So you’ve decided to take the plunge and invest in your own piece of Puerto Vallarta Real Estate. So what now? How do you make that dream a reality? Here is a quick overview of the buying process, later I’ll go into more detail on each step.
The first step is to determine your needs and set a budget. The kind of property you choose may vary dramatically depending on how you plan to use it. You might prefer an incoming producing Beachfront condo in Nuevo Vallarta if you are interested primarily in an investment property, or you might want a small home in Bucerias if you plan to retire in Puerto Vallarta. Either way, Knowing what you want from the outset will make your search much easier. Things you should consider are:
- Number of Bedrooms
- Number of Bathrooms
- Construction Area (how many square feet of living area do you want?)
- Lot Size
- Location
- View
- Price
For most people, price is going to be the main determining factor. You’ll need to figure out how much you can afford based on your savings, assets, ability to get a loan, how much you are comfortable investing, etc. (loans are now available for US and Canadian citizens wishing to buy in Mexico).
Once you have an idea of how much you want to invest and what your requirements are, your next step should be to talk to an AMPI or APIVAC certified Real Estate Agent in Puerto Vallarta. They will present you with options to help you narrow your search. Once you have found a handful of possibilities your realtor will schedule viewings to go out and see the properties. If you are not in Vallarta, most of the searching will be handled by email and internet, but of course you will need to be here for the physical property inspections.
Assuming you find the property you like, the next step will be to make an offer. Your agent will help you with this aspect and should be your representative in the negotiation process. Usually an informal offer is made in writing and the negotiations begin. once terms have been settled, a formal purchase contract is drawn up and signed before a notary. The notary adds formality to the process and ensures that all legal requirements are met before the property is transferred at the closing.
If you are not a citizen of Mexico, then you cannot legally own a property in the Restricted Zone of Mexico, which is comprised of a band 50 kilometers wide at the ocean and 100 kilometers wide at the national borders. To get around this limitation, the Mexican government created a systems of Trusts to allow foreigners to invest in Mexico. These trusts are called Fideicomisos in Spanish.
I will elaborate on each step in the process in future posts. Meanwhile I’d like to hear your feedback; if you have any questions or comments please leave a comment!
Tags: Fideicomiso, finding property in Vallarta, Investment, Mexico Restricted Zone, Notary, Puerto Vallarta Real Estate, Real Estate Agent
Just 5 more days ’til Christmas! I just finished the office Christmas card for 2009 and decided to share it with my blog readers.
Selling real estate is a very time consuming occupation and it’s easy to forget what Christmas is all about… Especially real estate in Puerto Vallarta where the Christmas and New Years holiday is one of the busiest times of the year. And while we are thankful for the the business (especially after the last year!), it’s necessary to stop and take a breath once in while and remember what it’s all about. For me, making the Christmas card we send to our clients and friends every year is an opportunity to slow down and get into the spirit of the season. I am probably not the great designer of the 21st century, but I enjoy making the cards and I hope you enjoy them in the spirit of the holiday for which they were made – regardless of your religious or cultural beliefs… we wish you peace and prosperity now and in the coming year!
Please enjoy the card and let me know what you think about it… Happy Holidays!
Happy Holidays from Pacific Coast - Puerto Vallarta Real Estate
Tags: Christmas, Christmas Card, Holiday Spirit, Puerto Vallarta Real Estate
This is Part 6 of my 6 Part series on Driving in Mexico. Click here for Part 1, Part 2, Part 3, Part 4, Part 5
What to do if you break down in Mexico
If you plan on bringing your car to Mexico, you should make sure it is in good shape before you come. As with any long car trip, you’ll want to check your tires, change your oil, check fluid levels and filters, etc.
In spite of your best preparations, sometimes things can still go wrong with your car. This does not mean your trip is ruined… here are a few pointers:
If you are on the main highways in Mexico, especially on toll roads and in what are called tourism corridors, areas of interest to tourists, the government sponsors rolling mechanics called the “Angeles Verdes” (Green Angels in English). The Green Angels patrol major highways and stop to help motorists in need. They can help out with minor repairs, or a little gas if you didn’t top up at the last gas station. If your problem is beyond their ability to fix on the road, they can call a tow truck for you. The Green Angels services are free but if you need a tow, the tow operators fees would apply. If you are stranded, you can dial 078 on your cell phone for assistance.
Av. Vallarta in Guadalajara, Jalisco, Mexico
A quick note about cell phones: If you plan to travel in Mexico, it’s a good idea to carry a cell phone. Call your provider before you come to Mexico to see if they have international roaming plans, and have them turn it on for you. Once you get to the border, confirm that your international service is working. Another alternative is to pick up a pay as you go phone when you get into Mexico. Just look for one of the ubiquitous Telcel stores in any shopping plaza in the country. They sell the “Plan Amigo” kits with a cheap phone and minutes for about $50USD. I recommend Telcel because they have the most coverage in rural areas and you can buy minutes for them on just about any street corner in the country.
A good mechanic is hard to find anywhere in the world. In Mexico you can walk into a primitive dirt lot and find a mechanical wizard …or not. It’s really hard to tell and looks can be deceiving. If you were helped out by a Green Angel, ask him where you should take your car. If you weren’t, ask around a little… ask where you had lunch, or at the hotel, or at the auto parts store. Once you have your mechanic, ask for a price up front (that’s the same advice I give if you want to take a Taxi, btw). Most people in Mexico are honest and helpful, but there are crooks everywhere and waiting for the mechanic to finish before discussing price is an invitation for the unscrupulous ones to charge whatever their hearts desire. Car repairs are not always straightforward and may end up costing more than the estimate (hence the name: estimate), that doesn’t necessarily make the mechanic a crook. But if you run into someone who gets evasive when you ask about cost up front, you may want to try another mechanic.
Mexican mechanics are pretty good at adapting and jury rigging. That’s why they call it “a la Mexicana,” or Mexican Style. This is good because parts for your car may not be available, or may be very hard to come by. Even if you see a car just like yours driving by, parts may not be interchangeable between American cars and their Mexican counterparts; even if the car is the same make and model,and both may have been built in the same Mexican factory… Strange but true. Your mechanic may suggest some odd solutions, but chances are they will work and get you down the road. Just be careful that his fix doesn’t make any permanent changes that can’t be undone later.
If you have read all six parts of this post, thanks for reading. A lot of what I said may sound alarming; I tried to be a little bit pessimistic for the benefit of the first time driver in Mexico because it is important that you take the time to learn the ropes carefully when driving in Mexico, but once you have a little experience, you’ll find that driving here is no more difficult (a bit more exciting, maybe) than driving at home. Just remember to do as they say in Texas… “Drive Friendly” and you’ll be fine.
Click here for Part 1, Part 2, Part 3, Part 4, Part 5
I’d like to hear your feedback. Please leave a comment if you have any questions or remarks.
Tags: break down, car trouble, Driving in Mexico, Mechanic, Mexico, Mexico Roads, vallarta
This is Part 5 of my 6 part post on Driving in Mexico. Click here for Part 1, Part 2, Part 3, Part 4, Part 6
What do I do if I get into a car accident in Mexico?
First, a few words about Mexico car insurance. Get it. You can pick it up at the border or online before you leave home, it’s not that expensive and it will give you peace of mind.
In Mexico there is no requirement to have auto insurance, but if you are found to be at fault in an accident (based mostly on the opinion of the traffic cop that shows up at the scene), you must be able to prove financial responsibility on the spot either with insurance or with cash – the cash price being somewhat arbitrary and usually not in your favor. If you cannot prove financial responsibility, you may end up in jail until you can. Something of a catch 22.
An accident on Hwy 200 between Bucerias and Nuevo Vallarta, Nayarit
So what to do if you get in an accident?
Remain Calm. If you speak Spanish, the number to dial for emergencies is 066.
Do not move your car. In some states in the USA your are advised to get your car off the road as soon as possible to prevent traffic backups. In Mexico, the rule is: Do not move your car until a Transito (traffic) officer tells you to.
If someone is injured, the emergency number is 066. If you don’t speak Spanish, try to get a local to make the call.
If you think you were at fault, don’t start making apologies, try to avoid confrontations with the other driver as that will only make a bad situation worse. Let the Transito determine who was at fault (FYI, their favorite rule of thumb is this: Quién pega, paga – he who hits, pays).
If you think the other guy was at fault, try to avoid confrontations with the other driver as that will only make a bad situation worse. Don’t let them leave the scene without paying for damages, or otherwise proving financial responsibility. Once they are gone, they are gone and your chances of getting paid for the damages drop dramatically. If they flee, get their license plate number and wait for the Transito to show up. The emergency number is 066.
While the law says you must report any accident, in the case of minor fender benders arrangements are often made on the scene before Transito arrives. Do this at your own risk, and use your best judgment as to whether the agreed upon price is fair. If in doubt, wait for the cop.
If your car is completely disabled, try to contact your insurance company from the scene to get instructions. If you can’t contact your insurance, have it towed to a shop and contact your insurance company from there.
Next up Part 6 – What to do if you break down in Mexico
Click here for Part 1, Part 2, Part 3, Part 4, Part 6
I’d like to hear your feedback. Please leave a comment if you have any questions or remarks.
This is Part 4 of my 6 part series on Driving in Mexico. To jump to other parts, click here: Part 1, Part 2, Part 3, Part 5, Part 6
How to Get a Temporary Permission for Your Car in Mexico
Everything I have said up until now is academic if you don’t have a car to drive in Mexico. It is perfectly legal to bring your car into Mexico with you, but you’ll need to get a permit to do so and there are restrictions.
If you come to Mexico by car, you’ll cross the border at one of several border cities such as Laredo, Nogales, or Tijuana. The procedure varies slightly from city to city, but generally you cross the border and make a customs declaration (as necessary), get your tourist visa, your car permission, then on to the checkpoint. Usually, the first 3 items can be done right at the border, in some cases, such as Nuevo Laredo, you need to drive into town to get permissions after clearing customs at the border. Either way once you have your permissions and proceed into the interior of Mexico, you are going to run into a checkpoint.
Getting your car into Mexico takes a little extra effort, but it is well worth it
There is an agreement between Mexico and the United States that allows US citizens (and by default pretty much everyone else) to cross the border and visit Mexico without a visa so long as they go no further than 25 kilometers into the country. At the 26 kilometer mark there is a checkpoint where your documentation is checked. In order to proceed further you will need a tourist visa and vehicle permission. If you don’t have these two items you’ll be sent back to the border to get them. Fortunately neither is hard to come by (as long as you have come prepared).
While at the border, you simply need to present your passport (along with your application and a fee) in order to receive an FM-T tourist visa, which are both generally good for six months. Once you have your Visa, you can get your Vehicle permission. Vehicle permissions are a little trickier, you’ll need the following documentation:
- Temporary Vehicle Importation Application (Available at the border)
- Tourist Visa (The one you just got from immigration)
- Passport
- Drivers License
- Credit Card
- Copy of the vehicle’s title or, if the vehicle is financed, a copy of the letter of credit from the finance company, plus a letter from the finance company authorizing you to take the vehicle to Mexico. You’ll want to contact your finance company well in advance of your trip to get that straightened out… you don’t want to try to figure that out while you are stuck at the border!
- Copies of your visa, passport, driver’s license, credit card and vehicle documentation (there is usually someone there with a copy machine who will make your copies for a small fee)
Take all your paperwork to the vehicle permission representative, who will enter your information into the computer, charge your credit card for the application fee (around $20 US) plus they keep a copy of your credit card as guarantee that you will remove the car from the country when you leave Mexico. Once the paperwork has been processed, the representative will go to your vehicle to confirm the serial number and affix the permission sticker to the inside of your windshield. They will give you the permission documents and you are on your way. The car permission is granted for the same duration as the visa; usually six months. Crossing the border can take from one to many hours depending on where you cross and how busy they are at the time. I usually assume the crossing will take half a day and make my travel plans accordingly. Before you travel, you’ll want to check with your nearest Mexican consulate to confirm these requirements as they may change at any time.
As I mentioned, there are some restrictions. When you leave Mexico, you need to turn in the vehicle permission. If you don’t you may find a charge on your credit card for up to several hundred dollars. This varies depending on the value of the car. Also, you won’t be able to get another permission for future trips until the first permission is canceled. Another thing, Mexican nationals may not drive your car unless you are in it. The only exception being if the person is married to you and they have a marriage certificate to prove it. If a Mexican national is caught driving your car without you in it, the Mexican is likely to end up in jail and your car confiscated… it’s difficult, if not impossible to get your car back in such a case.
Next: Part 5 – What to do if you get into a car accident in Mexico
I’d like to hear your feedback. Please leave a comment if you have any questions or remarks.
Click here for Part 1, Part 2, Part 3, Part 5, Part 6
Tags: Border Crossing, Driving in Mexico, Mexico, Mexico Roads, Puerto Vallarta, Tourist Visa, Vehicle Permission