When you are a foreigner purchasing a property in Mexico, it is very secure but rather different for purchasing property in the US. In Mexico you purchase your new home by way of a Fideicomiso, which is what you would call a trust in the United States. It's very easy to set up and it is administered by one of the major banks. The trust initially runs for fifty years; however at any point it can be renewed or transferred, to anyone of your choosing, what many Americans do is include it within their will. Property taxes in Mexico are very low typically between $250 - 500 per year and the bank charge for for setting up the trust is usually $800 - 900.00 and ongoing fees between $500 - 750.00 annually.
Many who purchase Isla Mujeres real estate, use their property for long weekends and annual holidays and rent their property out the rest of the year. They often do this long term until their retirement, when it then becomes their retirement home. Our luxury properties have a rental potential in the summer months of $500.00 per night and $800.00 in the high season. All our properties have a secure storage area for the owners to keep their personal belongings whilst the property is rented.
At first some people think the rental rates appear rather high but in fact it is a very economical way of holidaying in Isla Mujeres, when you consider that people are paying up to $1,500.00 per night at Zoetry for two person occupancy. In our Luxury Isla Mujeres Homes they can sleep six people comfortably, if you take the highest rate of $800.00 per night divided by six, we are talking about a little over $130.00 per person per night. Apart from that you are not obliged to eat every meal out, for some it starts to get tedious having to eat breakfast, lunch and dinner out, everyday. We find that many who are on holiday, are happy to relax around the pool all day and go into the centre for dinner.
Whether you are renting or buying, luxury Isla Mujeres real estate is an excellent bet.