If this is your first time to buy a vacation home, there are things you have to take into account to ensure that you don’t end up regretting this huge investment.
It’s important not to jump in blindly, so consider going through these steps before you finalize any purchase.
- Visit the area a few times. If you’re looking at vacation homes in Puerto Vallarta, that hopefully means that you’d enjoyed your trips there in the past that you now want to own a holiday home in the popular resort town. If you’re being tempted to invest because of hearsay, even if it’s from real estate and financial experts, then you’ll be doing yourself a huge favor to spend some time in the locale first before you commit. From your visit, you’ll be able to tell if the place is a right fit for you.
- Understand the true cost of maintaining a second home in Puerto Vallarta. Even if you don’t live there year round, the expenses do not begin and end with your stay there. You’ll be charged for utilities and other services. Your property will have to be managed as well unless you want it to get run down, so it’s recommended that you engage a property manager.
- Be realistic about your finances. While it’s expensive to buy property, it also costs you to own it. We’re talking about vacation homes in Puerto Vallarta. Can your income really handle the upkeep of a second home? You may consider letting the property pay for itself by letting it to temporary renters. They have to be transient tenants or what’s the point of having a vacation home you can’t use? In this case, you really have to hire a property manager.
- Inspect prospective investments yourself. You have to see how safe the area is. It’s not just the place itself, of course. Getting to and from there also matters. Will you have to pass through unpleasant neighborhoods to get to the house? What about convenience? Will you have to buy or rent a vehicle to use there? Will you have to travel some distance to get to the store, the hospital, and other key places?
Having a vacation home — especially one in Puerto Vallarta in Mexico — is a true privilege. Keep in mind that privilege often has accompanying responsibilities, so make sure you do your due diligence before taking that leap.