Apr 27, 2011, 6:29 PM
Post #6 of 6
My young daughter and I are moving to mexico and we are looking to rent a house in the Lake Chapala area for 6 months and then either trying another area and renting or buying at that point if we decide to settle in the Lake Chapala area. What do I need to bring with me to rent a home. Do I need letters of recomondation etc....? I am wondering what the process is and how long it will take after I find a place we like. I plan on staying at a local inn for a week to give me time to find the right place for us.
I would also really appriciate feedback on the safest areas for my daughter and myself. I will not be bringing a vehicle at first either, so places close to walk or on the bus route would be great. Safety is of course my biggest concern with my child.
Thank you in advance for any advice you can give me.
I would agree with most of the advice already given here. If you arrive soon (in the next month or so) there should be plenty of rentals on the market, and even during the June-Oct period there will be considerable availability of rentals.
I would suggest looking for a deal where you can get a six month lease with an option to renew for another six months at the same rent. This should not be hard if you make clear that you are a long term renter, a being that shimmers with gold to the average landlord. Any landlord that is serious about wanting you as a long-term tenant should have no problem accepting such a deal. You give him/her the possibility of a year or more of steady rental income, while only committing yourself to six months. This gives the landlord an incentive to treat you well. If your relationship with the landlord doesn't work out, or something is wrong with the house or neighborhood, you can move in a relatively short time. On the other hand, you assure yourself of at least a year of stable rent.
As far a buying, I would give it AT LEAST a year before you even seriously think about it. You will no doubt hear the same from many others on this board. DO NOT rush into buying anything. The real estate market is very different here than anything you are familiar with in the US. There is no mortgage system equivalent to the US or Canada. Most people buy for cash--full price. Unless you can afford to indefinitely tie up a substantial part of your net worth in a property that may take several years to sell if you decide to move, don't buy. I have a number of friends who are sitting on houses that they have been unable to sell for some years now. In addition, what looks like a dream home can turn out to be a nightmare house. There are no disclosure laws here, and no zoning laws either. What you think you are seeing may not be at all what you are getting.
You need to get a full grasp on all of this before you make any moves toward buying. In addition, the direction of home prices is likely to be down for some years to come, so you can only save by waiting. Finally, given all the homes sitting unsold on the market, rental costs should be good for quite a while, as homeowners give up on selling and become landlords.
Buena suerte on your move!