Managing Your Expenses in Puerto Vallarta

Paying your bills in Puerto Vallarta is not a hard task. Firstly, make sure all of your utilities are in your name. Generally, as an intrinsic part of the closing process on your home in Puerto Vallarta the utilities and other bills will be transferred into your name. If they are not, however, you should ask the previous owner to sign a letter which authorises this changeover and then register the changes with the appropriate companies.

Frequency of Bills

Your telephone and cable bills should arrive monthly and your electricity bill will come every second month. There will usually be an option to “pre pay” your bills if you’re going to be away from home for extended periods of time. To make your life easier you should open up a bank account for yourself in Puerto Vallarta. If you are going to do this you will need a copy of the deed (escritura) you signed when purchasing the property, a photo ID and one of those bills we just talked about. The best thing you could do is find a bank that will let you pay your bills online.

Condo Fees

Your monthly condominium fee in Puerto Vallarta will often include the price of gas and water, but be sure to ask your buildings administrator! This maintenance fee is generally paid monthly for most Mexican real estate properties, though some will offer the chance to pay quarterly or in advance.

Do you have property insurance?

You will need to check with your building administrator to see if there’s an insurance policy in place to deal with major damages. You should insure your contents, too, though and we would recommend that you use an established company. Remember your policy for a Puerto Vallarta property will be written in pesos so make sure you take out enough cover! Mark your calendar with the date on which you need to pay your yearly bank trust fees, too, because they won’t send you a bill.

Predial or Property Taxes

Your property taxes (Predial) will need to be paid yearly at the City Hall next to the main plaza downtown. You’ll need to provide your Property Tax ID number (or “Cuenta Catastral”). Bring your bill from the last year if you have it, if not bring a copy your escritura to show. You can also pay this online, but generally you’ll get a small discount if your pay it in January or February.

Renting and Paying Bills

When you’re away from your Puerto Vallarta home, especially if it’s for a long time, you should look at renting it out to cover the aforementioned costs. Whether this is as a vacation home, or just on a short lease you can decide. Just remember to pay your taxes on what you earn; they are still counted when your home in the USA. Get yourself registered with the Mexican tax authority and declare your rental income or run the risk of putting a lien on your property (or worse).

Property Managers in Puerto Vallarta

Does all this sound like a huge amount of work and no fun at all? Of course it does, and it is. This is why they invented property managers; to do the hard work for you! There are a huge number of bilingual experts in Puerto Vallarta and Banderas Bay who have a network of contacts who specialize in law, accounting, cleaning and maintenance. Property managers do come at a price, but by renting your property for an extra day per month you can probably cover the cost with ease. This means that while you’re in PV you can just relax and enjoy the sun.

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