Puerto Vallarta, Mexico - There are many things to consider before buying property in Mexico. In tourist cities, like Puerto Vallarta, you will need to assess where you want to live and what your budget allows. It is possible to live in a place with many familiar stores and other expats while staying within your means. Banderas Bay offers a variety of homes with an even larger spectrum of prices.
Buying real estate in Mexico, whether it's land, a condo, or a house, can offer good value for money in comparison to prices in the US and Europe. However, prices in some areas have risen dramatically recently, so make some extra time and effort to assess a property's true value.
Compared to the U.S. and Canada, for the most part, Mexico's land costs can be lower. The building and maintenance is less expensive, cost of ownership (taxes and utilities) is very low and although there are "horror stories" associated with buying Mexican property (as in every country in the world), the overwhelming majority of all real estate deals go through legally and smoothly.
Perhaps you will be living in Mexico for many years and you see long term rental as wasted money, or perhaps you're looking for an overseas property investment that will provide a rental income, while giving you with a place to stay when you visit.
Property values in Mexico tend to increase over the long term, as they do in most places, but in many places (with notable exceptions in popular cities and coastal areas) not as significantly as prices have risen in the US and Europe in the last few years. The relative value and appeal of land and property in Mexico comes down to the three key factors: location, infrastructure (roads, airports, services) and local amenities.
Another important factor to consider when buying real estate in Mexico is the state of local and surrounding infrastructure in the location you're looking. Not all areas are well developed and property prices will be cheaper in those that are not. However if, for example, a high speed road is built connecting a previously 'remote' location to other, better developed places, you may see a property investment in that area increase substantially. Road infrastructure is improving every year, with most major places now adequately connected and work continues to connect the more remote areas, but this will take time.
If you're considering the purchase of real estate in Mexico, you will need to undertake extensive research, choose your location and property with care, ensure that you hire the right professionals, and that the letter of the law is followed in relation to the legal transfer of ownership.
Tens of thousands of foreigners have successfully purchased land and property in Mexico. With the right approach and plenty of homework, there is no reason why you should not become one of them if you want to live, retire, or invest in Mexico.
Laura Gelezunas is an agent at Ron Morgan Properties, who has lived in Puerto Vallarta full time since 2002 and knows the bay and its neighborhoods. When you start thinking about making the move to paradise, email her at Laura(at)RonMorgan.net.Ron Morgan Properties specializes in luxury real estate in the Marina Vallarta area and beyond to La Cruz de Huanacaxtle and Punta de Mita, as well as along the southern shores of Banderas Bay, from the Romantic Zone, Amapas and Conchas Chinas down to Mismaloya and even Costa Alegre. For more information, visit RonMorgan.net.
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