Lake Chapala and Ajijic Real Estate  In the last decade or so, it is estimated that more than 10,000 foreigners have purchased property on the Northshore of Lake Chapala. Long prized as a weekend retreat by wealthy Guadalajarans, the villages from Lake Chapala to Jocotepec now boast an expatriate community said to be the largest in the world.
Ajijic has become the prime location for foreigners because of its infrastructure of services, such as internet access and the existence of the Lake Chapala Society, an English-speaking resource center for newcomers and residents. At present, the Northshore has 20 real estate agencies. Their level of competency and expertise vary. In Mexico, the real estate industry is not regulated by the government. It is self-regulated. Two associations are responsible for training agents and policing the ethics of the agencies: AMPI (Asociacion Mexicana de Profesionales Inmobiliarios) is the national organization (with a lakeside chapter) and GIL (Grupo Inmobiliario del Lago) is the local organization. Many offices belong to one or the other, and some belong to both. They provide multiple-listing services that allow agents to show properties listed by other agencies, an advantage for both buyer and seller. The most professional agencies also provide their own in-house training for new agents. Several agencies have websites that will allow you to get a feel for the company, the houses that are available and the prices of property and land. The websites allow you to interact with the agency via email, and, if the site is good, will offer background information and answers to frequently asked questions. It can also provide you with the name of an agent. At this time, prices for houses on the Northshore run anywhere from US$22,000 to US$1.35 million. The average home with the amenities sought by North American buyers are in the US$200,000 range, fully furnished and ready to move into. Many people buy these as investments, as the rental returns are extremely good and they are in demand, especially in the high season (November to April). Smaller single-family homes (1100 to 1200 sq ft and only a year or two old) in a very desirable location (walking distance to everything) start from US$148,000. These are also excellent investments with a high demand for rental. Depending on which lakeside village you reside in, rent for a 2-bedroom, 2-bath home will average in the US$250-550 range. A modest one-bedroom apartment in Chapala may rent for US$150 per month, while upscale executive homes with a pool in elite areas of Ajijic rent for US$1,000 or more. Many times, rent will include a part-time gardener and/or maid. Location, as everywhere, is one of the most determining factors for setting the price. The closer one is to Ajijic the higher the price. View, construction type, size and amenities determine the rest. Clients can choose from gated communities which offer security (a plus for residents who spend 6 months in Mexico and 6 months elsewhere), large country estates and village living. Village homes are connected to one another by common exterior, and, occasionally, interior walls and allow residents to live within walking distance of most services and activities. There are charming older Mexican homes in the villages and country and up the mountains. Many have been updated with all the modern conveniences. There are also many "better than new" homes. These are just a few years old with all the kinks worked out and mature gardens and in finished neighborhoods. These can range in price from US$85,000 to US$850,000 or more. There is a wide range of prices to choose from. The interesting thing about Lake Chapala properties is the uniqueness of each home. Unlike the United States and Canada, properties here are not normally mass produced. Most are custom homes with custom finishings. Build Your Own HomeThere are many new homes and developments being built to supply the demand and keep prices down. Some are built on speculation and others custom built for buyers. You can pick a lot and a plan, make your personal changes and have your new home ready in from 4 months to a year. You can choose your ceramics, paints and all other finishes and come back when your home is ready. A lot of buyers are buying now while prices are still low. When the home is finished it can be rented until the owners are ready to come home to paradise. Some buyers want to build or renovate themselves. It can be very satisfying to oversee your own job, and you can save a lot of money. For others, it might be worth the extra cost to have an experienced contractor manage your job. There are many excellent contractors with hard working crews that do magnificent work. The demand for fixer uppers is strong and you have to move quickly. If you buy at the right time and have some good renovation ideas, it can be very profitable. Return to top |
