Buying Property in Puerto Vallarta, Mexico

If you are planning on investing in a home in Puerto Vallarta, Mexico then you know this is an important decision in your life. With this in mind, it is best to have all the information you can to hand. You can find some very useful guidance about buying property in Puerto Vallarta, Mexico online with several of the real estate offices, but before you do, here are five essential tips that you should know first.

Full Property Ownership – Contrary to what some people think and promote, you have the right as a foreigner to be a full property owner in Puerto Vallarta and throughout the coastal areas of Mexico. All that is needed is a special bank trust (fideicomiso) if you plan on purchasing property around the coast of Mexico (within 50 km of federal land). This secure bank trust will allow you to be the full owner of the property in Puerto Vallarta without having to involve a third party or have a Mexican partner. The special bank trust is an added step in purchasing property, but is well worth the investment.

Agent Qualifications – This is an important tip! The agent that you look to work with should possess the qualifications that are needed to securely sell property in Puerto Vallarta, Mexico. You should ask the real estate agent if they have a membership with the Mexico Professional Real Estate Association (AMPI), and other certificates. You should also not just take their word, but ask and call references. It is important to feel comfortable with the agent that you are working with, and they should be qualified.

Mortgage Availability – You can get a mortgage from most of the Mexican banks and purchase a condo or home in Puerto Vallarta as a foreign resident but will be required to pay a considerable down payment. This is a great way to purchase a second home without having to use your current home as collateral. For a limited time only, Garza Blanca Signature Residences’ can arrange direct developer financing for interested parties.

Purchasing Process –The purchasing process takes a little longer in Puerto Vallarta, Mexico than it does in the United States, and this goes for getting a mortgage too. It’s really not a big deal, but it is good to know that the purchasing process does take a little longer, so you can plan on this time.

Buying Land – Purchasing land in and around Puerto Vallarta is another option, and you can purchase land at great prices. You have to beware, however, because not every land property can be purchased by non-Mexican citizens. Some of the land is communally owned land, known as “ejido”, and this type of land can’t be purchased but can be leased. A professional, qualified real estate agent will be able to assist you in the appropriate land that you can purchase, and that can be owned by non-citizens.

Purchasing property in Puerto Vallarta is a great way to invest, and is a great way to start a new journey in your life, whether meeting retirement, making a new life for a young family or escaping the rat race. Before you purchase property in Puerto Vallarta, Mexico you should always be prepared, and these helpful steps will lead you on the right track!