When buying property in Mexico there are many factors to consider, including legal and immigration issues, taxation, valuation, predicted trends and more. The market here operates on the same principle of supply and demand, and house prices are on the rise. Although the cost of housing in the region is increasing, purchasing real estate here can be a sound investment. Home prices in the Lakeside area are still considerably less than those at other popular expat communities – especially those along the coast, in the Caribbean, or in Mexico’s San Miguel de Allende.
In addition, the Lakeside region has been experiencing a steady flow of retired U.S. “baby boomers.” This trend is expected to increase as these young retirees and those from Canada and other parts of the world continue to search for a more relaxed and affordable lifestyle. Comparatively speaking, there are still property deals on the market – making this an opportune time to purchase the home of your dreams, and make an investment that will pay in the future.
Property taxes are very low in Ajijic, and in Mexico as a whole. The property tax rate, known as “predial,” is eight-hundredths percent (.08%) of the assessed value. If paid annually it is discounted further. The assessed value for property tax purposes is determined at the time of sale. The average property tax for homeowners in Mexico is less than $300 USD per year.
Housekeepers and gardeners can be hired for between $50 – $100 pesos per hour, which means that many to most homeowners will never have to do housekeeping, laundry or gardening ever again. Home improvement and construction costs are similarly inexpensive by U.S. and Canadian standards. Add to this the unnecessary costs of either air conditioning or heating, and you’ll soon understand why owning a home in Mexico is so attractive. If you’ll be a seasonal resident, you’ll also have an opportunity to rent your home when you’re not here, further reducing your expenses while providing a solid return on your investment.
Multiple Listing Service
When looking for a home through Ajijic Real Estate be assured that you will be shown all homes and properties in the area that meet your criteria. There is an active multiple listing service (MLS) covering all of the lakeside region, and Ajijic Real Estate has electronic access to all of the participating real estate company listings through its membership in both AMPI (Mexican Association of Realtors) and CAR MLS.