Baby Boomers are buying homes in Mexico [Real Estate]

Baby Boomers are buying homes in Mexico. For most others, Mexico is a new territory to explore. But, are there any deals left?

For some Americans and Canadians Baby Boomers, Mexico has been home for more than 20 years. These are the lucky few who got “in” before Mexico became a retirement haven. For most others, Mexico is a new territory to explore. To retire there requires research and due diligence.

One can find many articles on the Internet and in the press related to Mexico but with such a wealth of information, it is easy to get lost and confused.

Questions such as: “Where can I buy a home that will be under my budget? What are the best places to retire? Do I want to live in a large expat community or in a village among locals?  How much should I expect to pay for a house in Merida or San Miguel?”, must be answered. But most important, with so much media hype and recent interest for Mexico, are there any deals left for the Baby Boomer generation most likely to need a cheaper place to live? The answer is overwhelmingly YES. But it depends on what you are looking for and how you approach it.

American expatriates are currently concentrating in several cities around Mexico. They are San Miguel de Allende, a beautiful and expensive colonial city, Puerto Vallarta, a seaside resort that now extends over 100 kms North, Baja (Loretto, Cabo San Lucas), two towns close to California and Arizona, Merida, a beautiful, active, vibrant colonial city in the Yucatan, and of course, Lake Chapala near Guadalajara, one of the most developed expat communities South of the Border. 

Can you still find affordable homes in these “popular” places? Yes and no. If you are looking for a comfortable, large, modern home, with some land, a large swimming pool, and easy access to shops or a golf course... expect to pay the price of the luxury you seek. On the other hand, if such things don't matter to you and you are willing to invest more of your time, then you should have no problem saving tens of thousands of dollars and find your spot in the sun. For example, I have a Baby Boomer friend who bought a lot in Alamos, a small colonial town in the State of Sonora, and built a comfortable house on it for the price of an average condo in the United States. I hear she's quite happy with the experience and would not trade her casita for her old, comfortable but boring condo in Las Vegas.

In most parts of Mexico, you will have a choice when it comes to finding a place that fits your life style, budget, needs and desires. Merida for example, has lots of colonial homes for sale in its historic center. There you will find more Americans and Canadians, baby boomers and others, living in quaint renovated colonial homes with high ceilings, arches, thick stone walls, and a courtyard. For those who want more peace and a place to park their cars, homes can be found in newer neighborhoods. It will usually be cheaper to buy a modern home with a larger yard in these neighborhoods, than a colonial home in the center. Affluent Mexican families, who move to Merida to enjoy this city's safe, cultural and peaceful atmosphere, are more likely to buy homes on wide, quiet streets, in these newer neighborhoods. Of course, the cost of things is all relative: historic homes in Merida or Campeche are still cheaper than most condos in the USA or Canada.

Hervé Goujon is the owner of MiCasaInMexico, an independent educational tour company offering lifestyle and real estate tours to Merida, Playa del Carmen and the central Colonial cities of San Miguel, Queretaro and Guanajuato. He can be reached in the US at 877-283-4736.