If you love sipping margaritas on the beach throughout the year, then Mexico is the place for you. Puerto Vallarta offers you a great beach, brilliant sun and nice places to visit. You can own your residence in Puerto Vallarta and enjoy your days there. It would not only be an important asset for you but an investment too with the rent coming in when you are away.
Finding property these days has become easy. But to find a good property in reasonable and affordable rates is still difficult. Visiting a few real estate agents or researching the rates on a few websites in not going to be enough. While looking for condos in Puerto Vallarta, you might come across different cheap websites, but there might be risks associated with it.
Condos in Puerto Vallarta can be found, but you need to find a condo that is cost effective as well as beautiful with all the amenities.
5 Tips to find a great Condo in Puerto Vallarta
- One of the First and Foremost things before buying a condo in Puerto Vallarta or any place is to rent one first. You should probably first rent a place for a year or possibly two. This would give you a great sense of the area around as well as the rentals and rates going on. Any problems going on can be found and you can find how the place is as well as the market. One of the mistakes that people usually make in this regard is the fact that they buy a condo instantly as soon as they fall in love with the place. Without putting a single thought into this, they regret this later because they have no idea what kind of people are around and often suffer. So be particular to check the place out and thoroughly to get a great condo. The best way to do this is to find a Real Estate Agent who can help you find the right kind of property that you are looking for. But you have to be conscious yourself as well.
- Another very important factor while buying a property in Puerto Vallarta is that you might need public notary who is a lawyer appointed by Mexican Government to check the whole process and transaction. Not only this, most of the times, the whole contract is in Spanish so you just might need a good, loyal translator as well.
- In order to prevent any type of fraud you also must ensure that your all official documents are in order and your agent as well as the public notary must have them in the same order too.
- A copy of the seller’s title. The seller has to provide the original title on the day of closing
- The copy of the registration of the property in the public register
- A copy of Regimen of Condominium (only for condos)
- A Non-Lien Certificate obtained via a property title search from the Public Property Registry.
- Do ensure that there are no utility bills outstanding because that can cause problems for you later.
- Confirm that the annual property tax (Predial) is paid.
- Ensure that you have an appraisal of the property done for tax purposes
- After the completion of the Documents you need to make a rough or exact estimation of all the closing costs of the deal. The closing cost will include foreign affairs permit, notary fees and expenses, property transfer tax, Opening of Bank Trust (Fidei Comiso) and Bank Trust fees for the first year. And make sure to negotiate the costs as much as you can. There are some times where you have more negotiating power and can do that as much as you can.
- Foreigners who want to buy property in Puerto Vallarta must develop a bank Trust with the buyer as the beneficiary and Bank Trust as the trustee. This is only a necessity when they buy in the restricted zones that include 100 km from international border and 50 km from coastline. The property then can be transferred to heirs and other sellers too but the trust should be renewed every 50 years.
You might find a good condo anywhere in Puerto Vallarta, but to find a great one in a reasonable amount is an arduous task. Follow these tips to avoid any fraud and find a great condo.