If you have been thinking about purchasing a second home in PV (Puerto Vallarta), Mexico, then you probably know that you are making an important decision in your life. With this important decision, you should have all the tools and information to make this process go smoothly. There are plenty of websites available online that provide information on purchasing property in Puerto Vallarta, and you can start off by visiting Mexico real estate sites.
To make things easier for you, we have provided 5 trustworthy property tips for purchasing PV real estate:
- Qualified Real Estate Agent
Rule number 1 is to make sure you find a reputable and qualified real estate agent in PV. The agent should be certified and be a member of the Mexico Professional Real Estate Association (AMPI). Once you found a PV real estate agent, then ask the agent for references, then contact those references. It is up to you to do the research, because there are no rules or requirements for this in Mexico. Most of the big name realtors in PV are trustworthy, just beware of independent or small companies.
- Get a Bank Trust
If you are a foreigner in Mexico, you will need a special bank trust or to find a Mexican national to provide their name in order to purchase property in Puerto Vallarta. This is because there is a Mexican law prohibiting foreigners from buying land within 50km of the coast. Therefore, an important property tip for PV real estate is to use a bank trust known as fideicomiso rather than “borrowing” the name of a Mexican national. The special bank trust will protect your rights while giving you full property ownership. Some buyers skip this important step, but it is very important that you consult with a special bank trust for your own protection.
- Take care when buying land
There are many affordable lots and land to be purchased in Puerto Vallarta, and it is a great way to invest your money, but one thing you should know about purchasing land and lots in PV is that not all land and lots can be purchased by non-citizens. Before you purchase any land or lots you should consult with a professional real estate agent, so you can be sure that the land can be purchased by a non-citizen. Some land is protected community land, known as ejido land, and even if you think you have purchased it, later that land could be confiscated.
- Consider a Mexican Mortgage
The good news for foreigners looking for PV real estate is that Mexican banks can provide you with mortgage loans for a home or a condo. This will allow you a larger budget without investing more of your own money or having to sell your property back home to finance your purchase. Beware, however, that interest rates are high in Mexico.
- Buying Time
The buying time takes longer than it does in any other country when you are purchasing property in Puerto Vallarta, especially if you plan on getting a mortgage loan. It really isn’t a big deal, but you must plan on the buying time being longer. The wait is worth it!
Owning PV real estate is exciting and a great investment. Before you start purchasing any property in Puerto Vallarta you should go over these helpful tips!