Buying Puerto Vallarta Real Estate, On a Budget

Buying Puerto Vallarta Real Estate, On a Budget

Puerto Vallarta real estate, they correctly think of luxury. But what some people don't realize is that this luxury is accessible for a smaller budget than you might imagine. Various affordable property options, as well as excellent financing make life in Paradise a luxury that's not just for the rich.

When it comes to properties, one approach which helps you as a buyer maximize what you get for your money is to buy Puerto Vallarta land. While the value of land most certainly does increase and decrease according to location within the city, wherever you choose to buy, you can acquire land and have your own dream home near the beachfront built for less than that same home would cost you completed. This option is ideal for those who are planning ahead to retirement, and have time to design and have the home built, and perhaps get together the funds they need to complete the project. Lots in good locations can be found for below $100,000 U.S. and anywhere upward from there.

A similar option is a fixer-upper home. In some neighborhoods, the low supply and high demand for single family homes can make the prices start up around $500,000; a good potential fixer-upper can be found for about $250,000, since most people just don't want to go to the trouble.

Buyers looking for immediate use of a home or condo, but who still can't come up with the complete amount immediately may also wish to consider financing. Many developers are beginning to offer direct financing at favorable rates. In the case where this is not available, or where the terms is too short, buyers may also consider a Mexico mortgage. Mortgages from Mexican banks, such as Scotiabank Mexico, will finance up to 75% of the cost of the property.

The advantage to using a mortgage in Mexico, rather than your home country is that you can use the property itself as collateral; at home you would have to use a property you already own. The disadvantage is that the mortgages are a relatively new concept in Mexico, and regulations are tighter, there is more paper work involved, better credit scores are required, and overall the process is longer. Nevertheless, it has been growing as a feasible option for American and Canadian buyers.

If you have dreamed about living in Paradise, but your budget is a bit lower than what your dream home would require, explore some alternative options; it may allow you to be living that dream sooner than you think.

TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

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