So you’ve fallen in love with Puerto Vallarta and its vicinity and you want your piece of paradise; that is great, but let’s always remember that real estate transactions and processes vary from country to country.
You’ll be looking at endless magazines and real estate ads which may seem the easiest way to find the right option; you’ll then go online and start looking into the real estate web sites as well.
It is very important to understand that each property has its particular set of circumstances, physical and legal. You will be dealing with different sellers, different properties to Buy Real Estate in Puerto Vallarta, so as a result each one is a different from the other.
Maybe you are here on vacation, so let’s not forget that you’ve come to relax and enjoy; maybe you are here with the sole purpose of Buy Real Estate in Puerto Vallarta, whichever is the case, you can get lost and lose precious time in the intricacies of a proper due diligence.
For that reason, you need to approach a local real estate professional to do the job, someone that is familiar with the area, understands the process, speaks English and the native language and has extensive knowledge and support to assist you in making the right decision and as a result, your dream comes true.
How do you select a Real Estate Professional to Buy Real Estate in Puerto Vallarta?
There are many real estate agencies in the area, they all claim to be the best, competition is hard and selecting one can be confusing and challenging.
We recommend that you interview a few agents and work with the one that makes you feel more comfortable, is knowledgeable of the market and that you have chemistry with as you will be spending quite some time with that person. Professionalism gains trust.
Real estate licensing in Mexico is still in the process and while some states in the country have real estate licensing requirements, the states of Jalisco and Nayarit do not have this requirements yet; which means that due to the law of freedom of occupation anybody can set up shop and sell real estate.
Here’s where the real professional stands out. It’s very important to make sure the professional speaks fluent English & Spanish; professional designations and years of experience are also important factors; testimonials and market presence ought to be additional reasons when selecting the Real Estate Professional
Mexico has its association of Real Estate Professionals; it’s called AMPI (by its initials in Spanish) which laterally mean Mexican Association of Real Estate Professionals.
We recommend that you choose to work with an AMPI affiliated memberand check his credentials as well as the credentials of the broker of that office.
Some AMPI members may also be members of NAR and have other designations as CIPS (Certified International Property Specialists), RSPS (Resort and Second-Home Property Specialist), ABR (Accredited Buyer’s Representative), CRS (Certified Residential Specialist) and others, which will make the process even better.
Very important to choose one professional, working with two or more will only complicate things for you; most properties are listed in the local MLS and therefore you’ll be offered the same properties by the different professionals.
You’ve selected a Real Estate Professional, now what?
It’s very important that you define what your needs are in regards to the property that you want or would like to own; having a clear idea of the available budget is critical; take into account that closing costs are higher in Mexico (approx. 5% of the purchase price).
Your real estate professional will guide you through the selection process, making sure you get to see the properties within your selected parameters and those that are pretty close.
A true professional will know the general characteristics of the different locations, proximity to services and amenities.
The law in Mexico requires complete disclosure from sellers, your chosen real estate professional will make sure everything is so disclosed; he’ll take you through every step from making an offer to a successful closing in addition to recommending different experts if needed (inspectors, attorneys, escrow companies and lenders) to help you.
So what are you waiting for, Puerto Vallarta and Riviera Nayarit still have great opportunities to invest, we continue to be a buyers’ market but not for long, as prices have adjusted and more transactions are happening.
If you are serious about getting a piece of paradise this is the right time to make a move.
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