Puerto Rico is surrounded by sandy beaches, glitzy hotels, a favorable temperature throughout the year, and the visible remnants from the past. This has made Puerto Rico a one-of-a-kind destination for your family when it is time for you to retire. For Americans, acquiring a property here is easy.
The risks and rewards of acquiring properties in Puerto Rico
Recently, Puerto Rico has been into significant debt. Only last year, a company in Puerto Rico filed the largest bankruptcy in USA history. Because of this, the real estate prices dropped at its lowest.
Many would most likely grab the opportunity to own a property with the prices at its lowest. But buying a property with an unstable economy is quite risky. If the situation worsens, the property prices may deteriorate further. However, if the situation normalizes, it would be favorable to you.
If you decide to take the risk and buy a property in Puerto Rico, you can consider buying a condo unit located at some of the best beaches in the area. During this time, you can buy a condo with two-bedroom fronting the beaches for as low as $180,000 depending on the floor area. The price is relatively low, considering that it is located in one of the world’s beautiful locations.
If you are not staying in the condo, you can let other rent generate income and compensate for the ownership costs.
Factors to consider when purchasing a property in Puerto Rico
Real Estate Agents
Make sure to deal with reliable, certified, and reputable agents. Unlike in the USA, you will be dealing with not just one broker. Transact only with recognized real estate brands. You can check out companies like caribbean-escape.com as they can offer you locations of some of the best properties in Puerto Rico. They can also help you find reliable agents to assist you when buying a property in Puerto Rico. You can ask for an agent that is well-versed both in English and Spanish.
Management and Fees
Before buying, you need to determine what is enclosed on the HOA fee. The Home Owners Association fees usually include the building’s general maintenance, including the common areas and facilities, staff, security, and insurance for the complex.
Generally, the more workforce required and the more privileges provided to operate the property, the higher the cost it will be for the owners.
Licensed Home Inspectors
Let a licensed home inspector check on the condo condition regardless of whether it is new or has been lived in. This includes the overall construction of the condo as well as the shared facilities. Make sure you visit the place personally before making the final decision.
Financing and Legality
Although you are not obliged to purchase the property in cash, you can get a home equity loan to buy your Puerto Rican condo in cash. You also have the option of getting the money from local lending. Make sure that you understand your rights and your interests are protected.
Purchasing real estate in Puerto Rico provides several investment perks such as zero immigration concerns, flexible finance possibilities, and tax breaks. Ensure that you will be working with trusted, licensed professionals who can speak both Spanish and English. If the country regains its economy and the real estate momentum, you will be rewarded financially for your investment.