Buying Puerto Vallarta Real Estate:
An Introduction
By Blair Stephens
Mexico's real estate market is booming and this is no less truein the popular tourist destination, Puerto Vallarta. Whether youare looking for a seasonal home, a condominium, a time share ora retirement home, you have a variety of options from which tochoose at a wide variety of prices. Although foreigners are constitutionally banned from owning property in Mexico within 50kilometers of the coast or the border, there are now provisions that allow anyone to own property in these areas if they use abank trust. With the PuertoVallarta real estate market growing in leaps and bounds fromolder homes and new developments, this location may be anexcellent option for your real estate investment.
Although purchasing land in Puerto Vallarta might seem dangerousor difficult, if you hire the proper professional help, it canbe easy and successful. Your first priority is a visit so youcan look at the various neighborhoods available. Mexico's Puerto Vallarta real estate runs from Nueva Vallarta in the north, downthe coast through downtown, Old Vallarta, Conchas Chinas and theSouth Coast. Each area has a different look and feel from thecharm of "Old Mexico" to the more updated and modern Hotel Zonewhich has bars, clubs and tons of tourist activities.
Once you choose the right neighborhood you need to assess theproperties that are available and your budget. Prices in thePuerto Vallarta real estate market can run from $100,000 tomillions of dollars. You can get a mortgage through a Mexicanbank, but the interest rates won't be as good and you'll probably have trouble getting a mortgage in the U.S. on aMexican property because the risk is too high. Most people willpurchase a home in Mexico with cash, either from savings, fromthe sale of their home in the U.S. or from an equity line takenout on an existing property.
As stated earlier in the article, if you decide to buy within 50kilometers of the coast, you'll have to buy the property througha property trust with a Mexican bank. This means that the bank will hold title officially, but you will own the property and beable to build on it, or do anything you wish to it. Essentially,the bank trust is a method the Mexican government developed toallow development companies and foreigners to buy in popularMexican destinations without having to alter the constitution.You'll also need a Mexican attorney and you should do plenty ofresearch as to the real estate purchasing process.
No matter your reasons for wanting to buy PuertoVallarta property, you can find the home and the leisure activity you want. You can find golf courses, marina living,coastal hideaways and urban living within your price range and for lower overall maintenance costs than in the U.S. Mexico is becoming a real estate hot spot with increasing property values,improved infrastructure, tropical weather and all of the modernconveniences you might need. Don't think that Mexico is out ofyour reach anymore, Puerto Vallarta real estate could be theright choice for you.
About the author: Blair Stephens is a real estate copywriter and member of theExecutive Real Estate team. Executive Real Estate are the Mexican and Puerto Vallarta Real Estate experts here to helpexpatriots and locals alike to get the best real estate dealspossible. Visit www.puertovallartabestrealestate.com tolearn more about buying Mexican real estate and Puerto Vallartareal estate.
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