Email & Share
For the longest time (and certainly when we first came to Merida), the only way an extranjero (foreigner) could buy property in Mexico was to pay cold hard cash. When we moved here, we were enamored with our new city and Mexico, but we weren’t convinced that buying a house here was going to be an investment or even simply the equivalent to putting money under mattress. So putting all our hard-earned cash into our house was not an easy decision.
Flash forward to 2006 and now there’s no doubt that buying a colonial home in the Centro Historico of Merida is a good investment. Ditto times ten when it comes to buying a house on the beach in the Gulf of Mexico beach communities from Sisal to Dzilam Bravo. Americans, Canadians and Europeans, as well as Mexicans from other parts of this country are flocking here to buy while property is still inexpensive by international standards. (We just read that on a web site touting the benefits of buying in the Yucatan). Certainly, buying our house four years ago was a good investment (we’ve since sold it and built a much bigger house with the profits) and we’ve even been inspired to buy a few more.
Here are a few things to know about the nascent Mexico mortgage situation in the Yucatan.
There are basically three types of house for sale in Yucatan. The first type is a complete ruin. While many people like to find and restore this kind of property, they are not the deals that lenders are willing to finance. Most of these properties sell for less than $100,000 US.
Mortgages are only available on liveable homes that have city-provided water, electricity, a working septic tank and a functioning roof. Most properties in downtown Merida meet these criteria but many have been abandoned or neglected. These are the properties many foreign buyers enjoy renovating and remodeling. These houses have "good bones", or basic architectural soundness, and can be polished up like a new penny without the kind of expense one might expect in the States. Most properties along the beach are not so historic, but have great locations either on or near the beach.
Unlike when we moved here, Merida now boasts a plethora of restored or well-maintained homes that can still be bought for less than $250,000 US. We moved from California, where that kind of money can’t buy you a garage. Here, you can buy a spacious colonial in the historic center with antique pasta tile floors, 18-foot tall, wood-beam ceilings, limestone walls, probably a pool and roof terrace, and handcrafted details the likes of which you can’t buy for love or money in Gringolandia.
If you’ve ever renovated or remodeled a home up north, you’ll be pleased and amazed by the workmanship down here. The masons, painters, carpenters, and iron smiths have generations of experience in their crafts. Your home won’t end up looking like a dentist’s office (though we know of many nice dentist offices…) and the end result will be a warm and beautiful work of excellent craftsmanship. It can also end up a shoddy, thrown-together mess, of course, if you don’t have proper supervision. Luckily, the number of professional architects, designers and contractors has grown exponentially in the last few years as well.
If you have the cash to buy a home here, you still might want to consider a mortgage. Buy one house with a loan and use the extra cash to buy another, perhaps. Renovating homes is also easier to do here and helps boost the local economy, both by improving Merida’s downtown and by employing the local talent. Both construction and refinancing loans are available now in Merida.
Are you excited yet? We are. Mortgages in Merida was started because we see how bringing mortgages into this mix is going to allow many more people to expand and enhance their lives by moving to the Yucatan. More importantly, we live in the Centro, and we’re looking forward to the full-blown renaissance of the urban center that is already underway. Homes are being restored, Bed & Breakfasts and small hotels, bookstores, cafes are springing up, spas are being planned. Sure, tourism is growing too, but what’s also growing is the expatriate community. Merida is a much easier place to live now than it was four years ago and in four more years… well, we can only imagine.
If you are interested in a home loan, contact Alfonso Galindo through Mortgages in Merida and he can get you started with an application. If you want to see what’s available to buy, check out the real estate web sites on our Links page. And if you’ve decided to retire in Mexico, or abandon your cubicle early and quit la carrera de raton (the rat race) to start a coffee shop or a martini bar or a boutique hotel, we have just the city for you!
****
Here are some related articles that just might interest you…
Architects and Contractors in Merida
Love Those Floors! All About the beautiful pasta tile floors
Contact Information for Mortgages in Merida:
Toll Free in US and Canada
661-846-0504
or
775-256-9653
+52-999-246-9605
(Cel phone in MX)
805-456-3873 (US Fax)
(Please rate this article)
Loading ...
Dear Readers:
I am interested in hearing more feedback about how to buy, what neighborhood to look at, and more importantly why move to Merida?
For the past ten years I have been dreaming about establishing a multi-cultural and disciplinary art center in Latin America. Since I love Mexico, have friends from there, and an interest in Mayan culture, I thought Merida might be an ideal location or you may suggest other Yucatan cities worth investigating. I may be ten years to late in buying something large and affordable like a hotel or hacienda but thought this may be a good place to get information.
I am founder/artistic director of a community-based alternative museum that focuses on participatory public art, arts education and urban renewal. Primarily, we collaborate with multi-ethnic artists, youth, and community members to activate underutilized public spaces; promote artistic exploration and appreciation; advance community participation and celebration; provide opportunities for personal empowerment, environmental and social change.
My hope is to establish an art center in Mexico as a satellite space that would create bridges between American and Latin American culture emphasizing how collaboration and creativity can contribute to the well being of the community.
I am grateful to get your feedback as I begin to explore Merida and or the greater Yucatan communities.
For more info on the area and some neat things to do check out this page.
http://www.aventurasclub.com/articles.en.html
And no its not spam. Real content for anyone looking into info on the Yucatan.
How hard is it to get a job down in Yucatan for a foreigner?
Sarah,
We are looknig for emfloyment too and haven’t had any luck.
Loriann
What do you guys do?
I am a recruiter and can work with the US via the internet.
Thats what I plan to do if I move to Merida.
Lesley
If you are looking to buy a house in Merida, Yucatan, Mexico, I can get you one for a really low price. Located in downtown, about 5 minutos from the chatedral by car. Dont let it go, we can get in touch and talk about it. (2 floors, 4 rooms, 4 bathrooms, 1 gym area, 1 office area, 1 full kitchen, nice garden area, etc).
Hugo I just came from Merida yesterday, my wife and I were looking at the colonial homes, what do you have available, I just noticed your comments on a property, I know this was some time ago.