In the past six months, many savings accounts and nest eggs have been depleted significantly with the financial crisis of 2008. Many retirees are now facing some difficult facts that they now may outlive their calculated savings. Some options as strategies to these new facts may consist of sacrificing several higher standards of living habits, postpone retirement or semi retire, or retire into less expensive regions which may include international territories such as Mexico.
Mexico has been the Americans and Canadians most popular international vacation destination for over a decade. Its mild and warm climates, amazingly beautiful nature, and extremely friendly culture has been host to millions of international tourists each year.
The Mexican government estimates that tourism will soon become this country’s number one revenue generator within five years outpacing the exports from the oil industries. In preparation of these projections, the Mexican government has begun investing billions of dollars into the state infrastructures of various regions throughout Mexico. This situation is slowly combining the lower costs of living in Mexico, with the rapidly increasing quality of life.
The cost of Mexico real estate, even oceanfront properties, are significantly less expensive than many of their counterparts from the US and Canadian markets. Many Mexican foreigners over the years, have sold their large 4 or 5 bedroom homes, and downsized to cozy 2 or 3 bedroom dwellings which can be practical for older couples or single property owners. The difference in the dollar amount savings (from readjusting their assets out of a larger property into less expensive Mexico real estate) of shifting from a larger property to a less expensive home in Mexico, is usually reinvested into other assets that will continue producing even further monthly incomes.
The cost of everyday living can be pleasant surprises for Mexican foreigners recently arriving to live full time in Mexico. Depending on the city and its climates, most households find immediate costs savings in utility bills and services. Electric, water, gas all have significant savings unless your new home is located in popular tourist zones. Many families living in the new Hispanic communities, find house maids, cooks, gardeners much more affordable and of great assistance for their everyday chores.
It is estimated that 76 million Americans alone will be retiring in the next 10 years. If only a small fraction of this population segment choose to retire and purchase property in key retirement regions of Mexico, the demand will have a positive affect upon these real estate prices. With this speculative thought in mind, many people have already begun purchasing or investing into key Mexico real estate markets throughout popular coastal cities and picturesque colonial cities. Some people have bought before their full time retirement, reserving their property before prices jump too far ahead, or they have bought several properties with the strategies of obtaining appreciation as more and more people begin heading south with the increase in government infrastructure investments and increase in buyers.
Mexico is definitely becoming a viable and extremely strong option for the retirement plans of many families throughout United States and Canada. With the recent difficulties of the economies in US and various parts of the world, day to day living strategies are being analyzed by millions of people. And due to the inexpensive real estate, its low cost of living, and potential appreciation, Mexico is no longer seen just as a tourist destination, but also as a second retirement home destination.
Author Resource:-
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of Lloyd's Real Estate
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