Many of us have enjoyed the beauty that the country of Mexico has to offer. Its breathtaking ocean views as well as its historic landmarks, draws many people to vacation in this country year after year. However, some are realizing that since they continue to choose it as their vacation destination, purchasing a second home in Mexico is a more economical choice in the long-run. Moving to Mexico, even part time, will require some work, but definitely will be worth it in the end.
Moving to Mexico Part-Time
Purchasing a second home will be an exciting time that will likely require lots of thinking and researching on your part. There are several things you will need to know before you decide this is the option for you. Moving to Mexico and choosing it as your destination will likely be less of a decision since it’s such a popular spot.
The first thing you’ll want to know is how much house can you afford? You probably have one house payment already. How big of a payment are you comfortable with on the second home? Also, will you use the equity out of your first home to finance the down payment on the second home in Mexico? Will moving to Mexico change your financial situation? Talking to your financial advisor might be a good idea, so you know how to allot your assets.
Remember that with purchasing a second home, you’ll usually be furnishing it, as well. Do you have that money to spend? If not, a good choice may also be purchasing a timeshare unit. This is generally shared by several people throughout the year. You will purchase anywhere from one to four weeks at a designated time throughout the year. This way, you’ll always know exactly when you can vacation and where you’ll be staying. These units generally come furnished, so you won’t have to worry about furniture.
If you’re purchasing a new home and plan to stay there several times throughout the year, you will want to know how this will affect your tax situation. Not only will you take on the taxes in the country of Mexico, but you might take a tax hit on owning a second home. Again, discussing the details with your financial advisor would be a good option.
Transitioning to a Second Home
Staying in Mexico for a week versus sharing your time there could be quite a change. You will want to immerse yourself in areas that you will need to get your groceries, shop for home furnishings and clothing. You’ll also need to decide if you can get around with the public transportation or if you’ll need to invest in a car. This really will depend on how much traveling you’ll do within the country versus just around town.
When you choose your second home, you’ll also want to consider how many guests may be coming to stay with you throughout the year. Will you need additional bedrooms and furniture, or can you get by with a simple pull-out couch? Also, if you do have several guests throughout the year, you may want more space to share, so a larger place may be the way to go. Again, check what your budget will allow.
Remember that maintaining a second home will require extra work in terms of cleaning and yard maintenance, as well. If you don’t have any time to devote to that, a timeshare may be a better choice for you.
Moving to Mexico will be an exciting time. Knowing that you’ll be spending time in an area that you enjoy and can continue to for years to come will be worth all the effort in the end.