What to check before you buy a condo
- The building rules (reglamento): pets, renovations, and above all short-term rentals.
- The HOA's finances: the monthly fee, the reserve fund, and any special assessment that is planned or overdue.
- Minutes of recent owners' meetings, which show disputes and upcoming repairs.
- The state of roofs, waterproofing, elevators and pool equipment. Sea air is hard on buildings.
- That the unit's deed matches what you are seeing: square meters, parking space and storage.
The costs of owning a condo
Plan for the monthly HOA fee, annual property tax (predial), the bank's annual fee for your fideicomiso, utilities and insurance. Property tax in Puerto Vallarta is generally far lower than in the US or Canada, while HOA fees vary widely with the building's age and amenities. Ask for the last twelve months of HOA statements before you make an offer.
Renting your condo out
Many owners rent their condo when they are not using it. Whether you can depends first on the building rules, then on taxes: rental income earned in Mexico must be declared. If rental income matters to you, tell me early. It changes which buildings make your short list.
