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In
Mazatlán there are two types of rental homes: the short-term
seasonal rental and the long term rental.
The seasonal rentals cater to the winter tourist population and
are usually fully furnished homes or condos with the
conveniences one would expect. The properties are well
maintained and may include everything from daily maid service to
golf discounts. This type of rental is priced according to what
the vacationer will pay. Depending on the size and location of
the property you would expect to pay al least 50 dollars a day
or more. There are many short-term rental properties listed on
the internet.
On the other hand, finding a decent, reasonably priced long-term
rental can be quite a challenge. The best time of year to look
for a full time rental is just after the Easter vacations. The
best place to look is in the classified section of the local
newspapers. Also, call all the realtors in town and ask for help.
Be very specific about what you need: Furnished or unfurnished,
size, location and price range as well as other important
details such as children and pets.
Once you have found a suitable property it is very important to
have a rental agreement in Spanish. This agreement should
include the following information:
-
The
term of the rental
-
The
price
-
When, where and in what form this amount will be paid
-
What
this price will include
-
A
description of the owners responsibilities
-
A
description of the renters responsibilities
In the
U.S. and Canada we assume that the landlord has the obligation
to fix problems and give continuous maintenance to the property.
In Mexico, this is not the case. Once you move in, you take full
responsibility for the property. Therefore, it is very important
to clarify this point in your rental agreement. Mexican laws
strongly favor to tenant is respect to occupancy but do not
place a lot of importance on the physical condition of the
property.
The advantages of renting vs buying is the opportunity to
experience living in a certain area without having a big
commitment. The disadvantages in Mazatlán are:
You may end up investing your money in someone else's property
to get in to a standard you want. This is specially to
understand because as mentioned above, landlords do not have the
same obligation to their tenants as the U.S. and Canada. The
other obvious reason is that rental money is never recuperated.
On the other hand, buying can be an investment. Money spent
carefully on improvements should be recovered when you sell. You
can rent the property at the times of the year you don't need it.
Whether you rent or buy it's important to get all the facts
before you make a decision. In both cases you need to know your
costs and obligations. Look at both options.
Some of my clients decided to purchase because the place where
they wanted to live was for sale, not for rent and ever if they
eventually sold for less, they would still come out financially
better off than with the rental property.
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