Mexico Real Estate - Best Source For Retirement Income

By Author: Thomas Lloyd
Total Articles: 503
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While at the moment the main source of your income may be your job, all of us are also considering the big day coming up, retirement day, and ways we can continue to enjoy a good income and lifestyle when we leave our job behind. One idea which can help you plan for a comfortable retirement is buying Mexico Real Estate. Recently, one retirement expert created one of the "top 10" lists of retirement income sources, here's how buying property and living in Mexico can help you make the most of several of the items on the list.

One of the items on the list was rent and royalties. Buying a property in a leading Mexico tourist destination well before retirement is not only a good way of planning ahead, but can also be an excellent way to earn an income. One example is Playa del Carmen Beachfront Condos; Many times condos or homes can be rented ...
... to vacationers for larger than normal rental amounts, still providing a less expensive and more comfortable alternative to a hotel. Some buyers also choose long-term rental, which means renting for a lower amount, but more consistently. The difference lies heavily in how often you intend to use the property yourself, and what part of Playa del Carmen you buy in. Condo owners can use a property management company (or, in many cases, a service provided directly by the condominium management). In some cases, Americans or Canadians have bought a couple more condos, which will leave them the income from the others while they live in one during retirement.

While a similar arrangement can be made for single family homes as well, condos also provide maintenance services, meaning when the day comes, and you actually move in for your retirement, this service means less for you do, more time for relaxation and other activities - often a plus in retirement years. What's more, in Mexico it's easy and affordable to hire a cleaning lady, either full time or part time, live-in, non-live in - all are common; most people here consider having a cleaning lady a expected necessity, and would be really surprised if you didn't hire one.

Another item mentioned on the list was home equity, using a reverse mortgage, for example to help fund retirement. While caution is advised in this kind of plan, if you are thinking about it, it's better to buy property in a place where property value increase has a good track record. While in the U.S., there's still some doubt as to whether prices are going to be back on the rise any time soon, or continue low for some time, Playa del Carmen has shown excellent value increase, and with a new airport on the way, and a solid growth rate, there good reasons to believe that property values will continue to increase here.

While the condo you buy for retirement can serve as an income in the mean time, helping build up savings, retiring in Mexico will also help you decrease your expenses on a day to day basis. Some experts state that the cost of living in Mexico is up to 70% cheaper than in the U.S. This really helps address a number of the other points on that "top ten income sources" list. Part-time work, for example; who wants that for retirement? If you work part time, it should be more like a hobby, or a life-long enthusiasm that you've been waiting to dedicate more time too; any income should be a bonus. Or what about your RRSP, or other retirement savings? The low cost of living will make these go that much further, helping you retire at the right time, and enjoy retirement to its fullest.

Consider retiring in Mexico. It will help you manage the financial side of things, and, what's more, you'll be enjoying beautiful, warm weather all year round, on the beach.

TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely