Buying Puerto Vallarta Real Estate:
An Introduction
By Blair Stephens
Mexico's real estate market is booming and this is no less true in the popular tourist destination, Puerto Vallarta. Whether you are looking for a seasonal home, a condominium, a time share or a retirement home, you have a variety of options from which to choose at a wide variety of prices. Although foreigners are constitutionally banned from owning property in Mexico within 50 kilometers of the coast or the border, there are now provisions that allow anyone to own property in these areas if they use a bank trust. With the Puerto Vallarta real estate market growing in leaps and bounds from older homes and new developments, this location may be an excellent option for your real estate investment.
Although purchasing land in Puerto Vallarta might seem dangerous or difficult, if you hire the proper professional help, it can be easy and successful. Your first priority is a visit so you can look at the various neighborhoods available. Mexico's Puerto Vallarta real estate runs from Nueva Vallarta in the north, down the coast through downtown, Old Vallarta, Conchas Chinas and the South Coast. Each area has a different look and feel from the charm of "Old Mexico" to the more updated and modern Hotel Zone which has bars, clubs and tons of tourist activities.
Once you choose the right neighborhood you need to assess the properties that are available and your budget. Prices in the Puerto Vallarta real estate market can run from $100,000 to millions of dollars. You can get a mortgage through a Mexican bank, but the interest rates won't be as good and you'll probably have trouble getting a mortgage in the U.S. on a Mexican property because the risk is too high. Most people will purchase a home in Mexico with cash, either from savings, from the sale of their home in the U.S. or from an equity line taken out on an existing property.
As stated earlier in the article, if you decide to buy within 50 kilometers of the coast, you'll have to buy the property through a property trust with a Mexican bank. This means that the bank will hold title officially, but you will own the property and be able to build on it, or do anything you wish to it. Essentially, the bank trust is a method the Mexican government developed to allow development companies and foreigners to buy in popular Mexican destinations without having to alter the constitution. You'll also need a Mexican attorney and you should do plenty of research as to the real estate purchasing process.
No matter your reasons for wanting to buy Puerto Vallarta 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 modern conveniences you might need. Don't think that Mexico is out of your reach anymore, Puerto Vallarta real estate could be the right choice for you.
About the author:
Blair Stephens is a real estate copywriter and member of the
Executive Real Estate team. Executive Real Estate are the
Mexican and Puerto Vallarta Real Estate experts here to help
expatriots and locals alike to get the best real estate deals
possible. Visit www.puertovallartabestrealestate.com to
learn more about buying Mexican real estate and Puerto Vallarta
real estate.
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