If you are buying a condo in Puerto Vallarta, one of the considerations for your budget should be Homeowners Association Fees (HOA) otherwise known as a Condominium Regime in Mexico. All condominium complexes legally must function withing a condo regime in Mexico according to property laws, and your Puerto Vallarta HOA will do things including determining monthly maintenance fees, creating internal bylaws, and budgeting resources to keep the common areas of your building in good condition and to create a comfortable living environment for residents. Here are a few things you’ll want to know about HOA fees in Mexico.
- They are not that high of an expense. The cost of HOA fees is always a frequent question from homebuyers who are worried about budgeting, but for most, monthly maintenance fees are much more affordable than they would be for similar properties in the USA or Canada. Particularly when one factors in the low cost of annual property taxes in Mexico.
- HOA fees are based on the size of your unit (a peso value x the total square meters of your home). With a greater number and scope of the amenities in your building, one can expect that the HOA fees will be higher to allow for the upkeep of those amenities. However, many buildings, particularly new construction condos in Puerto Vallarta, are using greener building techniques (like solar panels to power common areas) which help keep costs lower.
- Every year, the building must hold a general assembly which must include the HOA President, and Secretary (who are voted in by the residents), the complex manager, and at least 75% of owners. If you are unable to attend, you can establish your vote by proxy, and it is important to stay informed and involved in the communal decisions made about your building.
If you are buying a condo in Puerto Vallarta, it is important to get a copy of the Condominium Regime prior to making your purchase, so that you can review the bylaws, fees, reserve fund, and other important matters. For pre-construction condos, the Condominium Regime will be structured approximately 6 months after construction on the common areas is completed. Your Tropicasa real estate agent will be an expert advisor for all your questions about HOAs in Mexico and will be there to assist you through the full sales process.
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