One of the ways that people are securing their finances for retirement is to invest in property. Not only are bricks and mortar investments one of the most secure places to put your money, but you can also stand to make good returns on rental income. However, before you think about buying a second home in Mexico to rent out, consider the following points:
Choose a location that will be attractive for renters. Renting your property in Mexico will be much more successful if you choose top tourist destinations and properties that are close to amenities and attractions like the beach or cultural sites of interest.
One or two bedroom properties are the easiest to rent for short term rentals, while larger properties may bring more long-term stability on your rental.
Choosing a reliable rental agent to promote your property can save you a lot of time and money when renting your property in Mexico, especially if you are focused on short-term rentals.
If you don’t speak Spanish or are going to be away from Mexico for long periods of time, a trustworthy property manager is essential to deal with any issues you may have with renters.
Renters Liability Insurance
Renting your property in Mexico, comes with its own risks, so be sure that your home insurance covers your property when you rent out your home or condo to third parties.
Loss of Use Insurance
Choose home insurance that covers you in the event that your property is unable to be rented due to damage. That way, while your property is being repaired, you are covered for loss of rent or use.
The more simple your interior design the better. Everyone has a different taste, but if you keep the decor simple, people who like ornate interiors can add their own touch.
You will find that renting your property in Mexico will be easier if you include bills such as water, telephone and electricity in the rental costs. Be sure to take a deposit however.