I was recently asked to write a column with mistakes that buyers make. As I have 16 years in Real Estate here as co-owner and broker of Boardwalk Realty (http://www.boardwalkrealtypv.com), I have seen hundreds and hundreds of buyers along the way. So…..here is your Puerto Vallarta Real Estate tip! Don’t overbuy.
There are millions of factors that go into the definition of “overbuy” because if you come from a large families or are an international socialite, your lifestyle is a big factor in what you need to be happy here in PV. You need entertainment space and beds.
However, there is a vast majority of people that live the simple lifestyle but worry “Where will the kids stay when they’re down?”. If you think of an extra bedroom costing perhaps six figures (not to mention more HOA fees in condo complexes) you could put your kids in the Four Seasons for the amount you pay for extra bedrooms. Bigger is not necesarily better for us and if you go (for example) two bedrooms instead of three it gives you a lot of money to play with- perhaps a car, more vacation time, whatever! Don’t buy a hotel, buy something that fits you comfortably and let the kids get their own place.
I live in a complex where there are a lot of units. Several of us have formed a small co-op. The idea is this- if I let you use my place for a couple weeks when I’m not there, I get a couple of weeks when it suits somebody else. That way my son gets his own condo in my complex for the low price of $0. We don’t do it a lot but it comes in handy and it’s understood that this is likely we are related to or know super-well.
So my “Puerto Vallarta Real Estate Tip” is don’t overbuy. You’ll likely use the guest rooms less frequently than you would think as kids get older, etc. Don’t buy the hotel, rent one when they are down. Nobody cares where you live when you are here.