before for several months. Got a 2000 square foot house that is14 years old, remolded and are happy with it and living here in the Riviera Nayarit just north of Puerto Vallarta. Our house has actually increased in value by 80 per cent in two years per our realtor friend.
@qroo
@qroo 2 года назад
That's great!
@Deltron6060
@Deltron6060 2 года назад
Hey Ron, we're looking at a condo in Bucerias. Which side of the highway are you on and how do you like it there? Are you a full time resident?
@jongabrielsen3868
@jongabrielsen3868 2 года назад
I cannot empathize Paul's point that living somewhere is radically different from visiting there as a tourist. We really don't go para sailing and on booze cruises everyday and night. We have now rented for 4.5 years and have no intention to buy nor do we have any intention to ever leave Mexico we will just rent forever. When you rent generally you do not pay any repair costs nor are you stuck trying to identifiy a trusworthy repair person, communicating with them, and potentially getting screwed by them.
@jongabrielsen3868
@jongabrielsen3868 2 года назад
@@SL-fz3ex Our landlords have been better at finding the right people but sometimes still had to return many time to get it right, but the landlord had the headache, not us
@deborahshepherd633
@deborahshepherd633 2 года назад
@@SL-fz3ex That's too bad, usually ex-pat community can help with good workers..no doubt some scammers, no different than US. We live in condo bldg since 2001.
@r.c.salyer3652
@r.c.salyer3652 2 года назад
Yea, but read my post - major Economic trends are reversing and why not take advantage of great appreciation of Mexican assets including a home as USD tanks and pesos aprreciate.
@r.c.salyer3652
@r.c.salyer3652 2 года назад
That's good advice for retired couples anywhere but especially in Mexico. We lived in a 30 story water front condo in Florida and owned the condo for 24 years. We and another couple were the youngest in the building. We got one hell of an education on best strategies for retirement from the other 278 families living there. We thought it strange that some of the retirees that were owner's took the opportunity when the market presented itself with high prices. They then rented another condo in the same building. 20+ years later we understand. RE Markets turns out have a perfect 15-17 year top-bottom-top cycle. So it makes sense when over 65 when it presents itself take the money and run. Then rent as prices will just be going down for the next 15-17 years = cheaper to rent. It Mexico that is especially important. After you pass on, it can be a big imposition and burden for you heirs to sell your property in Mexico. In normal times trying to sell your property or buy in Mexico can take 1-2 years, but afar in another country it might take years, while the property depreciates from lack of care. Another big tip - having more than one spare bedroom is a big waste of money. Unfortunately with the super demanding works schedules on the younger generations - it will be a near miracle when they can come and visit and stay with you. Even if you have a waterfront condo. So, yes if over 65 in Mexico, it sure makes sense to just keep renting.
@r.c.salyer3652
@r.c.salyer3652 2 года назад
Opps, I like others have errored in not discussing the 800 lb. Gorilla in the R.E. Sales. Since I think 2019, things have changed definitely making it unattractive to buy. Mexico has ridiculously super low property taxes. Depending on your state can be super low. Here in Nayarit with an 1825 sq. ft. home, our property taxes (Predial), are only about $1500 pesos/ year = around $75.00/ year! Since 2019 the Mexican Federal Govt. has "muscled into your R.E. purchase". When you go to sell you will be assessed a tax on the profit of your sale of your house or condo (regardless of which Mexican State you live in)! Difference from what you paid for the property and what you .sold it for will be assessed at a 50% rate. I call it Socialist High Robbery. So, you can protect your self "some". By, putting as a co-owner a relative you want to "Will" the house too. That way at on your death, there will not be a Sale/Purchase on the books. But, you'd better make sure that person Love's Mexico, and wants to retire here and not sell the house too.
@DanGaskell
@DanGaskell 2 года назад
Paul, I think you were very fortunate. In my experience, most don't buy property and then end up making a profit later. We lived in Costa Rica for a little over a year and the same thing happened there. Lots of people came there, bought immediately and later regretted it. When they wanted to or had to leave Costa RIca, they ended up taking a loss. Most people we knew came out short on property value. We rented and it turned out perfectly. We had to move back to the US and only had to give 30 days notice, packed up and left with no loss. Best thing said on this video is to rent for 1 year, at the VERY least. But, if/when we move back to CR, we will probably rent for good. The freedom to move around the country is well worth the loss in rent vs hopeful home equity in a foreign country.
@qroo
@qroo 2 года назад
Thanks for sharing your experience. Renting does provide a lot of freedom and that's what we will be doing for awhile. I think the key to being successful with buying something in Mexico, and probably Costa Rica, is to look for those motivated sellers who didn't like living there.
@terrycavender
@terrycavender 2 года назад
The downside to renting in Mexico is the hassle you go through to rent, sometimes the requirements can be outrageous, like a Mexican national that owns property having to vouch for you. Another issue is if something breaks, or the roof leaks, you fix it, or pay to have it fixed. Renting in Mexico is not like renting north of the border.
@qroo
@qroo 2 года назад
Great points, Terry.
@terrycavender
@terrycavender 2 года назад
@@qroo thanks, that's why I made them... Trying to rent here in Ajijic was a nightmare, I eventually gave up and found a place where I could go month to month without docs. It is a good idea to rent though, I found the area to be not to my liking, fireworks 24/7, loud music, cobblestone streets suck to walk on, etc.... Now trying to figure my next move, where to next......🤔
@Mexicobeanpole
@Mexicobeanpole 2 года назад
@@terrycavender just about all your complaints are country wide. Mexico is a loud country (that I love), some places maybe don’t have cobblestones, but they’ll also have single file sidewalks, or slippery stones walkways. But, I get it about Ajijic, I lived there for 2 years. It wasn’t my forever home either.
@deborahshepherd633
@deborahshepherd633 2 года назад
@@terrycavender Ever look in Guanajuato area? Beautiful and great weather year around..
@terrycavender
@terrycavender 2 года назад
@@deborahshepherd633 maybe, I've got a month left here before I have to leave.
@jeffleonard9983
@jeffleonard9983 2 года назад
We just bought a fixer upper house in Puntarena in Puerto Morelos. It’s a gated community. It was a bit of a fire sale and got it for about 1,000,000 pesos under asking. I think we did good. We have been visiting the area for 10 years and feel comfortable that there is a great established expat community to draw from for advice. I just don’t like renting and watching that money leave with zero chance of recouping it. Property is selling so fast in that a area right now we thought we should get in sooner than later. But we bought sooner than we wanted and now are scrambling to learn Spanish from your other channel 😁. Really enjoy your vids, keep up the good work!
@qroo
@qroo 2 года назад
That's great! It sounds like you did everything right. I'm in the process of looking for a fire sale myself these days.
@parker1ray
@parker1ray 2 года назад
The wife and I have owned a home for 35 years! We are planning on renting in Mexico for at least the first year and considering renting for the rest of our lives!
@selenamrtnz1
@selenamrtnz1 2 года назад
Never trust anyone that refers to their wife as “the wife”
@parker1ray
@parker1ray 2 года назад
@@selenamrtnz1 Why is RU-vid infested with so many predatory slugs?
@BOULDERGEEK
@BOULDERGEEK 2 года назад
@@selenamrtnz1 I guess that the entire languages of French and Spanish are wrong, as well? Mon Femme, Mi Mujer, etc are longstanding traditions dating back 500 years. There's no disrespect.
@TheScientificSkeptic
@TheScientificSkeptic 2 года назад
@@BOULDERGEEK , derp. It's ma femme and mi esposa but he didn't say my wife. He said the wife which would be la femme and la esposa. lol
@dlukton
@dlukton 2 года назад
Buying a house in Mexico could make sense for someone (not a US citizen) who doesn't have visa-free access to Mexico, and who would like to spend a lot of time there. Buying a house in Mexico (with a value above a certain level) affords one a residence permit... and thereby unfettered access to the country.... for one who doesn't have visa-free access.
@qroo
@qroo 2 года назад
Good point. Thanks for sharing that.
@chefebispo
@chefebispo 2 года назад
IDK, if you have enough $$$ to buy a sufficiently expensive house to qualify for residency that way, doesn't that mean you also have more than enough $$$ in accounts and investments to qualify for residency under the economic solvency rules without purchasing anything?
@dlukton
@dlukton 2 года назад
@@chefebispo My first point would be that, if one wants to spend a lot of time in Mexico (and if one has "money to burn"), one might as well buy a house, and live in it when visiting Mexico. And my second point would be this: the way it works for people who want to get residency in Colombia is that what matters is RECURRING income... regular, predictable and recurring income. So, for example, if a person had $100 million in gold, his recurring income would be ZERO, and so he wouldn't be able to get residence based on that gold investment. Or suppose someone had $100K in capital gains last year, but suffered a $20K capital loss the year before, and had a $15K capital gain the year before that. Again, that is not "regular, predictable, recurring" income. Probably Mexico has a similar policy as Colombia has. So if you've got a lot of capital, and you want residency in Mexico, you might have to either buy a house, or STRUCTURE YOUR INVESTMENTS so as to generate a regular predictable stream of income, such as putting it in a corporate bond ETF.
@PalaminoHills
@PalaminoHills 2 года назад
I had lived in Mexico once, many years ago, and knew Mexico was right for me. Querétaro checked all the boxes. Bought a house a couple months later. Too big, but good price, and awesome gated community in a forest. NOTE: I am nervous about RENT INFLATION, and a devaluing dollar, as I do not have the benefit of a wife’s income.
@jackwilliams9114
@jackwilliams9114 2 года назад
I too lived in Mexico in the past, way too many years ago. I fear rent inflation also. I HATE the idea of someone deciding I should move or wanting more $$ than I am comfortable paying. Plus, I like being in control of where I live. I enjoy changing things up in my residence, including updating, renovations, and some remodeling. Like you, I am a single man......it far outweighs the benefits of a dual income. Best wishes for a good life for you in Q.
@PalaminoHills
@PalaminoHills 2 года назад
@@jackwilliams9114 Thanks, Jack. I am a builder, painter, landscaper, planter... and while I could do WITHOUT those things, I'm 71, it's still part of who I am. I rented briefly at $900 USD and that made me crazy.
@jackwilliams9114
@jackwilliams9114 2 года назад
@@PalaminoHills Okay, another thing we have in common---I turned 71 on October 30. Mom swears I wanted out, I say she wanted me out. I wanted to wait until Halloween. Was that too much to ask? She refuses to move to Mexico; I am her caregiver. So, Mexico living comes when I no longer have her.
@PalaminoHills
@PalaminoHills 2 года назад
@@jackwilliams9114 I'm a New Years Baby. Born Sept 3.
@ahuehuete4703
@ahuehuete4703 2 года назад
There some pluses in renting. You don't have to deal with taxes or maintenance issues, nor pay property taxes (which are low in Mexico). And if you need to bug out, you don't have to worry about selling the property. As for appreciation, it's worth keeping in mind that the Peso could severely drop in value if there is an economic crisis. Repatriation of funds to the US could be difficult during an economic crisis. I know Mexico has been economically stable for quite some time, but that could change.
@qroo
@qroo 2 года назад
Great points, Frank.
@qroo
@qroo 2 года назад
That is a good point. I have a video planned about that topic. I think I have more video topics than I have days left on the Earth....lol.
@qroo
@qroo 2 года назад
I have lost 10 pounds in the last month. Maybe that's why. :)
@BOULDERGEEK
@BOULDERGEEK 2 года назад
This is the crux of our issue. I wanted to look into buying in Argentina, in 2014. Gorgeous Dewll modern homes could be built for under $100K. $1M+ in US wine country, by comparison. But, the risky economy, shifting access for US passport holders, potential for collapse or nationalization. Wife just wouldn't have it. For the time being, we are remaining mobile, liquid, professionally invested, and on a service economy tack.
@johnwakefield9378
@johnwakefield9378 2 года назад
A great video again Paul wish more countries with an expat covering these type topics. Enjoy following you two along this way.. Informative and entertaining videos are so hard to find of this quality. You can really explain things so clearly Paul.
@qroo
@qroo 2 года назад
Thanks for watching and for the positive feedback. Take care, John.
@deborahshepherd633
@deborahshepherd633 2 года назад
We bought our home in Cozumel, 2001..we were not retired then..Best decision we ever made. Agree with his comments.. Property values have increased for sure. Do your homework
@hivolco151
@hivolco151 2 года назад
Thank you so much for this video... I am sort of at a cross road with regard to moving to Mexico... actually waiting on some $$ from a real estate sale... I do want to do some short term renting... and travel around a bit. I agree with renting being a bit of a toss out .. with the roof overhead. :) So I will be looking into more information on this whole topic. Mil Gracias!
@BOULDERGEEK
@BOULDERGEEK 2 года назад
I sold all of the propery I had. I didn't want to deal with the headaches of maintaining real estate, renting it out, owning responsibilities. I'm very strong on the pro-rental side, right now. We need to be mobile and flexible, and want to look at affordable Europe, Mexico and South East Asia without committing resources. Plus, when you buy, you commit finances. Those resources, invested, will produce returns. Therefore, it's not about "all rent is thrown away." My capital is working for me, some of which pays my rent.
@rassabossa4554
@rassabossa4554 2 года назад
My 2 cents: RENT. First, in general, buying is not always a good deal. The US has a glut of McMansions right now and prices don't always go up as the housing bubble proved. Personally, I think we are in another. Many people are downsizing and most millennials simply cannot afford to buy. Housing price increases are way over the increase in wages for the last 40 years. Economists say your housing costs should only be around a third of your income. If you get caught when the bubble bursts, you may be stuck with a house you cannot get rid of without a substantial loss. Hence, your point on buying cheap. Second, en cuanto a Mexico (learned that phrase from your spanish channel), Mexico is huge and things change all the time. For instance, I would not live in QR due to the violence. Also, Mexico is HUGE, so many potential places to live. I have been here 3 years and I have not seen one tenth of the potential places I would want to buy a house in. And then there is the hassle of buying, getting your permanente, lawyers, etc. It takes me a minimum of a month to see if I want to even RENT in a city. It is hard to pick the right place for your forever home. Big town, small town, beach, mountains, in between?, ease of travel, need a car?, how bored will you get? what happens if you get sick and are on medicare? If you lack really good spanish or fail to make real connections with people, you can feel isolated after a period of time. All those decisions is why I would not buy until I am really, really sure about where I want to live.
@davidg7454
@davidg7454 2 года назад
Sound advice. Renting also allows one not to be stuck in or experience just one country. I realize this is a Mexican centric channel, but I assume there are people like me who plan to rent in Mexico for the winter. Costa Rica for the next winter, a Caribbean island for the next winter, etc.. One gets to experience a new country longer than a tourist but they are not ever stuck in one country unless they absolutely love it. I am kind of curious, since your wife is a bit of a nomad, why just Mexico and not also places like panama, costa rica, etc? Speaking Spanish gives one a lot of options in the world.
@qroo
@qroo 2 года назад
That's true. Renting is the best option for people who don't plan to stay in one place. We did travel quite a bit the six years we had a place in Akumal. We just used that as our home base. It was inexpensive to maintain, less than $300 a month, and our property taxes were less than $200 USD a year. Now we are trying the nomadic lifestyle, and so far, it's been fun. The only problem is where to store our "stuff". Fortunately, we don't have much of it. For now, some of it is stored at our friend's condo in Akumal.
@schtrd
@schtrd 2 года назад
Hey Paul, like your videos! They have been very informative. My older brother has retired to Merida and has purchased a house there. He and his wife have been there 7 years now and my wife and I visit yearly.
@qroo
@qroo 2 года назад
Merida is a nice place.
@tjrioux3059
@tjrioux3059 2 года назад
@@qroo I’ve heard it’s a nice sauna!
@qroo
@qroo 2 года назад
Yes, it is extremely hot most of the year.
@dennishassler605
@dennishassler605 2 года назад
Thanks again Paul for a nice video. My favorite places in Mexico include Puerto Vallarta, Huatulco and Guanajuato - these are nice places to live.
@PieraB
@PieraB 2 года назад
"Happy wife happy life" haha Love this channel! So happy I discovered it. Mexico is a possibility and you sure do make it look very attractive. Muy Gracias!
@qroo
@qroo 2 года назад
Thanks for watching!
@365vacay
@365vacay 2 года назад
Great Advice! I just signed a year lease in Puerto Vallarta.
@LeeYvesMexico
@LeeYvesMexico 2 года назад
Great advice Paul 👍 we've been in Mexico 2 months as Permanent residents staying in a beautiful rental we leased for 1 year. The Baja is gorgeous but in 1 year our mindset might be to explore more of beautiful 🇲🇽 on the mainland. Too many things to see & do, I agree with Linda! Your advice has helped us to navigate this process of moving our lives out of Canada 🇨🇦 and we are so grateful for all the time and effort you put into getting us informed by you videos. Ps. La Paz is a gorgeous place to visit with Linda.
@qroo
@qroo 2 года назад
You're right. There are way too many places to see and explore. That will be our life in 2022.
@garth217
@garth217 2 года назад
Your videos are great..real world topics for the everyday people. Not the rich and famous, that's what makes your information so relevant. We were looking at a property in Tulum as a part time residence and rental. What we learned from our research was the population was growing fast and furious. The problem with that was we would always have construction going on around us as this was a 5 to 8 year plan. The other issue with the exponential growth is....why would our property be chosen to rent over the 300 other options out there..the answer was, it wouldn't.. so it would have to be rented at below market value to draw attention to it..for years until we had an estimated client base. Then resale..... in the end Covid hit and put a stop to the idea..that was a blessing for us as we didn't invest. What I learned from the research was..we will rent a couple of months a year, from someone like you did. Keep up the good work. You have no idea how much your incite is appreciated
@TheTwoTravelersInMexico
@TheTwoTravelersInMexico 2 года назад
We rented for about a year and a half in a couple different places in Mexico before making the decision to buy. Follow the advice in theis video and rent first. -Marc
@abrahammartinez5330
@abrahammartinez5330 2 года назад
Awesome if I may ask where did you guys ended up investing in I'm from Playa del Carmen here's my Instagram let's connect instagram.com/abemtztulum
@JS-jh4cy
@JS-jh4cy Год назад
I am looking at moving to Mexico to maybe rent and possibly buy later once I see a decent small acreage in the right location such mountain side of PV or Guadalajara
@shannonserpa8016
@shannonserpa8016 2 года назад
Well. My story. I jumped right in. I found the perfect house on the beach in Mahahual. I paid cash. I visit 2 weeks a month every month. But I can afford to do so. A year later we can’t wait to move there we just love it. We are 2 years away from moving there. We will be retired.
@sherrifisher7293
@sherrifisher7293 2 года назад
Great advice. Also, I think that what you and Linda did was very smart 6 years ago and now. Thanks for the share🤗
@qroo
@qroo 2 года назад
Thanks, Sherri!
@oldhardrock2542
@oldhardrock2542 2 года назад
Screaming deal. $US800 a month. We were paying more than that in 2011 for a small older house with a super lake view in Estado de México - in a Pueblo Majico. When we were in El Centro, we were offered another smaller place at a real good price. The owner (a Mexican gentleman from Sonora) only wanted to rent to norte americanos...
@qroo
@qroo 2 года назад
$800 wasn't bad. We were pretty happy with that and signed a year lease.
@elizabethboothe2774
@elizabethboothe2774 Год назад
I am curious to see where you next buy a place.
@2GringosOnTheGulf
@2GringosOnTheGulf 2 года назад
Rent incase we need to escape haha N less headaches n less responsibility Keeping it minimalist mang Thanks for the vid brother 🙏 Cheers J&D 🍻
@qroo
@qroo 2 года назад
You guys are still in the honeymoon phase of your adventure. Renting is the best way to go!
@dianedales234
@dianedales234 2 года назад
My husband and i recently bought from an expat his first house in Mexico. He then worked his profit to afford him a house in Bali then Playacar. The house i bought is average for Mexican residents, but the way he pizzazed it to meet his liking as a retired contract owner for building industry was too good to miss. So i ended up with a great purchase at a decent price. He bought the house in 2010, so he made profit as well as met my expectations for safety and quality. I've been to most places in Mexico before this. I thrive well near the water, so i studied its counterparts on the Pacific side, but what is unique about Playa is the Carribean sea. This area has complete amenities and is still affordable. Only 2 places would rival it now, Haiti and Colombia, which as an American retiree, can be more tedious to travel on time and money.
@qroo
@qroo 2 года назад
Thanks for sharing your experience. :)
@paulsimeon3295
@paulsimeon3295 2 года назад
We did as well-sold all and now living in Mexico. In our case we are renting for about a 1/3 of what you were. Which includes all utilities except internet. For us if were able to stay here and like it we will probably be renters for life.
@qroo
@qroo 2 года назад
That's a good rate.
@andrewthacker114
@andrewthacker114 2 года назад
Interesting clip,good advice
@jimmccann3856
@jimmccann3856 2 года назад
In my 15 years in Mexico, I have seen a lot of gringos buying and selling. Most lose. They lose the least if they are are in the liquid part of the market: $100-200K US. Above that, a loss of 30% would be around average, I think. But now that is not the only consideration. Keeping (all) your money in the bank has been super safe during our whole lives, and those of our parents as well. But many grandparents lost most or all of their bank deposits in the Great Depression. History does not repeat itself, but it does rhyme. The world has never been more indebted than today, and the risk that the house of cards will come down is very real. And with Bail-In legislation now passed by most western governments, it is depositors, not governments who will bail out the banks next time. (This already happened in Cyprus recently.) This is now the real reason to buy, not rent, in Mexico or anyplace else.
@qroo
@qroo 2 года назад
Very valuable insight, Jim. I have seen quite a few folks lose as well. Many bought in new developments at the arbitrary price point set by the developer. Down the road, the properties were not able to be resold at that price point. The properties that do the best seem to be within that $100k-$200k range. At least in the Riviera Maya. They attract more buyers and are easier to sell.
@johnwoodham3263
@johnwoodham3263 2 года назад
If you think banks are going to fail, then buy gold - not Mexican real estate.
@anaisabelramirez3725
@anaisabelramirez3725 Год назад
Hi Qroo Paul, thank you so much for all your valuable advise you give us. Is there a way to find out if who is the real owner of a property is listed for sale? I just want to make sure that I’m not being scammed. Thank you.
@MrBrupaq
@MrBrupaq Год назад
Paul, thanks for posting the tour of your condo.. how much are condo fees?
@r.c.salyer3652
@r.c.salyer3652 2 года назад
It's always better to rent the 1st year in Mexico - to make sure you have the right neighborhood and neighbors, AND often takes 1-2 years to sell a Mexican property. Renting you just move after your lease is up if it didn't work out for you. You need time to find the right neighborhood and neighbors - some can be super partiers and turn into a nightmare. Overall it's been more economical to rent than to buy or build your own home. BUT, new World Economic trends is going to make it SUPER beneficial to buy (but only after your 1st year of renting). Reason? USD is about to drop precipitously, while the Pesos will evaluate greatly against $USD. This hasn't happened in over 40+ years in Mexico. Mexico IS the World's no. 1 cheapest producer of manufactured goods, when you include bringing resources to the Factories and then delivering finished products to major markets, Canada, USA, Europe. Companies are leaving China in droves, and Mexico will fare a whole lot better in this Worldwide Depression, than even the USA. So yes buy! Things have changed.
@Luckimee
@Luckimee Год назад
What is the Mexican Alibaba?
@pacificH2O
@pacificH2O 2 года назад
Another great video Paul! What is the easiest way to find a rental? Are there websites that I should look at? Thanks!
@qroo
@qroo 2 года назад
Trovit Mexico is a good site. It gathers classified ads from multiple sources: casas.trovit.com.mx/
@AngelSantos-nm2yd
@AngelSantos-nm2yd 2 года назад
Once again another interesting video Sr.
@frankfuentes7209
@frankfuentes7209 2 года назад
Great advice, thank you. See you in January.
@StreakLife
@StreakLife 2 года назад
Realistically how much am I looking at paying a month for a 100k property?
@np4003
@np4003 2 года назад
Thank you very much for your videos and smart advices. Really helpful.
@qroo
@qroo 2 года назад
You're welcome. Thanks for watching.
@tinglestingles
@tinglestingles 2 года назад
Good advice for any country.
@lancelotlink6545
@lancelotlink6545 2 года назад
Hi Paul, thanks for this info. I have a question- did you have to pay capital gains on the place you sold in the U.S.? That is the only thing that concerns me about selling a house in the U.S., and then renting in Mexico. My understanding is that you have a period of time where you would need to roll your gains into another like property to avoid paying taxes (though I'm not sure if that applies to buying a property in a different country). Thanks!
@qroo
@qroo 2 года назад
We qualified for the capital gains exemption. There is no requirement to reinvest the money in another home. Here are the IRS rules: www.irs.gov/publications/p523
@PalaminoHills
@PalaminoHills 2 года назад
You don't pay CAPITAL GAINS on your private home under $250,000
@lancelotlink6545
@lancelotlink6545 2 года назад
@@PalaminoHills Couples pay on anything over 500K which is an issue for some.
@PalaminoHills
@PalaminoHills 2 года назад
@@lancelotlink6545 Thanks! Thinking of us single guys with ONE income.
@BOULDERGEEK
@BOULDERGEEK 2 года назад
@@lancelotlink6545 $500K only if you file jointly. We file separately due to our prenup, and therfore, I paid tax on my home sale over $250K profit, regardless of being married.
@waynevandermeer3139
@waynevandermeer3139 2 года назад
I think it’s a good time to buy pesos!!
@melodyfalaise581
@melodyfalaise581 2 года назад
Thank you so much for all of these wonderful videos. I am going to mexico city tomorrow :). Do you know of any good realtors that take people around to view homes for sale? I am looking to purchase property as an investment but every real estate company I reached out to thus far states I have to look online and contact each realtor for a property I find interest in. Not as easy as having someone that knows what you want and looks for it. Please help if possible. I wish you guys were still there where I would be able to meet you "(
@laurashields975
@laurashields975 2 года назад
You're an excellent teacher! :-)
@qroo
@qroo 2 года назад
Thank you.
@JoeyBeeFit
@JoeyBeeFit 2 года назад
Another great one, thanks bro! ✊
@upturned1719
@upturned1719 2 года назад
Thanks for your information
@OddsandSods26
@OddsandSods26 2 года назад
Good info, Thanks. Love the shirt.
@qroo
@qroo 2 года назад
Thanks! My mother-in-law gave me that shirt the day before I filmed this one.
@markustilgner
@markustilgner 2 года назад
We bought a piece of land (if you call the right of pocession of land ( ejido) buying) and are building a house now. For the next about 10 years we will be there only very little and have to pay someone to live there permanently. Also the family can use it any time. If possible we will rent it out - by this we hope it is enough to run the cost of the house. Later we might stay there for about 5 month per year. When ever we sell the house (to mexicans - because it is ejido land) I believe we will make a huge profit. But we will like the house - the view is breathtaking and maybe we will never sell it…
@Carolinapetroska
@Carolinapetroska 10 месяцев назад
Same all over the world....
@robertkarp6336
@robertkarp6336 2 года назад
Great video. What about all the other expenses that comes with a house or condo, for example taxes, insurance, maintenance fees, etc. Are they about the same as in the US?
@qroo
@qroo 2 года назад
Property taxes are much lower. I had a condo inside of a gated resort community and my property taxes were less than $200 USD a year. Our maintenance fees were about $150 a month and that amount employed over 30 fulltime employees; security guards, painters, gardeners, people who scrub all of the walkways every day etc. We paid $500 a year for a shared insurance plan for the buildings etc. We did not buy a supplemental policy for our unit. It is relatively inexpensive to make repairs if something was broken or damaged. The structure was block with a concrete roof, so I did not worry about it blowing away in a hurricane either.
@dlukton
@dlukton 2 года назад
Property taxes in Mexico are quite a bit lower than in the US.
@Lane9693
@Lane9693 Год назад
Where are the links to the two videos you mentioned?
@tonynes3577
@tonynes3577 2 года назад
Pretty cheap to rent in Mexico. There are different situations where buying something is good if you want to rent it out or just have it as a vacation place to go to. That's what I did In Cabo. I'm spending a lot of money gong there and "fixing it up" But I work part time in the USA and I have no children. I can also get my resistancy card easier by buying something. Maybe I'll sell it, maybe I won't, in about 10 years. Love it, with a million dollar view!
@cornell833
@cornell833 Год назад
Amazing content The 🌎 loves it
@swicheroo1
@swicheroo1 2 года назад
Should I retire and choose to live abroad--whether Mexico or Vietnam or Korea--I would not buy. Or at least not immediately. I'd want to move around from place to place for a long while and a house would be a burden. And I think my money could do more for me without being sunk into a non-liquid asset.
@jackwilliams9114
@jackwilliams9114 2 года назад
Hey Paul. I appreciate your sartorial style very much. Or is it your wife's sense of style I admire??
@qroo
@qroo 2 года назад
She puts up with me. I like that about her...lol.
@karenrochelle2056
@karenrochelle2056 2 года назад
Good information as always.
@MadeNCda
@MadeNCda 2 года назад
I agree ownership is better as it is your equity, however, I was never in a position to save for down payment so I've rented all these years. Nevertheless I'm thankful for flexibility and have been blessed. 🙏✌🏻
@qroo
@qroo 2 года назад
Renting does offer a lot of flexibility. That will be us in 2022 until we find the perfect area and a motivated seller.
@aliciaestrada72
@aliciaestrada72 2 года назад
Great video as usual! Thank you 😊
@qroo
@qroo 2 года назад
Thanks for watching, Alicia. :)
@bjones9942
@bjones9942 2 года назад
I bought, but my circumstances are a little different. I'd been coming to Mazatlán for several years - in the summer, so I knew what I was getting into at least as far as the weather and the layout of the city. A small apartment (60m2) came on the market in Centro just a 15 minute walk from almost everything, and it was under $25k. My plans were (and it was true until Covid) to use it as a base while I traveled, and then either settle there full time or buy something else a little bigger. So far it's been 3+ years and other than the plan to sell my house in the USA to fund my travels (not unsold because I have doubts about México, but because it's where I grew up and is of sentimental value as well as $$) everything is pretty much working as planned. I also thought that if things didn't work out, the apartment wouldn't cause a financial drain trying to sell it. So my advice is pretty much yours - rent unless you have an opportunity for a deal that ticks all the boxes on your list.
@jimmccann3856
@jimmccann3856 2 года назад
Wow, you did fantastically well! I know Mazatlan reasonably well, having lived there for a year about 15 years ago. And when I am in town I usually stay at Hotel Lerma on Simon Bolivar in Centro. In my ignorance, I had assumed that a basic condo in Centro would be at least $75K US. Are there similar bargains still available in Centro? (I currently rent a 80m2 two BR in Chapala Jalisco for $300 US monthly, but I am contemplating a return to MZ, maybe buying something....)
@whitneybaez9533
@whitneybaez9533 2 года назад
Brett do you rent out your property??
@bjones9942
@bjones9942 2 года назад
@@whitneybaez9533 No.
@c7eye
@c7eye 2 года назад
Right on. I think your right
@derekmahoney8681
@derekmahoney8681 2 года назад
Thank you for the great information
@elizabethboothe2774
@elizabethboothe2774 2 года назад
Could you research what the pros and cons are of owning rental property in Mexico?
@RealMillennialPerspective
@RealMillennialPerspective 2 года назад
Great video, Paul!
@qroo
@qroo 2 года назад
Many thanks!
@cjaydeep22
@cjaydeep22 2 года назад
Hello Sir I have a question, I am an Indian resident and since the pandemic the Mexican consulate in india has told me that for a any temp or permanent residency visa they are NOT processing at the moment from here in india . I have been observing from last two years and the status is not changing . But luckily I have Usa 🇺🇸 tourist visa so I am travelling to Mexico in January arriving usa in December. So my question to you is do you know if I meet the immigration office within Mexico and tell them that I need to process a permanent residency , would they be able to do it from Mexico ? Or I have to wait till this unknown pandemic ends and they reopen the country for processing of all visas ? Please 🙏🏽 tel me
@qroo
@qroo 2 года назад
Inside Mexico is difficult unless you are in the country illegally. In that case, Mexico often has programs to "regularize" -- for lack of a better word -- undocumented aliens. Those programs allow foreigners to get temporary residency without meeing the financial solvency requirements.
@72tubedmiaz
@72tubedmiaz 2 года назад
Always great advise
@qroo
@qroo 2 года назад
Thanks for watching. Take care. :)
@TripReviews
@TripReviews 2 года назад
Gave me a big bag of money and said “go away!” 😅👍
@billligon4005
@billligon4005 2 года назад
If your retired and only want to live in Mexico 3 -6 months a year, it seems to make sense for us to rent a place. And I want to live in a hotel environment, some hotels have people who own their place within the hotel property, so those are the people I want to rent from. Being retired at 80 years old, buying is not an option that I will consider. Are there any retirement properties with nursing facilities attached?
@qroo
@qroo 2 года назад
Renting is a good option for you. I don't know of any retirement properties with nursing facilities attached but that would be a great topic. I'll add it to my list.
@bonnieharris5916
@bonnieharris5916 2 года назад
I love renting it gives me ultimate flexibility.
@kenshiro68
@kenshiro68 2 года назад
Thanks for sharing :)) Very interesting 👍👍👍
@danieldinverno8732
@danieldinverno8732 2 года назад
Enjoyed the video.. thank you
@jennreidelbach2163
@jennreidelbach2163 2 года назад
Paul, Would you be able to help me with a low cost way to apply for a resident card? I am closing in my condo or they are "turning over" next month early January. I would like to be able to take advantage of the health care options and other benefits. What would be my first step?
@larkangel6593
@larkangel6593 2 года назад
I know north Baja is its own animal, so it perhaps doesn't conform to the general rules of buying in MX or anyplace outside of the US. First and foremost, it follows the same exact dynamics of SoCal real estate: ocean, ocean, ocean. Beachfront, walk, view in that order of value. Secondly, detached single family home, garage, patio, yard. Second thoughts or regrets seem non existent since the US is 30 minutes away. Burnt out, tired of MX? Go to the US for a few days and you'll rush right back. The short term (weekend) rental market also provides a key investment advantage that can help cover baseline costs. I advise many to rent their SoCal house and rent in baja. It provides a nice intro and escape path if things don't turn out. Otoh, just like prime beach towns, there's a buyers waiting list here. A colleague just paid $850k for a prime beach house that never hit the market. It was mentioned in passing while walking the dog. A few late night emails, and it was a done deal before the handful of people expecting the listing to show found out it was all over. That same night, same realtor, same multi buyer situation, and a $400k house 2 rows back was gone. Which is the 3rd point: this place is tied to socal, up or down. The border is like a legal technicality that really doesn't have much influence. Nothing is left but to expand south of San diego, international boundaries be damned.
@peterbedford2610
@peterbedford2610 2 года назад
Solid advice.
@jongabrielsen3868
@jongabrielsen3868 2 года назад
Additional things to know before you buy - If you might need the money don't buy, it can take 2 years to sell plus 6 months to close and receive your money. It is not like the USA where in 2016 we sold in 3 days with a bidding war and close in 2 weeks.
@qroo
@qroo 2 года назад
Good point.
@daveadams5607
@daveadams5607 2 года назад
I saw a statement in one video that said when you sell your house in Mexico that 30% of the sales price goes to the government. That doesn't sound right???
@qroo
@qroo 2 года назад
Yes, that's true, but you can get a capital gains exemption if it is your primary residence and you have legal residency status (permanent resident or citizen). We did not pay any taxes on the sale of our condo in Mexico.
@laurieann8640
@laurieann8640 2 года назад
thanks , very informative
@Bellatutu1927
@Bellatutu1927 2 года назад
Very good advice thank you👍🙏🙏
@mikecrook8434
@mikecrook8434 2 года назад
I moved to Mazatlán two years ago. I'm paying $3000 MXN ($146 USD) per month for a 2-bedroom house with a garage. I live in a middle-class neighborhood with the locals. I'm still in shock at how low the cost of my rent is, which is about average for this area!!! OMG
@gordonmiller6691
@gordonmiller6691 2 года назад
How could you legally buy that property? Isn't it too close to the coast?
@stevejava4336
@stevejava4336 2 года назад
Happy wife... Happy life. 😅 So true.
@tdgdbs1
@tdgdbs1 2 года назад
A form of slavery pushed by feminism. Look at the marriage rate in the past 30 years
@robertocordero8728
@robertocordero8728 2 года назад
Yes buy
@robertocordero8728
@robertocordero8728 2 года назад
Hi paul ,visit san carlos sonora you lovit saludos from fullerton California.
@qroo
@qroo 2 года назад
We'll add it to the list. :)
@mariagkok4me
@mariagkok4me 2 года назад
I like that shirt Paul :)
@qroo
@qroo 2 года назад
Thanks! My mother-in-law got me this one for my birthday this week.
@ExMoe1998
@ExMoe1998 2 года назад
What if you live in a motorhome and want to buy a house in the future?
@qroo
@qroo 2 года назад
That is a goid option.
@domeswall
@domeswall 2 года назад
What are the most common mistakes of expats when buying a property in MX?
@prime8nate
@prime8nate 2 года назад
They haven't investigated the area where they buy. Neighbor makes a lot of noise, for example. They might buy before the place is completed and once the builder has the money...things can get left unfinished with a lot of feet dragging. They pay gringo prices. They think they can renovate but don't know any trustworthy contractors and end up with a shady one. They don't have experience in Mexico and end up not liking it and have to turn around and sell.
@danieldinverno8732
@danieldinverno8732 2 года назад
not holding on to the property long. You should hold the the property atleast 5 years, and prove that you lived in the house to avoid taxes
@ruthw7274
@ruthw7274 2 года назад
Doing some research eh?
@dadedubbledee
@dadedubbledee 2 года назад
Sound as a pound advice paul. And tha dunt luc a gift horse int gob....lol translation never pass up a fantastic gift of an opportunity lol
@Deltron6060
@Deltron6060 2 года назад
Any tips for buying a pre construction condo?
@thedrummersclub3667
@thedrummersclub3667 2 года назад
Hi, I own 2 properties in Mexico. My Mexican Attorney has always advised me to NEVER buy pre construction. I follow his advice and have always been successful with his guidance
@Deltron6060
@Deltron6060 2 года назад
@@thedrummersclub3667 Gotcha, is it because of the chance of not being completed or something else?
@prime8nate
@prime8nate 2 года назад
Pre-construction can be a very good deal but you have be very familiar with the reputation of the builder. You'll hear a lot of nightmare stories but some people do end up getting good deals. If you don't speak Spanish or don't know a few solid people who can vouch for the builder or can't see previous work of the builder....don't do it. The nightmare builders will typically move on to a new project without really finishing yours and kind of give you the runaround when you complain.
@qroo
@qroo 2 года назад
Great advice, el ciclista.
@SL-fz3ex
@SL-fz3ex 2 года назад
My brother in law (Mexican) bought pre construction. One day the the construction company completely disappeared.
@carlonoble4903
@carlonoble4903 2 года назад
Hi Paul, as usual. Always great info. My wife and I are planning of buy an empty lox in Merida and building our dream home. Any advice? We usually going every year, but haven’t the last 2 yrs mainly due to COVID. Thanks 🙏
@PalaminoHills
@PalaminoHills 2 года назад
2019 I looked at 12 houses in Querétaro. ZERO motivated! These were houses on the market for MANY months. In spite of that, 3 of the sellers RAISED their price after declining my offer.
@rosendoescutia9970
@rosendoescutia9970 2 года назад
How old r u man?
@BrendanMetcalfe
@BrendanMetcalfe 2 года назад
😀😀
@stephaniemurphy3973
@stephaniemurphy3973 2 года назад
So that’s your advice? Rent from someone that is desperate to sell? Wow that should be easy to fine
@qroo
@qroo 2 года назад
Well, that was an unusual scenario but I have seen tons of motivated sellers over the years. An example is a corner condo recently valued at $200k. It sat vacant for years. The owner lived in the U.S and never moved into it after buying it. It went for $120k after two years on the market priced at $180k. There are deals to be made here if you are looking and have the cash ready. So my advice is to rent and look for these opportunities.
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