Renting: as an owner and as a tenant
Renting is one of the best ways for a property to pay for itself, and in a tourist market like Vallarta there is demand all year round. But it is worth doing it right from the contract onward.
As an owner: the lease agreement is in writing, with the amount, the term, the security deposit and who pays for what. A clear contract prevents almost all disputes. On the rent you receive you pay ISR; the law lets you choose between deducting your actual documented expenses or applying a deduction without receipts (the so-called blind deduction, of 35 percent of the rent) and paying on the rest. An accountant will tell you which suits you. If you live in another country or another city, we manage the property for you: we collect the rent, pay the utilities, look after the tenant and report to you.
As a tenant: insist on your written contract and a receipt for each payment, check what the rent includes (water, maintenance, condominium fee) and understand the deposit terms. You are entitled to have your deposit returned if you hand back the property as you received it.
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