I vacation a lot in Mexico, and am considering buying a condo in a great complex (the Icon) in Vallarta. Anyone have experience to share?
We run a real estate business in Quintana Roo, the Mexican Caribbean side, and we have invested ourselves in real estate here.
Some general advice if you invest in Mexican real estate:
- Always work with reliable referrals in Mexico. Brokers, law firms, accountants, advisors: they should have a proven track record of professionalism, knowledge, experience and network. Don't just go for fancy webpages.
- Always do transfers through an escrow agent in the US (or Canada or Europe for that matter, depending on where you are based), who knows business in Mexico: never release any money, unless all documents, title, property clearing is in place.
- Even if the property is amazing and the price is a bargain, if there is any reason to suspect even the smallest inconsistency, get out and look for another deal. There are plenty of opportunities left.
- Make sure you network locally and have dedicated local people who assist your during your decision making process, keep an eye out for you and who stay on top your properties.
- Do local real estate market research so that you understand local culture, dynamics and business mentality, before purchasing anything.
- Analyze the local safety, political, and economic circumstances and get a feel of long term general (urban, industrial, infrastructural) development.
If you do all that, you will enjoy the opportunities, great places and good returns Mexican real estate has to offer.
I agree with all that David has said - another important thing is to look for a real estate agency that also does property rentals. You would do it all at one place: purchase, legal documents and they same people will also take care of your rentals. You will build relationship from the beginning and will not have to search for somebody who would help you rent your property.
We give such services in Tulum, the Riviera Maya, but I am sure there must be someone also in Vallarta.
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