Июл 25

Renting a Home in Mexico Can Pose Challenges

fling dating Комментарии к записи Renting a Home in Mexico Can Pose Challenges отключены

Renting a Home in Mexico Can Pose Challenges

When moving to Mexico, chances are you’ll want to rent a house or apartment. Buying is risky and living in a hotel or Airbnb long term gets expensive. The problem is that renting in Mexico is a pretty bureaucratic and complex process.

Most landlords require a fiador (sometimes called an aval). This is a third party that will guarantee to pay your rent if you default. It’s basically a co-signer on your lease that acts as an insurance policy for the landlord.

Before renting, you may have to find a reliable fiador. These can be individuals or a company. They must own property in the state where you are trying to rent. This property is put up as collateral.

If you can’t find a fiador, you can buy an insurance policy that serves the same purpose. This is called a fianza. This policy usually costs around 10% of the annual rent. You will need to submit several financial documents and your work history in order to qualify.

One way to get around this requirement is to rent a room. In a roommate situation, you usually won’t need to sign a lease. The process is very informal. You just pay first month’s rent plus a month’s rent as a deposit and move in. All you need is cash. There no paperwork involved most of the time.

Mexico Has a Cash-Based Economy

You have to pay for pretty much everything in cash. Banking and payment processing aren’t quite as advanced in Mexico as they are in the US and Canada. Direct debit, credit cards, and bank transfers are rare. In Mexico, you’ll pay your rent and utilities as well as restaurants, bars, shops, etc all in cash. Many businesses just don’t accept credit cards.

This poses a safety risk. In order to pay your rent or a bill, you have to go to the bank or ATM and withdraw a stack of cash. Continue reading »

written by martin