Why AMPI? Paul is a member of AMPI. This is an association set up to ensure agents work with integrity and endevour to look after their clients. They also complete training to be apart of this association. When choosing your agent, make sure they are a member of AMPI. Read more...
Here is an article that articulates nicely the process of buying Real Estate here. Have a read...
When the time comes to make an offer, it's good to be familiar with the contract you'll be signing. If your buying a re-sell property, then this is a basic contract similar to what you'll be signing. If you're buying pre construction, the contract will be different.
During the process of the transaction, By Law, for Anti-money laundering laws/reasons, we have to collect information from you. This is a form that we would have to have filled out. The information is for the Notary so they can make the transaction happen. We also have to get a flat scanned color copy of your passport and utility bill. A transaction does consist of quite a bit of administration paperwork but we have systems to make it as quick and painless as possible.
What does it cost to Buy?
- Building inspection on Property: $350 - $550 USD
- Escrow Fee: $800 USD
- Closing Costs: 4-6% - eg Purchase Price $200,000 therefore closing costs on top are up to $12,000 USD = Therefore total real cost to buy the property is $212,000. Therefore keep this in mind when searching for properties and negotiating the price.
- Realtor fees: Zero. This is paid by the listing agent
- Optional but recommended: Having someone help set up your services in your name (eg Electricity & Internet). This can be arranged and costs about $50 USD per service (Electricity, Internet, Cable). Paul can put you in contact with someone.
Costs to Own?
Yearly Bank Trust fee: About $500 USD
Property Tax: Very cheap here in Mexico. About $100-$150 USD per $100,000 invested. So if you pay $300,000 for your property, it will cost you about $300 USD a year in Property Tax.
HOA Fees / Condo Fees: Every Condo Building is different. It can be anywhere between 2,000 - 17,000 pesos a month depending on the size of building and amenities they offer. A typical 2 bed / 2 bath in a new building in Romantic Zone is about 4500-6000 Pesos a month.
Property Management (If you rent your property out): Normally about 20% commission from the income generated. Some Management firms also charge a monthly flat fee (eg $100 USD) on top for extra services provided.
Have insurance questions? Contact Paul for his go-to insurance broker here in Puerto Vallarta.
Are Real Estate Market statistics interesting to you? See the latest here..
Most transactions are all Cash here in PV. In the past, mortgages were not common, though they are becoming more common as time goes on. Getting a Loan in Mexico is possible. It's best to enquire about the possibility of whether you would qualify for a loan here and whether you are happy about the terms/interest rates etc as they different from what you are familiar with in your home country. Doing this research before you start looking at properties could save you a lot of time.
Let Paul know where you are at in the process and he can then introduce you to a mortgage broker here in PV to give you more information.
Let Paul know where you are at in the process and he can then introduce you to a mortgage broker here in PV to give you more information.
If you're planning your Puerto Vallarta vacation and it's time to start looking at properties, let me know! I'm ready to help!
But Ideally, let me know a few weeks before you arrive (or even earlier) so we can shortlist some properties and set up a plan/schedule.
Keep in mind, showings here in PV work slightly differently to other countries.
But Ideally, let me know a few weeks before you arrive (or even earlier) so we can shortlist some properties and set up a plan/schedule.
Keep in mind, showings here in PV work slightly differently to other countries.
- At each showing, there is both the listing agent and the buyers' agent.
- We don't use lockboxes here in PV.
- Generally there are no same-day showings. So it's important to schedule & plan in advance.
- To make a showing happen: It's not only your agents time, your time, the listing agents time, but also we need permission from the seller and on top of that, a lot of properties here are vacation rentals so we have to work in with the tenants. Potentially that means 5 different schedules have to come together to make one showing happen.
But don't worry, I'm a master at it !!
PS If you see a new listing you like but you are not in town, I can happily do a video showing of the property for you.
Choosing your neighbourhood is important. There is nothing worse than falling in love with a property in an area that you don't like or vibe with. Heres an article & information on the different areas of Puerto Vallarta coastline.
You can chat with Paul about your likes and dislikes plus budget and he can make suggestions of suitable neighbourhoods for you.
You can chat with Paul about your likes and dislikes plus budget and he can make suggestions of suitable neighbourhoods for you.
Do you want to be Alerted to new listing that suit your criteria? I can set you up on an Email MLS alert.
Get Paul to set you up on an MLS alert which is taylored to your requirements. (If you're in the early stages or getting ready to buy, this is a great option. It means you are right up to date as a new listing comes to the market or your alerted to listings that suit your price range and preferred property type.
Although you don't need to have a permanent residency to Mexico to own real estate. At some stage in the future you may choose to. I recommend using a bilingual lawyer to guide you and do the bulk of the administration. It does cost but I personally found it very valuable using a professional to help me.
Ask Paul for his Immigration Lawyer who specialises in Tempory/permanent resident visas and work visas
Ask Paul for his Immigration Lawyer who specialises in Tempory/permanent resident visas and work visas
If you are thinking of buying real estate and renting out your property for rental income - you will have Mexican Tax obligations.
There are many options and strategies. There are many many foreigners owning real estate in Mexico and renting out their properties for rental income.
If you have questions about this, there are a few bilingual accountants in town that can answer your questions. Ask Paul for more details.
There are many options and strategies. There are many many foreigners owning real estate in Mexico and renting out their properties for rental income.
If you have questions about this, there are a few bilingual accountants in town that can answer your questions. Ask Paul for more details.
Helpful tips for your search:
For Romantic Zone -> Search "centro south"
For 5th De Diciembre -> Search "centro north"
For Centro -> Search "Centro"
If you love all of old town -> Search "centro south" "centro north" "Centro"
For Conchas Chinas -> Search "lower Conchas Chinas" & "South Shore"
For the Hills around/above Romantic Zone -> Search "Alta Vista" & "Amapas"
For other neighbourhoods, just type the neighbourhood name. (eg: Marina, Bucerias etc)
Put in your criteria and see what's available. If you like any properties, contact me for more information or to view.
I am always happy to do a video showing for you if your not in town.
For Romantic Zone -> Search "centro south"
For 5th De Diciembre -> Search "centro north"
For Centro -> Search "Centro"
If you love all of old town -> Search "centro south" "centro north" "Centro"
For Conchas Chinas -> Search "lower Conchas Chinas" & "South Shore"
For the Hills around/above Romantic Zone -> Search "Alta Vista" & "Amapas"
For other neighbourhoods, just type the neighbourhood name. (eg: Marina, Bucerias etc)
Put in your criteria and see what's available. If you like any properties, contact me for more information or to view.
I am always happy to do a video showing for you if your not in town.
Subscribe to see the latest New Listings
There are the ways to be alerted of New Listings when working with Paul.- Join my Newsletter. This has the latest New Listings I Pocket Listings I Featured Listings I Market Commentary I Market Statistics I Social Media I And Much Much more - Subscribe Below. We just need your email address and you can unsubscribe at anytime. (If you are in the early stages, this is a great option as it will help educate you on prices and locations and what your money will get you when it comes time to buy)
- Paul is a very hard working agent for his clients. When you're close to buying, let Paul send you the most suitable listings as they come live straight to your phone via Whatsapp or text. Be the first buyer to view a New Listing if it's right for you. This includes "for sale by owners" and pocket listings. He can even approach an owner to see if they are interested in selling if you identify a property or street that you like. Get to know Paul and let him get to know you and what you're really looking for. He'll find it for you!
Are you ready to start? Do you have questions? Would you like a Zoom Call with Paul to see if he's the right agent for you?
CONTACT PAUL TODAY!!
CONTACT PAUL TODAY!!
