subject: Puerto Vallarta Real Estate Market And Its Peculiarities [print this page] With the world in a turmoil following the effects of the recession, it is no longer safe to invest in the stock market. The rates of return from investments are getting lower and lower and everyone is in a quandary about their financial schemes. Surprisingly, real estate seems to be completely unaffected by the current economic situation in the world and properties are being bought, sold and rented perhaps at an elevated level. The Puerto Vallarta properties too is no different. The investors here are paid rich dividends and they feel really excited with the real estate scenario.
Location Of The Property
It is worthwhile to acquire properties on credit in PV and then convert them into Puerto Vallarta real estate rentals. The beaches being a prime area where the tourists love to stay; it makes sense to purchase property in the lovely seaside areas. The people love to have a view of the ocean front from the privacy of their bedroom windows. Purchasing any type of property here is much more advisable than keeping money in the bank as it gives a much higher return and can be mortgaged at low costs when liquid cash is the dire need. It can be sold off too for a handsome sum of money.
The Legal Point Of View
Dreams of owning Puerto Vallarta vacation rentals can fast become a reality. If you are really interested in making the beach side resort your home, you can buy a condo or a villa according to your budget but first, you need to find out about the Mexican laws about owning properties by foreigners. According to the laws, you can obtain rights to a property through a trusteeship drawn through a Mexican bank. This trusteeship is valid for 50 years and be further extended too. It involves drawing up a contract, selling a property, buying it or making guarantees. The foreigner cannot be a direct owner of the land. But you do get legal security for the properties.
Knowing The Basics
There are many aspects which need to be considered when purchasing Puerto Vallarta real estate. Tax is one such aspect which you have to pay when making a profit by selling off your property in PV. And before you make a purchase, you need to be sure of the property title and the exact measurements of the land and also the description of the property. If it is just a piece of land, then you have to obtain the building permit , a lot plan and be sure that the land has no litigation and is free of liens. Properties in some particular areas may also need proper authorization to avoid fines, closures or demolitions.
Steps for Acquiring Accommodation in Puerto Vallarta
When you want to invest in Puerto Vallarta buildings' rentals, you need to think of the locality which will appeal to the visitors. But there is a significant constraint from the financing and investment perspective.
O Both the buyer and the seller of the property need to have the property evaluated and assessed by a qualified lawyer specializing in houses, villas, condos, etc.
O The AMPI seal can help instill more confidence while going through the transaction.
Depending on the budget, you can choose the type of property and the location in which you want to make the Puerto Vallarta vacation rentals.
O There are various types of financing schemes available for buying properties in PV. US citizens have special provisions to acquire or construct vacation rentals in Mexico.
O Keeping a Title Insurance is very necessary to maintain validity and priority of your rights with respect to what you buy.
Getting a good idea of the Puerto Vallarta property laws will help you create your dream home here. It will give you happiness and satisfaction in more ways than one.
