Forums > Areas > Jalisco's Lake Chapala Region

Morris

Apr 8, 2003, 6:45 AM

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Real Estate

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My wife and I are Mexican but we have been living for many years in Canada. We now have dual citizenship. We are planning to move to Ajijic in July given the beauty of the place and that we have family in Guadalajara. We were thinking on buying a condo in Ajijic. However, we have noticed that for several months, most of the properties we have been watching have not sold. Do you guys think it would be better to rent instead of buying? We don't want to have our money tied up in a property that is hard to sell in case we want to move from there in the future. Thanks in advance for your advice.

esperanza

Apr 8, 2003, 6:58 AM

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Re: [Morris] Real Estate

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IMHO, rent for a while first until you are well-acquainted with the area...then make up your minds.

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juan david

Apr 8, 2003, 7:02 AM

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Re: [Morris] Real Estate

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Well Morris, the buy versus rent question has been discussed many times. I think in the end it is an emotional decision that plays out differently for every person/couple. What is for sure though is renting when you get here. You will need a few months to understand the market and the various areas in the community. No need to rush, and there will be good rentals available in the summer. Before committing your hard earned dollars you need to feel sure about your decision. BTW we had intended to rent for 1-2 years, but we are now looking at buying 'cause the old nesting thing is creeping in. But we do now understand the different areas and the value propositions.

As for slow sales, the listed prices are maybe 15-20% above where they should be on average. Actual selling prices are not revealed, so there is no data other than anecdotal evidence. Another good reason for getting the lay of the land before decision time.
" let sleeping dogs lie"

Musicman

Apr 8, 2003, 11:44 AM

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Re: [Morris] Real Estate

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Hola Morris. When we came to Ajijic two years ago, we were considering buying a home. Now I am happy that I did not. There are so many rental homes available year-round and quite often include gardeners, maids, all utilities, and of course the owner carries the burden of maintaining the home. For the life of me I cannot understand why anyone would buy at this time. The interest that you could earn on money required to buy a home, in some cases, will actually pay the monthly rental. And as you mentioned......you won't be locked to the area. Buena suerte.