Expert: Ron - 3/12/2004

Question
My husband and me we live in toronto, canada, in around 5 years from now we will like to move into the bajio of mexico, it coul be the area of chapala, ajiji, guanajuato or san miguel allende...how do i go by getting information in investing in a property down there or into buy something for the future..
i will be happy to hear from you...
both of us we are in our middle 40s and we are into the tourism and restaurant fields,we also will like to know how we can open a little business in this field down there....
all the best....
patricia vaiman....

Answer
Hola Patricia, well it's great to start your research early, but don't wait too long. Mexico is changing dramatically every year.

I suggest you pick up a copy of Head For Mexico-The Renegade Guide by Don Adams. My wife and I wrote a short section in the book. It has references to real estate websites, the different areas of Mexico and lots of must-know information. It is available through Chapters. You should rent for at least a month in each of the areas you are interested in. The colonial cities are much different than the smaller villages. Another book The Gringo's Investment Guide, Every legal thing you need to know about buying real estate in Mexico by Ginger Combs-Ramirez is a fun book on the subject.

www.canadianclubmx.com has lots of info about immigration and living here too. There are lots of forums, but I find they have a lot of misinformation on them.

In Ajijic restaurants open and then close up shop on a regular business. Not sure it is a thriving industry here but there are two recently opened by Torontonians that are packed every night, so I guess there are still niches to explore. Probably a third of the restaurants in Ajijic are gringo owned and operated.

We are originally from Waterloo Ontario and have lived full time in Ajijic for 5 years. Although housing can be expensive, you can still find brand new homes in this area built to standards you would expect for $80,000USD. Yes you can find new homes for much less and fixer uppers, but the locations are remote, services sparse, and standards unexceptable by Canadian standards. We still live comfortably on less than $1,000 Canadian/month including health insurance, car insurance, food, entertainment,holidays (in Mexico), taxes(our house $105,000/year) untilities etc. But if you only shop in the gringo supermarkets, you will probably spend twice that amount/month.We are also non resident Canadians which gives us great tax advantages.

Hope that helps a little, please do not hesitate to ask for more specific information.

Best regards,
  Ron Russell