With a colorful blend of the old and the new, Puerto Vallarta offers an unparalleled mixture of simple pleasures and sophisticated charms. PV has some of the most upscale shopping centers, luxurious restaurants and happening nightclubs coexist peacefully alongside its traditional open air markets, street-side vendors selling Mexican handcrafts, the strolling mariachi bands and the taco stands.
The cinematic beauty of this place makes it an unhurried refuge for tourists especially people in their post-retirement period. The serene climate and easy life of this tropical island has attracted many of the senior citizen tourists to invest in PV real estate.
The PV real estate market is largely driven by vacationer stays and expatriate purchases. In the last few years, a sharp increase has been observed in the price of Puerto Vallarta real estate for sale properties.
Laws for foreigners regarding house for sale in Puerto Vallarta
Owning properties in PV such as a condo or house has become a lot safer and simpler than ever before, thanks to the favorable well-defined rules regarding non-Mexicans’ land ownership in this region. For instance, if you are an American, you can take advantage of possibilities like PV condos for sale and easily own a property.
If you are from other regions, as per Mexican law, you can’t own property directly. You have to rely on Irrevocable Real Estate Trust Agreement, better known as “fideicomiso”. In this case, usually a Mexican bank acts as a trustee for the prospective buyer. The bank only holds title to the property but the beneficiary (i.e. the buyer) is entitled to use it and even sell the property. The buyer can also develop and use the property to his liking and benefit, within the provisions of the law. He should just inform the bank of his proposed plan.
Real estate agents and brokers are not legally licensed in Mexico. So, it’s a good idea to take professional assistance of a lawyer while opting for condo for sale in PV. All real estate legal transactions in Mexico are done in Spanish. Hence it’s imperative that an attorney should be involved to draw up contracts and to review the contract’s terms and conditions regarding the house for sale in question.
How retirees can benefit from investing in Puerto Vallarta real estate for sale
Most pensionists envision spending their golden years amid beautiful beaches, year-round good climate, calm and serene surrounding. Definitely, they dream of a paradise, but often paradise comes with price. Fortunately, the price ranges of available houses for sale in PV is cost-effective.
Surprisingly the affordable values of condominiums for sale have prompted many pensionists to invest in Puerto Vallarta real estate.
There are many factors contributing to the appeal of real estate investment in PV. The most important factor is the cost. As per one statistics, the average cost of assisted care for the senior citizens in the U.S. is over $3,000 per month, while the same facilities in PV cost about $1,100 per month.
Some other important factors that attracts the tourists of post-retirement age to buy real estate in Puerto Vallarta are:
* Top-notch healthcare,
* Year-round favorable climate,
* Modern amenities such as superior accessibility via direct flights from major cities around the world,
* Many recreational activities,
* Big brand stores, and
* VOIP and high-speed Internet facility.
The Property taxes are lower in PV as compared to the US. Also the interest you pay for on your home loan is tax deductible. The pensioners can even enjoy tax benefits if they plan to rent out their property in PV.
They can claim itemized deductions for depreciation, property taxes, operating expenses, maintenance expenses, and some insurance expenses. But for that the property has to be of rental business requirement standards.
With so many benefits of investing in Puerto Vallarta real estate for sale, it’s no surprising why PV turns out to be the home of most number of pensioners in the world.