For the average American, buying a beachfront condo anywhere in the U.S. is simply out of the question. Puerto Vallarta real estate is much more accessibly priced – so that the average American can enjoy comfortable beachfront living – yet, with the economy the way it is these days, it can still be tight on the budget sometimes. The good news is that there are options available to help buyers fulfil their dream of buying Puerto Vallarta beachfront for sale on an average budget. The following are a few tips.
Mortgages – Mortgages from Mexican banks have become easier and more common for American, Canadian and European buyers. Mexican banks (which are now largely owned by multi-national financial corporations) have become very modernized with reliable and secure service. There are a few downsides, like higher credit score requirements, ever-so-slightly higher interest rates and longer paperwork processes; however, knowing about these, most buyers find that it is worth it for the sake of leaving home equity free on existing property. Many Puerto Vallarta condos for sale are pre-approved for mortgages eliminating one step in the process.
Developer Financing – More and more developers are offering short-term financing when they sell new condos near the beachfront. Some are even offering long-term financing which works essentially like a mortgage. These are easier in a certain sense since the service is offered directly by those organizing the sales of the new units. Combined with preconstruction discounts and payment plans, this can do wonders to help make that dream condo a possibility.
Pre-Construction Discounts – This is another option you might consider. During the construction process, most developers will offer discounts relative to the progress of the complex (i.e. as the complex nears completion, the discounts become smaller.)
Price Reductions – If you are somewhat flexible in your purchase (i.e. in location, style, size) you can wait for a really good price reduction or fire sale to turn up. Some agencies offer services where you can be notified by e-mail every time the price of a beachfront condo in Puerto Vallarta is reduced.
Vacation Rental Income – Some properties and locations have high appeal for vacation rentals. If you are hoping to take advantage of this option, discuss it with your agent so they can help you find a property with better potential. The service of a rental agency later on can also help.
Using any of these approaches, or a combination, you will find it much easier to afford that condo of your dreams! Talk to an agent in Puerto Vallarta to find out more.
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Region: Puerto Vallarta real estate by Michael Green, an expert on Mexican real estate contract law, Green is active in national and state realty boards. Green's excellent service record both in Puerto Vallarta and the U.S, combined with an old-fashioned work ethic and an intimate knowledge of Puerto Vallarta's luxury market, make him the ideal person to consult for real estate transactions. You can contact him at (512) 879-6546.